Industry Value Chain

AMBRI The Liquid Metal Battery Story Growing Pains Founded 2010 MIT spinoff by Sadoway, Bradwell & Ortiz. Goal: Safe, affordable electrical storage solution for grids Backers: Seed money from Bill Gates & Total S.A. and ARPAE 1, 2

Tech: Liquid Metal Battery (molten metals + salt; calcium anode for low cost) Challenges2, 3, 4: Needed to invent its own manufacturing; 2015 seal failure caused delays & layoffs

Revamp

Financial Hurdles

Gates-backed leadership pivot → retire technology risk & commercialization push2

$300M Series F collapsed when the lead investor backed out11

Achieved UL 19735, secured antimony supply2, proved safe + 20-yr life

$50M bridge loan failed11 Reliance declined its $8M share) Despite $1.7B11 in MOUs, funding gap killed scale-up

Restructuring 2025 July 31, 202412, 13: Assets sold via Section 363 to lender consortium Gates Frontier, Paulson & Co., Fortistar) Ambri recapitalized12 with a stronger balance sheet

Major deals: Microsoft6,7, Reliance8, Xcel Energy9, Earth & Wire10

Nov 202311: Laid off ~2⁄3 of staff

Co-founder David Bradwell becomes CEO13

Scaling up11: 140,000 sq ft Milford facility $18M retrofit)

May 6, 202411 Filed Chapter 11 to exit plant lease (after raising $150M equity + $42M debt)

Company shifts13 to a lean, capital-efficient model

Source: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9] | 10 | 11 | 12 | 13

Renewed focus13: scaled, low-cost, long-duration storage to meet strong demand

Extracted from the PDF; charts and images may read imperfectly.