Ambri Successfully Completes Sale and Emerges from Chapter 11
31 Julio 2024 - 3:07PM
Business Wire
Ambri Emerges as a Recapitalized and Stronger
Company
Ambri Appoints CEO and Continues Development of
Liquid Metal™ Batteries
Ambri, the provider of long-duration Liquid Metal™ battery
storage systems, today confirmed the closing of the sale of its
assets in accordance with Section 363 of the Bankruptcy Code to a
consortium of its lenders (the "Lender Consortium"), on July 31,
2024.
The Lender Consortium’s bid was selected following a competitive
sale process. Earlier this year, Ambri’s board, management and its
lenders determined that a court-supervised 363 sale process was the
best course to facilitate a comprehensive recapitalization and to
secure its position for long-term growth and profitability. The
Lender Consortium comprises a group of Ambri’s pre-bankruptcy
investors, including funds managed by each of Gates Frontier,
Paulson and Co. Inc., Fortistar, and other investors. Ambri emerges
from the sale with additional capital contribution from the Lender
Consortium.
Ambri will be led by co-founder Dr. David Bradwell as its chief
executive officer. David has served as the company’s CTO since its
founding in 2010 after co-inventing Ambri’s Liquid Metal™ battery
while earning his PhD in Materials Science and Engineering from
Massachusetts Institute of Technology. David will partner with the
company’s board of directors and lead its executive team – the
members of which are detailed here on the company’s website.
"The team at Ambri has continued to make impressive progress
towards a commercial long-duration battery system, including
developing our third-generation cell product," said David Bradwell.
"I am grateful for the dedication of our team and the support of
our investors as we emerge as a leaner and more capital efficient
organization. We look forward to offering our unique, safe, and
low-cost commercial product to our customers at scale, to meet the
strong customer demand for our battery systems, and for a cleaner
energy future. As we embark on this fresh start with a stronger
balance sheet and new capital, we are focused on positioning Ambri
to play a leading role in the long duration energy storage market
for the benefit of our stakeholders."
Additional Information Court filings and additional
information related to the restructuring proceedings are available
at: https://dm.epiq11.com/case/ambri/info
Advisors Goodwin Procter, LLP and Potter Anderson are
serving as legal counsel, Portage Point Partners is serving as
restructuring advisor and investment banker. Kirkland & Ellis
and Morris Nichols are legal counsel to the Lender Consortium.
About Ambri Ambri’s Liquid Metal™ battery technology
solves the world’s biggest energy problems – fundamentally changing
the way power grids operate by increasing the contribution from
renewable resources and reducing the need to build traditional
power plants. Ambri’s long-duration energy storage solution is
built for daily cycling – even in extreme, harsh environments. With
a lifespan of 20+ years with minimal fade, Ambri systems are not
only extremely reliable but also safe, as Ambri systems do not
produce or emit any gases and there is no possibility for thermal
runaway. For more information, visit www.ambri.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240730239061/en/
For media enquiries and interviews, please contact: Adam Briggs
abriggs@ambri.com