Battery Stock Amprius Technologies, Inc (NYSE: AMPX) Makes NYSE Top Gainer List on $20 Million EV Contract
September 23, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas for traders, including mining stocks and battery reports on trading for Amprius Technologies, Inc (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform.
Amprius stock is trading at $1.1400, up 0.2510, gaining 27.9759% on volume of over 3.4 Million shares. The stock had a day's high of $1.23 as of this report.
Amprius today announced it has received two contracts to supply 40 Ah high-performance cells for Light Electric Vehicle ("LEV") applications. The contracts total exceeds $20 million and highlights Amprius' ability to quickly move customers through the commercial validation process, secure volume purchase commitments, and deliver large quantities of cells to customers. Amprius expects to begin shipping the cells in 2024 and recognize 100% of the revenue by mid-2025.
Amprius' 40 Ah high-performance cells were selected due to their higher energy density, safety features, and competitive costs. These larger format cells are specifically built for LEV applications, validating Amprius' position as a key player in the sector as more customers are drawn to the distinct advantages of the Company's industry leading battery performance.
"This is another strong customer commitment following our recent 2 GWh potential LOI with a Fortune 500 company. The attraction of Amprius battery performance enables us to accelerate the customer commercial validation process of our growing sales pipeline," said Dr. Kang Sun, CEO of Amprius Technologies. "With over 500 MWh of capacity currently available, we can quickly meet increasing demand for Amprius high-performance silicon anode batteries in light electric vehicles and aviation. This is just the beginning, and we expect this momentum to drive significant business growth, with more purchase orders on the horizon to support the expanding demand in electric mobility applications."
In June, Amprius announced several contract manufacturers across a network of established Asia-based manufacturers, allowing for the Company to fulfill customer demand by providing immediate scale-up flexibility without incremental capital expenditures. Utilizing the available capacity, Amprius is committed to advancing commercial engagements with customers across the various sectors of the electric mobility industry. In the first half of 2024, Amprius shipped batteries to over 130 customers, 100 of which were new. Amprius is also continuing to ramp up its Fremont, California facility to 2 MWh and finalize design plans for its gigawatt-hour scale factory in Brighton, Colorado.
As the need for additional energy and power solutions in the LEV market increases, Amprius continues to work with the growing industry and announced it signed an LOI with a Fortune Global 500 leader in LEVs earlier in September.
Recent news release
https://finance.yahoo.com/news/amprius-secures-over-20-million-123000307.html
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