Amprius Technologies, Inc merges with Kensington Capital Acquisition corp iv to power the future of electric mobility.
Amprius Technologies, Inc. (“Amprius”), the leader in lithium-ion batteries with its Silicon Nanowire Anode Platform, announced that it has completed its business combination with Kensington Capital Acquisition Corp. IV (“Kensington”) ( NYSE: KCAC.U), a special purpose acquisition company.
The Business Combination was approved by Kensington shareholders in a special meeting held on September 13, 2022, and formally closed today. On September 15, 2022, Amprius’ common stock will begin trading on the NYSE under the ticker symbol “AMPX” and Amprius’ public warrants will trade under the ticker symbol “AMPX.W.”
Amprius Technologies, Inc. has developed and, since 2018, been in commercial production of an ultra-high energy density lithium-ion battery for mobility applications, leveraging a disruptive silicon nanowire anode.
Amprius’ silicon nanowire anode technology enables batteries with a higher energy density, higher power density, and extreme fast charging capabilities over a wide range of operating temperatures, resulting in its batteries providing superior performance compared to conventional graphite lithium-ion batteries.
Amprius’ batteries are uniquely positioned to address existing and emerging aviation applications, including unmanned aerial systems, such as drones and high-altitude pseudo satellites as well as broad applications in electric transportation. Amprius has several customers who are successfully using Amprius batteries today in aviation and defense applications.
Dr. Kang Sun, Chief Executive Officer of Amprius, said:
Entering the public markets is an important milestone for Amprius, one we have been diligently working towards since our founding.
“This transaction provides Amprius with capital to use in scaling production capabilities to meet the significant demand for our transformational silicon nanowire anode technology. We are thankful for the Kensington team’s support in reaching this important milestone and look forward to further advancing our mission of enabling the future of electric mobility.”
Justin Mirro, Chairman and Chief Executive Officer of Kensington, added:
We are excited to complete our business combination with Amprius, which enhances their business plan and will accelerate the adoption of electric mobility in the sky and on the ground.
“Through the leadership of Kang Sun, Amprius has created a world-class team that is producing and selling next-generation batteries today.”
Dieter Zetsche, Vice Chairman and President of Kensington, further added:
Amprius batteries are truly revolutionary and will change the way people and products will move in the future.
The transaction will result in gross proceeds of approximately $87 million to Amprius. Funds from the transaction are expected to support the company through the construction of its gigawatt hour-scale manufacturing facility.
Hughes Hubbard & Reed LLP served as legal advisor and Marcum served as auditor to Kensington. Oppenheimer & Co. Inc. served as financial advisor, Wilson Sonsini Goodrich & Rosati served as legal advisor, and SingerLewak served as auditor to Amprius.
About Amprius Technologies, Inc.
Amprius Technologies, Inc. is a leading manufacturer of high-energy and high-power lithium-ion batteries producing the industry’s highest energy density cells. The company’s corporate headquarters is in Fremont, California where it maintains an R&D lab and a pilot manufacturing facility for the fabrication of silicon nanowire anodes and cells.
For additional information, please visit amprius.com.
About Kensington Capital Acquisition Corp. IV
Kensington Capital Acquisition Corp. IV ( NYSE: KCAC.U) is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with a business in the automotive and automotive-related sector.
Kensington’s management team of Justin Mirro, Dieter Zetsche, Bob Remenar, Simon Boag and Dan Huber is supported by a board of independent directors including Tom LaSorda, Nicole Nason, Anders Pettersson, Mitch Quain, Don Runkle, and Matt Simoncini.
Kensington’s units, subunits and warrants are currently trading on the New York Stock Exchange under the symbols “KCAC.U,” “KCA.U,” and “KCAC.WS,” respectively. Each “KCAC.U” unit contains one subunit and one warrant. Each “KCA.U” subunit contains one share of Kensington common stock and one warrant.
A holder of the subunit will only be able to retain the one warrant underlying the subunit if the holder elects not to redeem the subunit in connection with the Business Combination. The subunits will not separate into shares of common stock and warrants until the consummation of the Business Combination.
For additional information, please visit autospac.com.
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AMPRIUS TECHNOLOGIES, INC. MERGES WITH KENSINGTON CAPITAL ACQUISITION CORP. IV TO POWER THE FUTURE OF ELECTRIC MOBILITY, FREMONT, Calif. and WESTBURY, N.Y., September 14, 2022
