New order for $AMPX .
FREMONT, California - Amprius Technologies (NYSE:AMPX) has received a $21 million order for its cylindrical SiCore cells from an electric mobility customer in China, according to a press release. The company, which has a market capitalization of $2.43 billion, has seen its share price rise 438% over the past year and is trading near its 52-week high of $19.76.
The order is for batteries for light electric vehicles, including e-scooters, tricycles and motorcycles. The name of the customer was not mentioned in the announcement.
The company's cells with a capacity of 30 Ah use silicon anode technology, which, according to Amprius, increases energy density by up to 100% compared to conventional graphite anode cells. The cells are designed for more than 2,000 charging cycles. Sales increased by 202% to 73 million US dollars in the last twelve months, with the company maintaining a moderate gross profit margin of 11%.
"Conventional batteries currently used in two- and three-wheelers are limited by their inherently low energy density," said Tom Stepien, CEO of Amprius. "Our silicon anode technology addresses this drawback by delivering higher energy density while maintaining the cycle life required for these applications."
According to Ratel Consulting, the battery market for light electric vehicles is growing at a compound annual growth rate of 15% and is expected to reach 26 GWh by 2030.
Amprius Technologies manufactures lithium-ion batteries with silicon anodes. The company is headquartered in Fremont, California, and operates an R&D laboratory and a pilot manufacturing facility. The company uses contract manufacturers for production.
