FREMONT, Calif. - Amprius Technologies, Inc. (NYSE: AMPX), a developer of advanced lithium-ion batteries, announced its partnership with the U.S. Army to enhance the energy density of the army's next-generation Wearable Battery pack.
The company's SiMaxx™ Silicon Anode safe cells are expected to double the energy density of current battery solutions, which could significantly extend the mission time for soldiers in the field.
The integration of SiMaxx™ cells into the army's battery packs represents a significant step forward in wearable battery technology. Dr. Kang Sun, CEO of Amprius Technologies, stated that the high energy density and safety features of these cells will be crucial in improving the reliability and mission duration for dismounted soldiers.
Developed under the U.S. Army-funded Manufacturing Technology (ManTech (NASDAQ:MANT)) program, the SiMaxx™ safe cells have passed rigorous safety and performance standards, meeting the Military Performance Specification MIL-PRF-32383 in July 2023. In January 2024, the company completed a scale-up manufacturing initiative, which included the delivery of these cells.
Amprius Technologies, known for producing the industry's highest energy density cells, operates from its corporate headquarters in Fremont, California. It also maintains a manufacturing facility in Brighton, Colorado, to meet customer demand. The company's SiMaxx™ batteries have been validated by third parties to deliver up to 450 Wh/kg and 1,150 Wh/L, with further validation of 500Wh/kg and 1,300 Wh/L.
The information is based on a press release statement from Amprius Technologies, Inc.
InvestingPro Insights
Amprius Technologies, Inc. (NYSE: AMPX) is making strides with its SiMaxx™ Silicon Anode safe cells, aiming to revolutionize battery technology for the U.S. Army. While the company's advancements in energy density are promising, a glance at the financials through InvestingPro reveals a mixed picture. The company's market capitalization stands at a modest $203.89 million, reflecting a cautious market stance towards this innovative firm.
Analyzing the company's financial health, one InvestingPro Tip points out that Amprius holds more cash than debt on its balance sheet, suggesting a degree of financial stability. However, another tip indicates that the company is quickly burning through its cash reserves, which could raise concerns about its long-term sustainability if not managed carefully.
InvestingPro Data shows a notable revenue growth of 105.33% over the last twelve months as of Q4 2023, demonstrating Amprius's ability to expand its sales significantly. Yet, this growth comes with a caveat; the company's gross profit margin stands at -162.11%, signaling that despite increasing sales, profitability remains a challenge. Furthermore, the stock price has experienced a steep decline over the past year, with a 75.73% drop in one-year price total return, which may reflect investor skepticism about the company's future profitability and cash flow concerns.
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