Amprius Technologies (AMPX) Stock Surges Over 50% Today: Details

By Amit Chowdhry ● Updated October 21, 2022
  • The stock price of Amprius Technologies Operating (AMPX) surged by over 50% intraday today. These are some details you should know.

The stock price of Amprius Technologies Operating (AMPX) surged by over 50% intraday today.

Amprius Technologies – a leader in lithium-ion batteries with its Silicon Nanowire Anode Platform – recently announced that it has completed its business combination with Kensington Capital Acquisition Corp. IV (KCAC.U), a special purpose acquisition company (SPAC). This business combination was approved by Kensington shareholders in a special meeting held on September 13, 2022, and formally closed earlier this week. Yesterday 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 has developed and has been in commercial production of an ultra-high energy density lithium-ion battery for mobility applications since 2018, leveraging a disruptive silicon nanowire anode. Amprius’ silicon nanowire anode technology enables batteries with a higher energy density, higher power density, and extremely fast charging capabilities over a wide range of operating temperatures, resulting in its batteries providing superior performance compared to conventional graphite lithium-ion batteries. And 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.

KEY QUOTES:

“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.”

— Dr. Kang Sun, Chief Executive Officer of Amprius

“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.”

— Justin Mirro, Chairman and Chief Executive Officer of Kensington

“Amprius batteries are truly revolutionary and will change the way people and products will move in the future.”

— Dieter Zetsche, Vice Chairman and President of Kensington