Amprius Broadens Product Portfolio with New Commercially Available Silicon Anode Battery Platform – SiCoreTM

Complementary to the Silicon Nanowire Platform (Under the New Product Platform SiMaxx^TM), the New SiCore^TM Platform Offers up to 400Wh/kg and as many as 1,200 Cycles

Amprius Technologies, Inc. (“Amprius” or the “Company”) (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform, today announced its all-new SiCore^TM product platform, an expansion of its product portfolio of industry-leading silicon anode batteries targeted to revolutionize electric mobility. In addition to this SiCore product platform, Amprius has also branded its existing silicon nanowire platform SiMaxx^TM with its current product range of up to 500 Wh/kg and 1,300 Wh/L energy density.

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Amprius Broadens Product Portfolio with New Commercially Available Silicon Anode Battery Platform – SiCore (Photo: Business Wire)

The new SiCore batteries are based on an innovative, proprietary silicon anode material system delivering high-energy-density silicon anode batteries that surpass state-of-the-art graphite cell performance today. The new silicon anode cell chemistry is designed to offer high energy density, up to 400 Wh/kg, and long cycle life, as many as 1,200 cycles at full depth of discharge.

“Leveraging our proven track record of delivering the industry’s highest commercially available energy density silicon anode lithium-ion cells to esteemed aviation customers such as AALTO/Airbus, AeroVironment, BAE Systems, Teledyne FLIR, and the U.S. Military, Amprius sees a significant opportunity with SiCore to broaden our silicon anode battery solutions today and to advance more applications across electric mobility,” said Dr. Kang Sun, CEO of Amprius Technologies. “The global battery market size for electric mobility is projected to grow to over $100 billion by 2025,^1,2,3 including aviation and electric vehicles. This new product platform is expected to strengthen our ability to meet customers’ volume shipment requirements immediately while presenting a drop-in solution to foster silicon anode adoption in multiple applications, allowing us to better address this growing market.”

Developed in close collaboration with Berzelius (Nanjing) Co. Ltd. (a formerly affiliated company then known as Amprius (Nanjing)), the SiCore silicon anode battery performance has been validated across various applications in the electric mobility market. Initial samples of SiCore batteries have garnered positive feedback from customers with demanding performance requirements, leading to forecasts from customers for demand in excess of 100 megawatt hours (MWh) over the coming years. Amprius has been sampling the SiCore products with customers for several months as part of an ongoing market exploration.

“We are excited to have been part of the initial testing with Amprius as they evaluated launching the groundbreaking SiCore battery, designed to significantly extend the travel range and cycle life of anything that flies or moves compared to currently available commercial batteries,” said John P. Aldana, Sr. Director, Switchblade 300 Product Line, Loitering Missile Systems at AeroVironment. “As a pioneer in supplying ultra-high-energy silicon anode batteries to the aviation sector, we believe Amprius is well-positioned to introduce its new product families that provide extended range and enhanced performance that is available today, with plans to onshore production at Amprius’ new Colorado factory.”

Through an exclusive supply agreement with its partner Berzelius, Amprius possesses exclusive rights to use these silicon anode materials to serve the United States, Canada, and Mexico. The SiCore batteries are currently manufactured by toll manufacturing partners. The SiCore product platform complements the currently sold-out capacity of the Company’s SiMaxx silicon nanowire anode batteries, serving as a capacity bridge until the gigawatt-scale facility becomes operational.

“This alignment with a proven large-scale manufacturing partner positions us to deliver superior battery performance while leveraging their existing production lines,” added Dr. Sun. “SiCore allows us to support our customers' roadmaps and demands while we execute on our plans for our large-scale facility in Colorado, all without diverting capital from the U.S. scaling effort.”

MWh-scale quantities of SiCore products in a wider range of form factors encompassing pouch, large form factor (up to 100 Ah), and cylindrical cells are readily available for 2024 delivery to support customer demand. These products will pair with Amprius’ existing MWh capacity installed in Fremont, CA for SiMaxx. Amprius expects to produce both SiCore and SiMaxx batteries at its gigawatt-scale factory in Colorado.

For more information, please visit the Company’s investor relations website at ir.amprius.com.

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 known energy density cells. The company’s commercially available SiMaxx^TM batteries deliver up to 450 Wh/kg and 1,150 Wh/L, with third party validation of 500Wh/kg and 1,300 Wh/L. The company’s corporate headquarters is in Fremont, California where it maintains an R&D lab and a MWh scale manufacturing facility for the fabrication of silicon anodes and cells. To serve customer demand, Amprius entered into a lease agreement for an approximately 774,000 square foot facility in Brighton, Colorado and expanded its product portfolio to include the SiCore^TM platform. For additional information, please visit amprius.com. Also, see the company’s LinkedIn and Twitter pages.

About Berzelius (Nanjing) Co. LTD.

Berzelius (Nanjing) Co. Ltd., formerly Amprius (Nanjing) Co. Ltd., was founded in 2017 and was a wholly owned subsidiary of Amprius Inc. until February 2022. Berzelius is a developer and manufacturer of high capacity silicon anode materials. The company introduced commercial silicon anode materials in 2020 and started building a 20,000-ton manufacturing facility in 2022. The first phase of the factory with 400-ton annual production capacity was completed in November of 2022. This is one of the largest pure silicon anode materials manufacturing facility in the industry. Berzelius silicon anode materials have been validated in high performance lithium-ion batteries in electric mobility, consumer electronics and other industrial applications.

About AeroVironment, Inc.

AeroVironment (NASDAQ: AVAV) is a global leader in intelligent multi-domain robotic systems, uncrewed aircraft and ground systems, sensors, software analytics, and connectivity. Headquartered in Arlington, Virginia, AeroVironment delivers actionable intelligence so our customers can proceed with certainty. For more information, visit www.avinc.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the performance and potential application of Amprius’ batteries, the estimated size of the battery market, the timing and ability of Amprius to meet customers’ demands and requirements with the new battery platform, the purchase forecasts for SiCore^TM batteries, the availability of SiCore batteries, the ability of Amprius to build a large-scale manufacturing facility and increase its manufacturing capacity, and the batteries to be produced at Amprius’ large-scale manufacturing facility. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Amprius’ management and are not predictions of actual performance. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties. These forward-looking statements are subject to a number of risks and uncertainties, including market demands for SiCore batteries; the ability of Amprius to deliver high performance products to customers at acceptable prices and meet their demands via the toll manufacturing arrangements; Amprius’ ability to reduce costs as it scales production; delays in permitting, construction and operation of production facilities; the ability of Amprius to establish manufacturing lines suitable for SiCore batteries at its Colorado facility; the ability of Amprius to meet costs targets when manufacturing SiCore batteries at its Colorado facility; third-party producers of Amprius batteries continuing to produce such batteries in the expected quantities and caliber and at the expected prices; Amprius’ customers continuing to purchase batteries directly from Amprius; Amprius’ liquidity position; risks related to the rollout of Amprius’ business and the timing of expected business milestones; Amprius’ ability to commercially produce high performing batteries; the effects of competition on Amprius’ business; supply shortages in the materials necessary for the production of SiCore or SiMaxx^TM batteries; and changes in domestic and foreign business, market, financial, political and legal conditions. For more information on these risks and uncertainties that may impact the operations and projections discussed herein can be found in the documents we filed from time to time with the Securities and Exchange Commission (the “SEC”), all of which are available on the SEC’s website at www.sec.gov. There may be additional risks that Amprius does not presently know or that Amprius currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Amprius’ expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements should not be relied upon as representing Amprius’ assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Except as required by law, Amprius specifically disclaims any obligation to update any forward-looking statements.

¹ $38B 2025 UAS battery market estimated as total UAS market in 2025 ($64B, InsiderIntelligence) * Amprius estimate of battery spend per system and replacement estimates.

2 $11B 2025 UAM battery market estimated as total UAM Market in 2025 ($37.B, Morgan Stanley Research) * Amprius estimate of battery spend per system and replacement estimates.

3 $67B 2025 electric vehicle battery market size from Markets and Markets Research February 2021 report.

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