Mentioned:
Amprius Technologies has just landed fresh funding from the American government. And they’re aiming to use it to meaningfully scale up their drone battery cell business.
What’s happening:
- The United States Department of War has awarded a new grant worth up to $75M USD to Amprius Technologies (NYSE: AMPX) for drone battery cell production
Why it matters:
- This is the single largest government award that Amprius Technologies has ever received
Going deeper:
- Amprius Technologies plan to convert an electric vehicle battery line located in the United States into a drone battery cell production line
- Amprius Technologies has publicly stated they are aiming to have production capacity of 12M drone battery cells annually within two years
The intrigue:
- The United States Department of War has been continuing to inject more capital into the domestic drone supply chain lately, including just recently providing their largest conditional loan of $820M USD to Performance Drone Works
The fine print:
- The United States Department of War has funded $22.3M USD of the new grant so far and the remaining $52.5M USD will be based on future milestones
