Amprius at Oppenheimer Conference: Silicon Battery Innovations

On Monday, 11 August 2025, Amprius Technologies Inc. (NYSE:AMPX) showcased its cutting-edge silicon anode lithium-ion battery technology at the Oppenheimer 28th Annual Technology, Internet & Communications Conference. The company emphasized its technological leadership, strategic market focus, and robust financial health. While Amprius highlighted its innovative products and strong market position, it also faces challenges in expanding its manufacturing capacity globally.

Key Takeaways

• Amprius is a leader in high energy density silicon anode lithium-ion batteries.
• The company reported a strong balance sheet with $54.2 million in cash and no debt.
• Amprius has over 320 customer engagements, with 86% outside the U.S.
• The company employs a capital-light manufacturing model, leveraging partners in Asia.
• Amprius secured a $15 million purchase order from a leading U.S. manufacturer in 2025.

Financial Results

• Amprius demonstrated consistent revenue growth, marking "very impressive progress" in Q2.
• The company’s operating cash burn is between $7.5 million and $9 million per quarter.
• Amprius ended Q2 with $54.2 million in cash and no debt, maintaining a lean operation.
• The SciCore product has been cash flow positive since its inception.
• Approximately $46.5 million remains on an ATM facility for future financing needs.

Operational Updates

• Amprius employs a capital-light manufacturing strategy, minimizing capital expenditure.
• The company has secured a 1.8 gigawatt manufacturing capacity.
• Amprius is exploring manufacturing partnerships in Europe and the U.S. to expand its footprint.
• The company has a diversified manufacturing presence, including capacity in South Korea.

Future Outlook

• Amprius plans to expand its manufacturing capacity and continue technological innovation.
• The company is targeting aviation and micro-mobility markets, with key customers like Airbus and BAE Systems.
• Amprius is engaging in electric vehicle battery technology development.
• The company aims to enhance safety by exploring silicon use in solid-state batteries.

Q&A Highlights

• Amprius holds over 80 patents in silicon technology.
• The company focuses on performance and economics when selecting manufacturing partners.
• CEO Kang Soon emphasized Amprius’ capability to design, make, and sell high-performance batteries.
• CFO Sandra Wallach highlighted the company’s lean operations and financial health.

Readers are invited to refer to the full transcript for a detailed account of the conference call.

Full transcript - Oppenheimer 28th Annual Technology, Internet & Communications Conference:

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Hi, everyone. My name is Colin Rusch. I lead, Oppenheimer’s sustainable growth and resource optimization research practice here. We’re thrilled to have, the Ampreus team here, CEO, Kang Soon, and CFO, Sandra Wallach. We’ll go through a presentation with the company and then do a little bit of q and a afterwards.

So with that, I’ll pass it over to you, Keng, to give us an introduction to the company.

Kang Soon, CEO, Ampereus: Morning. Thank you. I’m glad to have this opportunity to introduce MPs technology. Let me see if I can my slide moving. K.

Corning, thank you. Yeah. Ampere’s is the pioneer developer and the manufacturer, energy density of high power density, silicon or lithium ion batteries. We start with with the technology come from Stanford University back to 02/2008. Yeah.

We now we start the full operation in 2010. Yeah.

: Kang, we can see your slide on the timeline.

Kang Soon, CEO, Ampereus: Yeah. But I I hear myself talking somehow. The previous talking, they’ll come back again. Yeah. So okay.

Let me start from this page. Yeah. The is a pioneer developer and the manufacturer of high energy density and high power density silicon or lithium ion battery. Yes. Can you hear me?

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Yep. We can hear you just fine, Kang. Hi, everyone. Sorry for the the trouble there. We are back.

My name is Colin Rusch. I lead the sustainable growth and resource optimization team here at, Oppenheimer, and, we are thrilled to have Kang Soon, CEO of Ampreus, along with Sandra Wallach, the CFO of Ampreus. And I think we have our technical difficulties worked through. So with that, I’ll turn it over to Kang to give us a a little bit of background on Ampreus.

Kang Soon, CEO, Ampereus: Morning. Thank you. Glad to have this opportunity to introduce Ampreus Technology. Ampreus Technology is a pioneer developer and a manufacturer of high energy density, high power density silicon and lithium batteries. Today, we have most complete silicon and technology portfolio.

The company started 2008 with the technology came from Stanford University. 02/2014, we designed the first high capacity silicon n o. 02/2016, we developed the manufacturing process and the equipment. 2018 is a major milestone for Ampere’s. We secured the first customer Airbus for high to the pseudo satellite battery business.

2022, we launched the IPO at the New York Stock Exchange. Yeah. Since then, we developed a various technology platform, CEMEX, Secor, and we secured a 1.8 gigawatt manufacturing capacity today. So Ampere’s developer, the breakthrough technology will also deliver breakthrough performance. Today, we have the highest energy density and the power density battery in the commercial market.

Our battery can perform up to 500 wire per kilo and 1,300 wire per liter. This is very significant. As a reference, most of the battery today in the market is between 260 to about 300 watt per kilo. And, your smartphone probably have 700 watt per liter volumetric. We also have a high power density for electrical mobility applications.

Our battery can charge you from zero to 80% less than six minutes. And very important that we passed the military performance spec and nail penetration test years ago. Our time, battery also can operate from a minus 30 degree to 60 degree Celsius. Now our we have years manufacturing experience. We start the first production back to 2018.

These are some medium performance. We have a 500 watt per kilo battery, 1,300 watt per liter. Those number actually is very, very, important and very, impressive because today, we’ve delivered twice higher energy density in commercial market. Now our revenue, you can see we grew our revenue year, after year, quarter after quarter. You know, we just had a, q two earning release.

The company made a very impressive progress. Now we have a very large customer pipeline here. We have over 330, 320 customers engaged with us, a technology collaboration, purchase agreement, and various collaborations. Company has over 80 patents to in silicon technology space. And today, we have international business.

86% of our customers are outside The United States. Very, very important is the manufacturing capacity we have and the manufacturing capability we have. So you look at Ampere’s, we know how to design, and we know how to make, and we know how to sell. So that’s the three key elements for our to make a progress. We look at the 2025.

Yeah. We have a breakthrough cycle technology introduced to the market. We introduced this, technology back to January 2024 and then make a significant, progress in technology advancement, also in marketing and sales. Now we shipped a high end performance battery, 6.3 amp hour sitting to the cell to Fortune 500 company. In the today’s commercial market, most 27 twenty one seven hundred cylindrical cell normally is a 5.8 amp hour.

Most then the larger fraction is even 5.5 amp hour. So 6.3 is very very significant. Then not long ago, we have launched the Cycor 450 watt per kilo cell with a near term mass production capability build up. Revenue, we have a 4.6 x year to year revenue growth driven by new customer orders. We look at our major milestones, you know, then 2025, we secured a 15,000,000 purchase order from a leading US manufacturer.

And very importantly, we invite Tom Stepping joined us as president. I know Tom for twenty years. He is a superb business operator. Now we added additional manufacturing capacity in South Korea. This is very important for us as well.

We have diversified the manufacturing region today. So Ampere’s the key play is a silicon handle. So why silicon? Yeah. We why you use a silicon to replace the graphite?

You know, for twenty years ago, the battery industry facing capacity crisis because we cannot talk on the phone longer. You know? Then it’s very difficult to build EV batteries based on original technology. The company, the the industry is hungry for power density, energy density. So silicon has a 10 times energy density than carbon.

So it’s obvious option for new lithium ion battery cathode. However, the silicon has a very high volume expansion coefficient, so it’s very difficult to control the silicon and or swap. Yeah. Even silicon is safe. It’s a low cost, abundantly available except to the oxygen on the Earth’s crust.

The silicon is available. Now easy to process, 10 times energy density, but the swelling is the issue. Now what Ampere’s accomplishment is a control, mitigate, or eliminate the silicon swelling. So, today, as I mentioned earlier, we have most complete silicon analog technology. Our CEMEX anode has a 3,400 milliamp power per gram.

Literally, it’s 10 times higher than graphite anode today. This is just not just element silicon element compared to the carbon. This is the complete of the compared to graphite. We have 10 times and higher energy density. Silicon is MPS is the only company has anode, which is 10 times higher than silica graphite anode.

So this is some real world testing data here. You know, first, on the left, you can see, you know, we have 500 watt hour per kilo compared to most popular graphite battery commercial battery today, you know, almost double the energy density. Then compared to the graphite in terms of volumetric energy density, we almost double the volumetric energy density as well. On the left hand side, these are real case test. You know, we we put our battery in one of the customer drones.

Okay. We deliver forty two minutes flight time compared to their current twenty four minutes flight time. Yeah. In the video capable smartwatch, in the military, comfortable wearables, in electrical vehicles. In every application, Ampere’s battery delivered twice the mission time.

We have two technology platforms, CEMEX and the SICO. CEMEX is a silicon nanowire techno annual technology. Is pure 100% silicon without any other negative materials. Again, this is only 100% silicon anode in the industry. So you can see the Ampere’s has many.

You know, we have we have the only 500 watt per kilo battery manufactured. We are the only three 3,400 milliamp hour per gram annual manufacturer. We’re also the only pure 100% silicon annual DC amount battery manufacturer. In addition to that, we also have a cycle platform. Cycle actually has a 100% silicon also, but Cycle has some inactive materials like a polymer binders and other additives, But without this, it can be used without a graph.

We look at this my this performance map. We have on the vertical axis is energy, and on the horizontal axis is power. So what this shows? This shows ampere’s battery occupy entire battery performance space. We can tailor our battery for various applications, high power, high energy, and the high high power, high energy.

Also, high power and the high energy. Yeah. Anywhere customer needed their battery of to perform, we have a solution for. Now this is a simple com comparison. Our battery to graphite, of course, we beat the graphite performance in every category.

This is our CEMEX platform. And CEMEX, you can see, is very, very unique. Okay. It’s the only silicon nano structure in the industry. This is silicon nanowire structure.

This structure enable us to have fast tracking, high energy density. Yeah. Also, give us very high power. So for the CEMEX, we have some commercial product available. 450 watt per kilo.

We have been sending this to customer for some time. Recently, we have third party certification modification for 500 watt per kilo battery as well. This is a generation ahead of the game in lithium ion battery industry. Today, we have not seen any battery that can perform beyond 350 in commercial space. This is a Secor, and this is a very important platform for Ampere’s.

We consider this is the second generation Ampere’s silicon handle battery technology. Its performance is approaching the performance of a CEMEX today. So for Secor, today, we have a 700 watt per kilo and 910 watt per liter battery. I mentioned that for your smartphone today, probably 700 watt Most of those are 680 watt per liter.

We already have a 900 watt per liter battery. So I mentioned that the cycle performance is approaching semix. 400 watt per kilo battery is a cycle battery is available. There is another very amazing battery performance here. It’s a balanced energy and the power density.

This is the only one in the in the today’s commercial industry. We can deliver 350 watt per kilo battery and 805 watt per liter. Most importantly, this can continuously discharge at a three c and the five c at a pulse. This is a very important design and the performance. So we have two types batteries.

Then we have both of those battery platform, CEMEX and the CEMEX core, can leverage current industrial manufacturing protocol. For CEMEX, the annual part, we use a solar industry manufacturing equipment, you know, currently from a central firm. We use this equipment to make the annual. Rest of the manufacturing process are the same in the as the industry is doing. You know?

We actually can make the anode and give to somebody else to make the entire battery. For SAIC or even better. Yeah. Even the can use other people. The in the current traditional industry manufacturing process to produce cycle.

The manufacturing is not an issue for us. We don’t have to reinvent the wheel to manufacture Ampere’s high energy density, high power density lithium ion batteries. Couple years ago, we decided we use contract manufacturing model, just like Apple, meeting California, manufacturing someplace else. We do the design. We do the marketing.

We do the sales. We for now, we leave the manufacturing to our manufacturing partners. Now this is a capital light market. We don’t have to spend lot of capital to build a factory. Yeah.

We don’t have a manufacturing team on the ground. We don’t need to have by factory insurance. We don’t have to worry about the inventory. We even don’t have working don’t need the working capital in many cases. This is a great manufacturing model for Ampere.

So we have been practicing this over a year and a half, and we have great results. Today, we have a manufacturing facility in Asia as you see. Also, we are developing contract manufacturers domestic. So our form focus in several areas so the primary focus is aviation. Okay.

In aviation, there are four areas we are working with. The first one is drones. You know, this is enormous opportunity today and even bigger tomorrow. Now we commend firm leadership in drone battery performance. Yeah.

I would say we engage you with all reputable drone manufacturers today. The second area is we familiar the most. We started developing supplying this battery back to 2018. That’s high to the platform 16. Our first customer was Airbus back to 2018.

You can see that this as a lowering drone as well. Then the third area is EV toll. The EV toll is moving forward faster than I thought. Yeah. So we have engagement with the manufacturer of EV toll as well.

The last one actually is a very large battery user. It’s a fixed wing electrical aircraft. Our second market focus, we call micro mobility, is a light electrical vehicle space. That’s including e bikes, motorcycles, two wheeler, scooters, all those kind of light electrical vehicle applications. We are in the leading position.

We start selling battery to this market in 2024. Now here are some of our customers we can disclose. Airbus, I mentioned a few times, is very important. The first customer, important customer, and still the very important customer to us. We, our battery enabled Airbus helps business successful today.

Then we have a. We supply the battery for their drones. We have We have quite a few news release with the company, BAE Systems, US military. We also engage with electrical vehicle battery technology in development. You know, we don’t have commercial product.

In the near term, that’s not our focus. But technology wise, we have battery ready. And not long ago, we shipped the sample to United States advanced battery consortia for probably the highest energy density and the power density battery in the industry. Battery can be used for all applications. Now we can for every every aviation, yeah, for light electrical vehicle, for consumer electronics, some industrial power applications, marine powers.

We can use for many applications. But today, our focus are aviation, micro mobility, and some AI related space like robotics. So we look at Ampere’s. You know? There’s a four important points I want the audience take away.

The first, we have industrial leading technology and enable best in class performance. Now the second part is very important. You know, without our battery, our customer were not able to economic, to achieve their technology as and economic targets. Now we have gigawatt scale manufacturing capability. We have this capital light model.

Basically, we don’t have factory. We don’t have manufacturing team. All we have is we have best product, work with our manufacturing partners, and then they deliver quality product for us. The third one is we have a huge customer pipeline, you know, over 320 here. Some of those, customer at the top of the funnel now started purchasing our product.

Then last, we have very healthy balance sheet. We have no debt. We our current balance sheet cover quite a few quarters of operating cost. So in summary, we can design the best performing lithium ion battery in the industry. Now we can manufacture various batteries.

We can do cylindrical. We can do parts. We can do prismatic and use world leading contract manufacturing partners capability and the capacity to serve us. The third one, we have a huge customer engagement. All those are important.

Yeah. As we say that design, make, sell. This conclude my presentation. I’ll be glad to answer some questions. My colleague, our CFO, Sandra Wallachie, is online as well.

If you have a question about our financial, Sandra can answer.

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Ying, thanks so much for for all that background. And and I think, you know, one of the things that we have been most excited about is the performance and the evolution of the performance, particularly with the side core technology. You know, I think a lot of our investors like to look at IP and IP protection, and the battery space can be very challenging to understand what’s defensible and what’s not defensible. You know, as you look at the the competitive landscape and Ampris Ampris’, you know, platform, you know, you guys have done a nice job with patents, but then there’s an awful lot of know how in actually producing these batteries. How do you think about your IP position and how you’re able to defend it as folks start to look at, you know, investing more in some of these, you know, high energy dense and and lightweight batteries?

Kang Soon, CEO, Ampereus: Yeah. Colleen, the first, I mentioned that we have over 80 patent, development during those years. Yeah. We have patent, on the fundamental concept of a side core and the. Yeah.

As you see that, you know, in the battery industry, okay, you hardly see the patent fighter these days. Okay? Because the patent becomes a very important a very complicated issue. Many companies own various patents. Sometimes they are overlapped.

So very few. Last few years, I only see two patents fight. Okay. They finally settled. So for Ampereus, now first, we are very confident.

You know, we have a strong intellectual intellectual property portfolio. Most importantly, as you mentioned, extensive, okay, know how. This is very important. Yeah. So we have a very unique material system.

We have a very unique cell chemistry. Then we have very unique cell design, and then we have very unique manufacturing process. For example, for formation protocol. Amperesen has a very unique formation protocol enable us to make a high energy density, high power density lithium ion, silicon anode based lithium ion battery.

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Excellent. And so, you know, as you continue to engage in customers and we know that Tom was brought on in part to, you know, help the the organization really engage and get deeper with its existing customers. Can you talk about the the incremental geographies, and what that can enable for you guys from, from a revenue perspective? Moving into South Korea, I’m sure met the requirements of some customers, but looking at potentially U. S.

Or European manufacturing, I’m sure will open up even more customers. So can you talk about the importance of that capacity and how quickly that might translate into incremental orders and and incremental revenue?

Kang Soon, CEO, Ampereus: Yeah. Customer looking for two parameters, performance and the economics. You can see performance and the cost. Right? So when we select our manufacturing partner, those two things, you know, in addition to those two, of course, there’s a quality there.

Yeah. The quality manufacturer and the low cost manufacturer. Those two things are very important. You know, we can manufacture the place that the customer wants, but we may not be able to deliver the cost the customer want. The customer still don’t buy our stuff.

So we did this very strategically and very carefully selected those partners. So our manufacturing partnership today deliver not only the high quality, also deliver the economics our customer and the can enjoy. Yeah. So we’re looking forward. Today, we already have a customer in United States, in Europe, in Asia.

Yeah. So we believe this market already very, very large for us. Yeah. Otherwise, we wouldn’t have a 320 customer engagements here. So looking forward, I think to strengthen our manufacturing base domestically and the oversee are very, very important.

As I mentioned, it’s still the same thing we mentioned at first that we need to design some proper product, which we have now, but we need to make sure we commend performance leadership, yeah, all the time. The second part is, you know, the manufacturing have to make it. Today, we have Asia manufacturing partnership. We explore European particular Europe. We had a conversation with our German partners.

Now we have domestic. Yeah. Many people surprised how you can find a domestic contract manufacturer. Yeah. Is always creative enough, yeah, to to make things happen.

So that could come to play soon as well.

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Excellent. And, you know, I I think for many of the audience, you know, there’s been a lot of news reporting around solid state, right, and and what solid state means in the battery world. We’ve made a, you know, a a pretty concerted effort around silicon anodes on our research practice based on the performance characteristics that we’ve seen, you know, from the silicon anode focused companies. But can you just level set our audience around, you know, what solid state means and how you how Ampreus is positioned, you know, to compete with some of the, you know, the promises that are being made by other platforms, which, you know, in some cases aren’t even approaching, you know, the commercial products that you guys have available today.

Kang Soon, CEO, Ampereus: Right. Connie, as you know, you know, you are expert in this field as well. The original solid state concept comes from a lithium metal technology. Right? When we look at a silicon, we we when we talk about a high energy density anode materials, there are only two.

One is silicon. Another one is lithium itself. Right? Both have very similar energy density around 400 milliamp hour per gram. The problem with lithium lithium is lithium is a very active chemical element.

Right? Lithium cannot cannot expose to air, cannot expose to the water. As a matter of fact, we use lithium in our fireworks. So to use lithium metal as anode, we cannot use a liquid electrolyte. So we have to use a solid state.

That’s where solid state come from. This is back to years decades ago. The first lithium metal battery building 1987 by doctor doctor Bracht, okay, in Germany. At the time, he working in Canada. So but the lever that the people don’t wanna touch that again because they are better to explode.

Okay? The bank company bankrupt. So during those years, people try to find out, you know, if I can have a solid solid electrolyte, you know, can I make a lithium or metal as an? But very, very difficult. So far, there is no single company can make even in laboratory cannot successfully demonstrate lithium and metal based on solid state battery.

Yeah. Still a huge battery. Yeah. So people started doing semi solid state. I have some solid state solid basically, is is not a pure solid state.

It’s a semi solid state. And let’s talk about the amperes in this field. We have a concept. Of course, we have not broadcast because we have not. We broadcast anything if we believe is commercially achievable.

Otherwise, we don’t make claims. You can see Ampere’s make made a new claim, the laboratory stuff. Anything we made a claim, we already have customer validation. So we believe silicon can be solid state battery as well.

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: And Excellent. And and if you can talk about the performance headroom, and, you know, the in terms of what you can achieve with silicon, if the material is similar to lithium in terms of potential performance, what’s the actual performance and the practical performance in in a in a product on a relative basis?

Kang Soon, CEO, Ampereus: Yep. This if we have a solid state lithium anode battery, at this moment, we don’t expect the energy density boost a lot. We don’t expect the solid state the silicon anode battery give us a 600 watt per kilo. That’s not realistic.

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Mhmm.

Kang Soon, CEO, Ampereus: But Okay. We can have the same performance, but provide why we use a solid state? Because we wanna have a safe safety. Right? You have once we don’t have all the problem will cause the liquid electrolyte.

Right.

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Yeah. If a battery So you guys can have

Kang Soon, CEO, Ampereus: Yeah. We believe we believe. Okay. Amperes, we can have solid state based on silicon and

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Okay. So, yeah, just to to to recap, you can have similar performance, and you’re in commercial production now as anything that may be coming out of the solid state world in the coming years.

Kang Soon, CEO, Ampereus: Correct. Yeah. Although we don’t have commercial product today. I have to mention that. Yeah.

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Perfect. So, Sondra, you know, just quickly on the balance sheet because we just have a couple minutes here. You know, the company has run very lean. Can you just talk about the balance sheet’s efficiency, you know, and and your cash flow dynamics as you as you work towards hitting profitability through a a fairly, you know, substantial ramp on revenue here over the next several quarters?

: Yeah. Great question. So we ended the second quarter with 54,200,000.0 in cash. We’ve got no debt. We’ve got about 46 and a half million dollars left on an ATM facility, and our operating cash burn rate runs somewhere between 7 and a half to $9,000,000 a quarter.

So as you mentioned, we run very lean. We were sub a 100 employees full time at the June. So because Kang has been able to put together this contract manufacturing strategy, we are not saddled with hiring several 100 people, buying inventory, managing working capital. We have and own the design and the specification, and we buy the finished product from our contract manufacturing partners, and serve our customers. So SciCore, which is the product that’s been fueling our growth, has been cash flow positive since day one.

So we believe that we’re gonna continue to see favorable, cash flow from operations trend quarter over quarter and that we’ve got enough cash on the balance sheet along with the ATM to make sure that we can get to cash flow positive.

Colin Rusch, Lead, Oppenheimer’s sustainable growth and resource optimization research practice, Oppenheimer: Excellent. Well, listen. Thank you both for for being here, and thanks for everyone that’s listened in. We are running into time here, so we are happy at Oppenheimer to help you, get deeper into the story here at Ampris and also put you in touch with the company as it makes sense. Please feel free to reach out.

Look forward to talking with everyone soon, and have a wonderful afternoon. Thanks so much.

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