Why Amprius Technologies Shares Are Exploding Higher Today

Amprius Technologies Inc AMPX shares are trading higher by 56.31% to $9.66 going into the close of Wednesday's session after the company announced it was awarded a $50 million cost-sharing grant from the U.S. Department of Energy's Office of Manufacturing and Energy Supply Chains.

What Happened?

Amprius says the company is among the first set of companies to receive funding from President Biden’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles and the electrical grid, whose focus is on U.S.-based processing of materials and components.

“Being among the first companies to receive a cost sharing grant from President Biden’s Bipartisan Infrastructure Law reflects the significant work Amprius is doing to advance the lithium-ion battery industry here in the U.S.,” said Dr. Kang Sun, Chief Executive Officer of Amprius.

“Our innovative technology was conceived at Stanford, designed and commercialized in the U.S., and now we are working to scale production capabilities to meet significant domestic demand and to accelerate the electrification of mobility with our ultra-high density silicon nanowire anode lithium-ion batteries,” Sun stated.

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According to data from Benzinga Pro, Amprius Technologies has a 52-week high of $26.01 and a 52-week low of $5.64.