Amprius Technologies Inc. (NASDAQ:AMPX) is one of the best alternative energy stocks to invest in according to analysts. On February 3, Amprius Technologies Inc. (NYSE:AMPX) partnered with Nanotech Energy, a U.S.-based advanced lithium-ion battery developer, to manufacture its silicon-anode battery cells. The deal makes Nanotech Energy Amprius’ first-ever domestic manufacturing partner.
According to Amprius, the deal was necessary because of its defense customer base. The move is in reaction to the recently updated National Defense Authorization Act requiring all defense-related hardware to be sourced and made locally. The product being manufactured under this agreement is the Amprius SA128. This is a 21700 cylindrical silicon-anode cell with a capacity of 6.8 Ah and a specific energy of 320 Wh/kg.
On the same day, February 3, Amprius disclosed in an SEC filing that it terminated its lease for a large industrial facility in Brighton, Colorado. The move was effected on January 31, and the company paid a $20 million termination fee.
The Brighton facility covered approximately 774,155 square feet and was intended to serve as a major domestic manufacturing site for Amprius. The lease had been signed just 19 months earlier, and was originally set to run for 15 years.
Separately, on January 29, Needham analyst Austin Bohlig initiated coverage on Amprius with a Buy rating and a price target of $20. Bohlig described Amprius as a key pure-play battery supplier to the unmanned aerial systems (UAS) sector, and noted that roughly 80% to 90% of the company’s revenues come from that segment.
The analyst said he believes the UAS market is in the early stages of what he called a global, multi-year UAS supercycle. This cycle, said Bohlig, is driven by growing demand from both the defense and commercial sectors, and that it has created a multi-billion-dollar total addressable market.
Amprius Technologies Inc. (NASDAQ:AMPX) is a battery manufacturer headquartered in Fremont, California. The company develops high-energy density lithium-ion batteries that use proprietary silicon nanowire anode technology, enabling longer range, faster charging, and higher payload capacity compared to conventional lithium-ion cells.
While we acknowledge the potential of Amprius Technologies Inc. (NASDAQ:AMPX) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMPX and that has 100x upside potential, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
