Date: Aug 27, 2012 Author: Don Seiffert Source: Mass High Tech (
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A company formerly called Liquid Metal Battery Corp., that is working on what it calls "game-changing" technology to allow electricity generators to store power for when its needed, has changed its name to reflect its Cambridge roots.
CEO Phil Giudice told Mass High tech that the new name, Ambri, comes from the middle five letters of "Cambridge." Current employees came up with the name, which was approved by investors. Using part of its office location in the company name is not unusual, he said. "Cisco got it's name from San Francisco," he quipped.
"We are making great strides towards commercializing the liquid metal battery technology, which was invented here in Cambridge at MIT. Adopting a new name and brand identity is a logical next step in our growth strategy" Giudice said. "This change ... is emblematic of our team's passion for developing a disruptive storage technology that will completely change how electric grids are operated globally."
As part of the rebranding initiative, Ambri has adopted a new tagline that corresponds with its mission statement: "Storing Electricity for Our Future," according to a statement.
Giudice said the new name does not reflect a change in the company's commitment to develop a large battery storage - about the size of a tractor trailer - which can store up to a half a megawatt of electricity for use over four hours. The technology, now about two years from commercialization, he said, would allow fewer power plants to provide the same amount of electricity, and would also help make renewable energy, like wind power, more reliable.
The 23-employee company, which was spun out of MIT in 2010, got a $15 million Series B round of funding in May led by Khosla Ventures, and including Bill Gates and energy company Total SA.