Amprius Technologies Announces CEO Transition

FREMONT, Calif.--(BUSINESS WIRE)--Dec 22, 2025--

Amprius Technologies, Inc.(“Amprius” or the “Company”) (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform, today announced that its Board of Directors (the “Board”) has appointed President Tom Stepien as its next Chief Executive Officer (“CEO”), effective January 1, 2026.

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Current Amprius CEO Dr. Kang Sun will be retiring at the end of 2025. Dr. Sun will continue to serve as a director on the Board and as an Executive Advisor, providing strategic guidance to the Company.

Dr. Sun founded Amprius in 2015 and has served as its CEO since. In that time, he has led the Company in pioneering and commercializing silicon-anode batteries that have achieved industry-leading energy density and performance milestones. Under his leadership, Amprius has become an innovator in advanced battery solutions for aerospace, electric mobility, and other high-performance applications, helping to shape the future direction of next-generation batteries.

“Leading Amprius Technologies has been one of the most rewarding experiences of my career,” said Dr. Kang Sun. “I am proud of what our team has accomplished in advancing silicon anode technology from the lab to commercial deployment. As I transition from the CEO position, I look forward to supporting Amprius in my ongoing roles and helping the Company continue to grow while delivering breakthrough solutions to our customers.”

Tom Stepien joined Amprius as President in May 2025 and has strengthened operations, expanded customer engagement, and advanced the Company’s growth strategy. Stepien brings over 35 years of leadership experience across customer-focused, innovation-driven technology companies. Prior to Amprius, Stepien served as CEO of South 8 Technologies, a provider of novel electrolyte for lithium-ion batteries; cofounded and led Primus Power, a long-duration stationary storage company; and was an Operating Partner at KCK Group, a private equity firm focused on industrial technologies. Earlier in his career, he held leadership roles at Applied Materials, the global semiconductor equipment leader.

“I am honored to step into the role of CEO and advance the industry-leading foundation that Kang and the team have built,” said Stepien. “Amprius’ silicon anode technology continues to set new standards for performance, and I look forward to leading the Company through its next phase of growth and innovation.”

“On behalf of the Board and the entire Amprius team, I want to thank Kang for his exceptional leadership and pioneering vision,” said Don Dixon, Chairman of the Board. “We are equally excited to welcome Tom as CEO. With his leadership experience and deep knowledge of the energy storage industry, Tom is well-positioned to drive Amprius’ continued success.”

For more information, please visit the Amprius investor relations website at ir.amprius.com.

About Amprius Technologies, Inc.

Amprius Technologies, Inc. is a leading manufacturer of high-energy and high-power lithium-ion batteries, producing the industry’s highest-known energy density cells. The Company’s commercially available SiCore® and SiMaxx™ batteries deliver up to 450 Wh/kg and 1,150 Wh/L, with third-party validation of 500Wh/kg and 1,300 Wh/L. The Company’s corporate headquarters is in Fremont, California, where it maintains an R&D lab and a MWh scale manufacturing facility for the fabrication of silicon anodes and cells. To serve customer demand, Amprius entered into several agreements to secure over 2.0 GWh of contract manufacturing capacity. For additional information, please visit amprius.com. Also, see the Company’s LinkedIn page.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “will” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the performance of Amprius’ products, the growth of Amprius’ business, and the capacity of Amprius through its contract manufacturing network. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Amprius’ management and are not predictions of actual performance. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties. These forward-looking statements are subject to a number of risks and uncertainties, including Amprius’ liquidity position; risks related to the rollout of Amprius’ business and the timing of expected business milestones; Amprius’ ability to commercially produce high performing batteries; the effects of competition on Amprius’ business; supply shortages in the materials necessary for the production of Amprius’ products; and changes in domestic and foreign business, market, financial, political and legal conditions. More information on these risks and uncertainties that may impact the operations and projections discussed herein can be found in the documents we filed from time to time with the Securities and Exchange Commission (the “SEC”), all of which are available on the SEC’s website atwww.sec.gov. There may be additional risks that Amprius does not presently know or that Amprius currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Amprius’ expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements should not be relied upon as representing Amprius’ assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Except as required by law, Amprius specifically disclaims any obligation to update any forward-looking statements.

Amprius President Tom Stepien appointed chief executive officer by the Board of Directors, effective January 1, 2026.

NEW YORK (AP) — Stocks recovered most of their earlier losses as volatility returned to Wall Street after two days of solid gains.

The S&P 500 fell 0.1% after slumping as much as 1.5% in early trading Thursday. The Dow Jones Industrial Average shed 87 points, or 0.2% as of 11:08 a.m. Eastern. The Nasdaq composite fell 0.1%. Stocks in Europe pared their losses.

Oil prices remained elevated although down from earlier highs. The price for a barrel of U.S. crude rose close to $114 a barrel at one point.

The unsettled trading follows a national address late Wednesday from President Donald Trump, where he vowed the U.S. will continue to attack Iran and failed to offer a clear timetable for ending the conflict in the Middle East. Those comments appeared to dim the hopes for a near-term conclusion to the war that had pushed stocks higher through most the week.

Major indexes are still on track to close out the week with gains. Thursday is the last day of trading on Wall Street this week with with the stock market closed on Good Friday.

Crude oil prices have been the main force behind the sharp swings for stocks globally. Shipping traffic has been severely curtailed in the Strait of Hormuz, where a fifth of the world’s traded oil passes through during peacetime.

The price of Brent crude, the international standard, jumped 4.8% to $105.99. per barrel. Benchmark U.S. crude rose 8.4% to $108.82 per barrel, pulling back after breaching $110. Prices had been sliding back toward $100 per barrel prior to Trump’s address on Wednesday. The U.S. only relies on the Persian Gulf for a fraction of the oil it imports, but oil is a commodity and prices are set in a global market. A disruption anywhere affects prices everywhere.

Markets have been broadly sliding since the war began, with indexes often rising and falling sharply along with statements from Trump about the direction of the war. Just on Monday, the S&P 500 briefly neared a 10% drop from its record, a steep-enough fall that professional investors have a name for it: a “correction. The index gained ground Tuesday and Wednesday on hope that the war could end soon.

Airlines and other travel-related companies were among the biggest losers on Thursday. United Airlines fell 3.3% and Carnival shed 3.6%. Energy companies gained ground, with Chevron rising 1.6%.

Treasury yields remained relatively steady in the bond market. The yield on the 10-year Treasury fell to to 4.30% from 4.32%.

Wall Street is worried that higher energy prices are adding to already stubbornly high inflation. Rising fuel prices take a bigger chunk out of consumers' wallets in several ways. Directly, gasoline prices in the U.S. have surged more than 33 percent from a month ago to average $4.08 per gallon, according to the auto club AAA.

Indirectly, rising fuel prices tend to make a wide range of services and goods more expensive. Flights become more expensive as airlines raise ticket prices to offset rising fuel costs. Consumer goods become more expensive as shipping and transportation costs rise.

Inflation has been stubbornly above the Federal Reserve's 2% target. The war and its corresponding surge in energy prices effectively pushes inflation higher and that has dashed hopes for the Fed to cut interest rates. Wall Street had hoped for the central bank to cut rates in order to help offset a weakening job market. Lower interest rates could help stimulate the economy by lowering borrowing costs, but they also risk worsening inflation.

Traders came into 2026 forecasting several cuts to the Fed's benchmark interest rate, which influences rates for mortgages and other loans. They are now expecting the benchmark rate to remain steady this year.

Associated Press journalists Chan Ho-Him and Matt Ott contributed to this report.

Fishing boats dot the sea as cargo ships, in the background, sail through the Arabian Gulf toward the Strait of Hormuz off the United Arab Emirates, Friday, March 27, 2026. (AP Photo)

Perople walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

President Donald Trump speaks about the Iran war from the Cross Hall of the White House on Wednesday, April 1, 2026, in Washington. (Doug Mills/The New York Times via AP Pool)

Persons walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)