Kensington Capital Acquisition Corp. IV (NYSE:KCAC) announced that it has once again secured an additional PIPE for its business combination with Amprius Technologies, Inc, just days after entering into agreements worth $15.525 million.

Earlier today, Kensington entered into a subscription agreement with AeroVironment for an aggregate of 500,000 PIPE units at a price of $10.00 per PIPE unit, or $5 million. AeroVironmnet is a global leader in multi-domain robotic systems that serves defense, government and commercial customers and is a customer of Amprius.

Following last week’s series of additional capital, the aggregate PIPE units to be sold now stands at 2,052,500 for total gross proceeds of $20.525 million, with all PIPE units having the same terms.

Kensington secured a $2.15 million PIPE just last Friday through certain entities that have previously invested in an affiliate of Amprius. Days prior to that, the SPAC entered into a separate subscription agreement with multiple investors which agreed to purchase an aggregate of 1,337,500 units at $10.00 per unit for a total purchase price of $13.375 million.

The parties expect to use the capital to help offset potential redemptions of the SPAC’s ordinary shares in connection with the proposed merger, and may be used by Kensington to help satisfy the minimum cash condition of $200 million.

All of the PIPE units will consist of one share of Kensington common stock, and one warrant. The PIPE Warrants will also be substantially identical to the existing Kensington public warrants, except that the exercise price of each PIPE Warrant (for all PIPE subscribers) will be $12.50 per share instead of $11.50 per share, which is the exercise price for the existing Kensington public warrants.

Additionally, the average sales price of the New Amprius Common Stock for PIPE investors will need to exceed $20.00 per share instead of $18.00 per share for the existing public warrants for Kensington to be able to redeem the PIPE Warrants. Furthermore, the PIPE Warrants will not be listed on any securities exchange.

Kensington announced its $939 million deal with Amprius on May 12, 2022. Amprius, the Freemont, California-based silicon nanowire battery company manufacturers high-energy and high-power lithium-ion batteries.