Charging-as-a-Service for Commercial EV Fleets Gets $13.2 Million Series A
As cities and corporations accelerate their adoption of electric trucks and buses, AMPLY Power has secured $13.2 million in Series A funding from investors, including Soros Fund Management and Siemens. They are joined by existing seed round investors, including Congruent Ventures, PeopleFund, and Obvious Ventures.
Founded by serial entrepreneur Vic Shao, AMPLY Power is a leader in charging services for commercial electric vehicle fleets. Its comprehensive end-to-end, Charging-as-a-Service approach for fleet operators ensures each electric truck or bus is charged and ready for work each day, in exchange for a price-per-mile-driven fee.
AMPLY's proprietary software technology optimizes and aggregates vehicle charging to minimize energy costs and maximize vehicle uptime. As a recent customer success story, Tri Delta Transit found that up to 40 percent of electric charging costs could be saved using AMPLY's solution, while charging a variety of bus types and chargers.
"With reduction in transportation emissions brought by the coronavirus pandemic, cities around the world have a window into the air quality we deserve once society transitions to electric mobility," said AMPLY CEO Vic Shao. "At AMPLY, it is our mission to take the technical guesswork out of electrification infrastructure so fleets can scale their zero-emission deployments with confidence while delivering cleaner air for their communities."
AMPLY services include charging hardware deployment, management of depot upgrades and utility interconnections, real-time software-controlled charge optimization, debt financing of capital expenditures, and resiliency planning. The company assumes financial responsibility of the utility account for charging and bills the fleet customer for ongoing vehicle miles. AMPLY also performs onsite operations and maintenance services and invests in technology upgrades as the needs of the fleet evolve.
"Time and again, the major hurdle most electric truck and bus pilots face is the charging infrastructure. In fact, charging fleets without incurring hefty utility bills is the key obstacle for most electric fleets to scale towards full deployment," said Iti Jain, VP at Siemens. "AMPLY's mission dovetails with Siemens' strategy of making electromobility adoption easy, and we look forward to supporting AMPLY's growth with our extensive experience in the energy and transportation sectors."
Siemens has defined eMobility as one of its top strategic growth fields, deploying over 100,000 charging stations in 35 countries. The company continues its PlugtoGrid™ focus on customers in the car, bus, fleet, and truck market across North America.
Along with this funding, the company plans to expand its team and customer deployments. Currently, AMPLY manages charging operations for a variety of customers, including East Contra Costa County's Tri Delta Transit, an electric school bus fleet demonstration in New York City with Logan Bus. Additionally, AMPLY has preferred partnerships with electric bus manufacturer BYD, and the subsidiary of Hawaiian Electric Company, Pacific Current.
CEO Vic Shao was newly named to the 2020 Grist 50 list as one of 50 "fixers," providing new solutions to the planet's biggest problems. AMPLY was also recently listed on the Cleantech Forum's Global Cleantech 100 as a company poised to solve some of society's biggest challenges over the next five to ten years.