As cities and corporations accelerate their adoption of electric trucks and buses, AMPLY Power, a leader in charging solutions for fleets, has secured $13.2 million in financing from Soros Fund Management and Siemens Financial Services. They are joined by existing seed round investors including Congruent Ventures, Kittyhawk Ventures, and Obvious Ventures.
“AMPLY Power recognized a significant impediment in the market for electric fleet adoption and derived a solution that, while complex behind the scenes, is simple for customers to implement,” says Udayan Das Roy at Soros Fund Management. “We were impressed by both the market opportunity and the team’s track record, and we look forward to supporting AMPLY as it accelerates the adoption of electric fleets across the country.”
Founded by serial entrepreneur Vic Shao, AMPLY Power is a leader in charging services for commercial electric vehicle fleets. Its end-to-end, Charging-as-a-Service approach for fleets ensures each electric vehicle is charged and ready in exchange for a price-per-mile-driven fee.
AMPLY founded its support on the use of proprietary software that optimizes vehicle charging to minimize costs and maximize uptime. As a recent customer success story, Tri Delta Transit found up to 40% of electric charging costs could be saved using AMPLY’s solution, while charging a variety of bus types and chargers.
“With the reduction in transportation emissions brought on by the coronavirus COVID-19 pandemic, communities around the world now have a window into the air quality we could have once society transitions to electric mobility,” says CEO Vic Shao. “At AMPLY, it’s our mission to take the technical guesswork out of fleet electrification so that fleets can invest and scale their zero-emission deployments with confidence, delivering cleaner air for their communities.”
WHAT’S PROVIDED
AMPLY services include the selection of charging agnostic hardware, managing depot upgrades and utility interconnections, and devising optimal charging strategies. Additional services are debt financing or grant funding for reducing capital expenditures and implementing resiliency plans where needed. AMPLY assumes financial responsibility of the utility account for charging and provides the fleet with flat usage rates for energy. 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 or upsetting rate schedules is the key reason why most electric fleets are not scaling towards full deployment,” says Iti Jain, VP at Siemens. “AMPLY presents a unique opportunity for us and the industry to accelerate fleet adoption by removing this needless complexity. We look forward to supporting AMPLY’s growth curve.”
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. 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.
Find out more, visit www.amplypower.com.
