California startup Amply Power reportedly has secured $13.2 million in funding led by Soros Fund Management and Siemens. Amply Power provides turnkey solutions and cost-certainty for EV commercial fleets, particularly those with buses and trucks.
We recently reported how Amply Power's intelligent charging management software saved their first customer, electric bus operator Tri Delta Transit, 40% in there monthly charging expense.
The investment will be used to scale Amply Power's charging-as-a-service model that offers fleet managers hardware-agnostic charging infrastructure support, and a turnkey operating system to reliably and cost-effectively charge commercial electric vehicles.
InsideEVs reached out to Amply Power for comment on the funding announcement and received the following from Amply CEO Vic Shao:
“We are pleased with the funding as it will unlock the future of electric fleet operations. The underlying optimization engine is important because there are multiple things that are needed including, the state of charge, the impact, and how much energy is being used so that they’re ready by the next morning. Also, our customers need a reliable charging schedule to deliver to the operational performance, so that electric fleet vehicles are like-for-like replacements and improvements.”
Amply Power's end to end charging services includes the hardware deployment, management of facility upgrades, and the utility interconnections. They offer real-time software-controlled charging optimization, resiliency planning as well as debt financing of capital expenditures.
Amply's business model is such that the customer pays them for the number of miles their vehicles are driven, so the businesses have cost-certainty for their charging expense. Amply maintains the utility account and pays for the electricity. Their intelligent charging software manages when the vehicles accept power from the grid and Amply guarantees the vehicles will be charged and ready to go when they need to every morning.
Amply unique approach provides a fully-managed charging solution that allows municipal and commercial fleets to deploy electric vehicles with charging cost-certainty, and without hassles. Amply removes all aspects of charging operations from fleet owners, and allows them to focus on managing their business.
Additionally, Amply's charging-as-a-service model will allow more companies to explore transitioning to electric vehicles because they remove a huge unknown and risk for the operators, and give them a set cost per mile for refueling their vehicles, something operators can relate to.
AMPLY Power Secures $13.2 Million Led by Soros Fund Management and Siemens to Unlock Electric Charging Infrastructure for Commercial Fleets
Investment to scale Charging-as-a-Service model that offers fleet managers hardware agnostic
infrastructure support and an operating system to reliably and cost-effectively charge commercial electric vehicles
Mountain View Calif., April 28, 2020 -- As cities and corporations accelerate their adoption
of electric trucks and buses, AMPLY Power, the leader in charging solutions for fleets, 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 the 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 plug-to-gridTM solution 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.
About AMPLY Power
FLEET CHARGING, SIMPLIFIED.
AMPLY Power provides Charging-as-a-Service to de-risk and accelerate the adoption of electric buses, trucks, and passenger vehicles by public and private fleets through its simple price-per-mile-driven model. AMPLY provides a fully managed charging solution that enables municipal and commercial fleets to deploy electric vehicles confidently and without hassles. AMPLY handles all aspects of charging operations on behalf of fleet owners, and AMPLY's charging systems are optimized for the lowest electricity costs.
For more information, please visit www.amplypower.com and follow @AMPLYPower on Twitter and LinkedIn.
Technical Communications for AMPLY Power
Lisa Ann Pinkerton