AMPLY power receives cash boost to ramp up commercial electric vehicle fleet charging

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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 offers charging services for commercial electric vehicle fleets.

Mr Shao commented on the news: “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.

“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.”

The company offers a Charging-as-a-Service approach for fleet operators where electric truck or bus is charged in exchange for a price-per-mile-driven fee.

AMPLY’s proprietary software technology optimises and aggregates vehicle charging to minimise energy costs and maximise vehicle uptime.

AMPLY services include charging hardware deployment, management of depot upgrades and utility interconnections, real-time software-controlled charge optimisation, 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.

Iti Jain, VP at Siemens, added: “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.

“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.

Along with this funding, the company plans to expand its team and customer deployments.

AMPLY was 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.