Amply Power, a Mountain View, Calif.-based provider of charging solutions for fleets, raised $13.2 million in Series A funding.
Backers included Soros Fund Management and Siemens, which were joined by existing seed round investors, including Congruent Ventures, PeopleFund, and Obvious Ventures.
The company intends to use the funds to expand operations and its business reach.
Founded by serial entrepreneur Vic Shao, AMPLY Power provides a platform, called AMPlify, which optimizes charging and depot operations for electric fleet bus, truck, and passenger vehicles. Its 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.
The proprietary software technology optimizes and aggregates vehicle charging to minimize energy costs and maximize vehicle uptime. 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.
Currently, the company 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 partnerships with electric bus manufacturer BYD, and the subsidiary of Hawaiian Electric Company, Pacific Current.
FinSMEs
28/04/2020