Fleet Charging Solution AMPLY Power Raises $13.2 Million

By Annie Baker ● April 28, 2020
  • AMPLY Power, a leader in charging solution for fleets, announced it has raised $13.2 million in Series A funding from several investors

AMPLY Power, a leader in charging solution for fleets, announced it has raised $13.2 million in Series A funding from several investors, including Soros Fund Management and Siemens. And they are joined by existing seed round investors, including Congruent Ventures, PeopleFund, and Obvious Ventures.

The AMPLY Power platform — which is called AMPlify — optimizes charging and depot operations for electric fleet bus, truck, and passenger vehicles. AMPLY was founded by serial entrepreneur Vic Shao. And AMPLY Power is known for being a leader in charging services for commercial electric vehicle fleets. Plus 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 for minimizing energy costs and maximizing vehicle uptime. And as a recent customer success story, Tri Delta Transit found that up to 40% of electric charging costs could be saved using AMPLY’s solution while charging a variety of bus types and chargers.

AMPLY’s 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. And the company assumes financial responsibility of the utility account for charging and bills the fleet customer for ongoing vehicle miles. Plus AMPLY also performs onsite operations and maintenance services and invests in technology upgrades as the needs of the fleet evolve.

Siemens defines eMobility as one of its top strategic growth fields, deploying more than 100,000 charging stations in 35 countries. And the company continues its PlugtoGrid focus on customers in the car, bus, fleet, and truck market across North America.

Along with this round of funding, the company plans to expand its team and customer deployments. And currently, AMPLY manages charging operations for a variety of customers, including East Contra Costa County’s Tri Delta Transit — which is an electric school bus fleet demonstration in New York City with Logan Bus.

Key Quotes:

“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.”

-AMPLY CEO Vic Shao

“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.”

-Iti Jain, VP at Siemens