Ample raises $30 Million
Ample, a startup developing battery swapping technology for electric vehicles, has scored another $30 million from The Blackstone Group and Spanish multinational financial services company Banco Santander.
The San Francisco-based company should be at or near unicorn status, considering its valuation back in August was $890 million, according to PitchBook. Unicorn status means a company that is valued at $1 billion.
The bulk of this round came from The Blackstone Group, which provided $25 million, with Banco providing the remainder. Ample has raised $260 million to date.
Ample’s concept is relatively straightforward: instead of an EV pulling up to a charging station to get more power, the company proposes outfitting vehicles with Ample’s modular battery packs, which can be swapped out at dedicated stations.
Earlier this year, Ample landed a partnership with Uber to use the company’s battery swapping stations at a few locations in the Bay Area. Both companies have agreed to extend their partnership to Europe, where Uber aims to electrify half the rides that are booked across seven European capitals — London, Amsterdam, Brussels, Berlin, Paris, Madrid and Lisbon — by 2025.
Ample co-founder John de Souza told TechCrunch in a statement that the funding will go toward scaling operations. “In order to deploy tens of thousands of vehicles in the near future, we will need to expand our production, deployment and support functions,” he said. “Geographically we will be expanding into Europe next year. The need for scale is being driven both by the market demand and also by the urgency of moving to EVs that was clearly highlighted at COP26.”
Ample also scored a partnership with Sally, an EV rental company based in New York City, to deploy the startup’s swapping service across San Francisco, NYC, Los Angeles and Chicago.
Taken together, the two initial partnerships — Uber and Sally — reflect the startup’s focus on fleet companies, for whom time spent recharging an EV battery is time wasted. Ample see battery swapping as a good solution for individual consumers as well, especially those like apartment dwellers who may not have reliable access to overnight charging, the company has told TechCrunch in the past.
Ample seems to be providing Electric Cars for Everyone.I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Ample.Shishir Gupta, Founder and CEO, of StartupLanes.
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.
For publishing an advertorial article about your company on our website, drop an email at firstname.lastname@example.org