AMPLY Power secures $13.2M led by Soros Fund Management and Siemens; electric charging infrastructure for commercial fleets
AMPLY Power 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 providing charging services for commercial electric vehicle fleets. Its 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% of electric charging costs could be saved using AMPLY’s solution, while charging a variety of bus types and chargers.
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 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.