AMPLY Power secures $13.2 million led by Soros Fund and Siemens

California startup Amply Power reportedly has secured $13.2 million in funding led by Soros Fund Management and Siemens. Amply Power provides turnkey solutions and cost-certainty for EV commercial fleets, particularly those with buses and trucks.

The investment will be used to scale Amply Power’s charging-as-a-service model that offers fleet managers hardware-agnostic charging infrastructure support, and a turnkey operating system to reliably and cost-effectively charge commercial electric vehicles.

Amply CEO Vic Shao said: “We are pleased with the funding as it will unlock the future of electric fleet operations. The underlying optimization engine is important because there are multiple things that are needed including, the state of charge, the impact, and how much energy is being used so that they’re ready by the next morning. Also, our customers need a reliable charging schedule to deliver to the operational performance, so that electric fleet vehicles are like-for-like replacements and improvements.”

Amply Power’s end to end charging services includes the hardware deployment, management of facility upgrades, and the utility interconnections. They offer real-time software-controlled charging optimization, resiliency planning as well as debt financing of capital expenditures.

Amply’s business model is such that the customer pays them for the number of miles their vehicles are driven, so the businesses have cost-certainty for their charging expense. Amply maintains the utility account and pays for the electricity. Their intelligent charging software manages when the vehicles accept power from the grid and Amply guarantees the vehicles will be charged and ready to go when they need to every morning.

Amply unique approach provides a fully-managed charging solution that allows municipal and commercial fleets to deploy electric vehicles with charging cost-certainty, and without hassles. Amply removes all aspects of charging operations from fleet owners, and allows them to focus on managing their business.

Additionally, Amply’s charging-as-a-service model will allow more companies to explore transitioning to electric vehicles because they remove a huge unknown and risk for the operators, and give them a set cost per mile for refueling their vehicles, something operators can relate to.

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