Soros Fund Management, Siemens make a big bet on EV charging

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Electric charging startup, Amply Power, has won $13.2 million in funding from Soros Fund Management and Siemens. The company previously garnered $3.8 million in seed round financing from Congruent Ventures, PeopleFund and Obvious Ventures.

As Amply puts it: there are vendors that sell EV charging hardware, there are vendors that sell software fleet management, but at the end of the day, tailoring the right charging system for an EV fleet falls on the customer. That’s where Amply Power steps in, providing scalable EV fleet charging solutions.

It’s this ease of design and implementation that Abe Yokell, managing partner at Congruent Ventures credits as Amply’s strength:

“Fleets know how to procure new vehicles, whether they are fossil or battery electric. What is different with fleet electrification is that it changes an entire fleet’s operation, as well as the financial exposure from “fuel.” If you don’t operate your fleet intelligently, your fuel price increases dramatically. Amply is offering long term price stability, while taking over the nuances of fueling infrastructure and operations, addressing the primary electrification pain point for fleet operations.”

With the new capital, Amply plans to expand its team and customer deployments to remain competitive in the fleet charging space, an industry that features competitors Electriphi and EVConnnect, among a handful of others. Currrently, the company manages charging operations for East Contra Costa County’s Tri Delta Transit, while also maintaining preferred partnerships with electric bus manufacturer BYD, and Pacific Current, a subsidiary of Hawaiian Electric Company.

There’s a shift in public and municipal preference towards vehicle electrification and those who have invested in Amply are confident there will be no shortage of demand for fleet charging services.

“The future of mobility is clearly electric,” Andrew Beebe, managing director for Obvious Ventures told pv magazine. “However, fleet managers are screaming for support as they adjust to this new normal.”