EV Startup Ample Raises $160 Million to Push Lego-Like Battery Swap Tech Globally

San Francisco-based electrical car battery startup Ample has raised $160 million in a sequence C funding spherical from a roster of worldwide traders to assist take the corporate’s distinctive battery swapping know-how to world markets.

The funding spherical is led by New York-based Moore Strategic Ventures. Different individuals embody current traders, Shell Ventures and the Japanese power firm ENEOS. Ample additionally secured extra funding from Boston-based Rose Park Advisors, Singapore’s public transit operator SMRT, and Thailand’s largest oil and gasoline power firm PTT, which convey the entire capital infusion to $230 million.

Ample emerged from stealth mode in March after seven years of R&D aimed to make a versatile battery swap system and totally automated swap stations which can be economically viable.

Battery swap is an alternate refueling methodology to charging stations. The know-how is area of interest within the U.S., however has confirmed to achieve success in different main EV markets, notably China.

The thought is that, when an electrical automotive’s battery runs out, as an alternative of plugging the automotive right into a charging pod, merely swap it out with a completely charged one, thus saving time. However as a result of electrical autos come in numerous sizes and shapes, it’s a problem to construct a one-size-fits-all battery swap system.

Ample’s resolution is to make modular, Lego brick-like batteries that may be assembled into varied shapes and sizes to suit totally different automotive fashions. To decrease prices, Ample’s swap stations are prefabricated and could be rapidly assembled wherever they’re needed. A swap station may break even after simply 20 autos makes use of, Ample co-founder and president John de Souza advised Observer in an interview in April. 

A battery swap at an Ample station takes about 10 minutes, which is three to 10 occasions quicker than plug-in charging methods out there. When not in use, Ample’s battery swap stations can operate as power storage pods to seize photo voltaic and wind power, fixing a significant problem of renewable power manufacturing.

“Ample will use the funds to broaden our deployments throughout the U.S. and internationally,” the corporate’s cofounder and CEO Khaled Hassounah advised Observer. “We will even construct our manufacturing capability and partnerships with OEMs and native companions globally.”

Ample presently operates 5 battery swap stations within the San Francisco Bay Space for Uber drivers by a partnership with the ride-hailing big. Ample has related partnerships with New York-based ride-share firm Sally and Japan’s ENEOS.

“Deploying in additional markets to permit extra fleet companions to transition to EVs quicker with economics that may compete with gasoline is our most essential near-term aim,” Hassounah mentioned. “We’ve made a number of bulletins about deployments, and will likely be making extra within the coming weeks and months.”