ample Secures $30M Funding to Expand Battery Swapping to Europe

Ample Secures $30 Million in Funding for Battery Swapping Technology

Ample, a company pioneering battery swapping solutions for electric vehicles, has successfully raised an additional $30 million in funding.

This investment comes from prominent financial institutions: The Blackstone Group and the Spanish multinational, Banco Santander.

Valuation and Funding History

Based on PitchBook data, Ample’s valuation reached $890 million as of August, positioning the startup close to achieving unicorn status – a valuation of $1 billion or more.

To date, Ample has accumulated a total of $260 million in funding.

The latest funding round was led by The Blackstone Group, contributing $25 million, while Banco Santander provided the remaining $5 million.

How Ample's Technology Works

Ample’s core innovation centers around a modular battery pack system.

Instead of traditional charging, electric vehicles are equipped with Ample’s battery packs, enabling quick swaps at designated stations.

This approach aims to significantly reduce the downtime associated with recharging.

Strategic Partnerships

Earlier this year, Ample established a key partnership with Uber, initially deploying battery swapping stations in select areas of the Bay Area.

This collaboration is now expanding to Europe, with a goal for Uber to have 50% of rides booked in seven major European capitals – London, Amsterdam, Brussels, Berlin, Paris, Madrid, and Lisbon – fulfilled by electric vehicles by 2025.

Expansion Plans and Future Outlook

According to a statement from Ample co-founder John de Souza to TechCrunch, the new funding will be allocated towards scaling the company’s operations.

This includes expanding production capabilities, deployment infrastructure, and support services.

Geographic expansion is also a priority, with plans to enter the European market in the coming year.

De Souza emphasized that the need for rapid scaling is driven by both market demand and the increasing urgency to accelerate the adoption of electric vehicles, as highlighted at COP26.

Additional Collaboration

Ample has also partnered with Sally, an electric vehicle rental company based in New York City.

This partnership will see Ample’s battery swapping service deployed across major cities including San Francisco, New York City, Los Angeles, and Chicago.

Focus on Fleet Electrification

The partnerships with both Uber and Sally demonstrate Ample’s strategic focus on serving fleet operators.

For these businesses, minimizing vehicle downtime is crucial, and battery swapping offers a compelling alternative to lengthy charging times.

Ample also believes its technology can benefit individual consumers, particularly those without convenient access to overnight charging, such as residents of apartment buildings.