Goodyear Invests in EV Charging, Adds AmpUp to its Portfolio

Goodyear announced today that its venture capital arm, Goodyear Ventures, has added AmpUp, a leader in electric vehicle (EV) charging, to its investment portfolio.

AmpUp supports the EV driving community through its advanced charging network and software solutions. With operations across North America, AmpUp aims to make charging accessible and seamless for every EV driver.

“Goodyear is interested in enabling the future of mobility, including within the EV sector,” said Abhijit Ganguly, managing director, Goodyear Ventures. “AmpUp will provide us with valuable insights on the latest electrification trends and bring their solutions to our fleet customers who are considering electrification.”

“AmpUp is thrilled to partner with Goodyear, whose commitment to innovation and electric mobility will be crucial to wide-scale adoption of EVs,” said Thomas Sun, CEO and Co-founder of AmpUp. “As a company focused on providing seamless charging solutions, AmpUp can’t wait to explore solutions with the Goodyear team nationwide.”

 EV charging infrastructure is growing in India as the Indian Govt. has invested Rs. 1000 crore for the development of charging infrastructure in the country till now. Also, according to a recent report,  it has been estimated that the global EVCS market will grow at a compound annual growth rate (CAGR) of 20% from 2021 to 2027 and reach $93 billion by 2027.

The potential investors in EV charging business opportunities in India are in a fix, as they are unsure of whether to put charging stations upfront or wait for a critical mass of EVs before investing any money. It’s a classic chicken and egg situation, however, if one takes a closer look into how the Chinese handled this situation, one would realize that the initial thrust came in from the creation of public EV charging stations funded by the government, and later came the private investment into the charging infrastructure creation.