EV Charging Startup Gets Backing of Siemens, Soros Fund Management

Electric Vehicle (EV) charging startup Amply Power has secured USD 13.2 million in Series A funding from investors including Siemens Financial Services and Soros Fund Management to advance its services for commercial fleets.

The company, founded by serial entrepreneur Vic Shao, helps commercial fleet operators to go electric by providing EV charging infrastructure with fixed prices for charging their vehicles.

Other existing seed-round investors of the company include Congruent Ventures, PeopleFund, and Obvious Ventures.

The Mountain View, California-based company uses its software to manage real-time software-controlled charge optimization.

The funding will help Amply to expand its team and customer deployments. Its current customer base includes BYD, Pacific Current, Tri Delta Transit among others.

Commenting on the development, Vic Shao, chief executive officer of Amply, said that “with the reduction in transportation emissions brought by the coronavirus pandemic, cities around the world have a window into the air quality we deserve once society transitions to electric mobility. At Amply, it is our mission to take the technical guesswork out of electrification infrastructure so fleets can scale their zero-emission deployments with confidence while delivering cleaner air for their communities.”

Siemens has defined eMobility as one of its top strategic growth fields, with deploying more than 100,000 EV charging stations across 35 countries. The company has continued its PlugtoGridTM focus on customers in the car, bus, fleet, and truck market across North America.

“Time and again, the major hurdle most electric truck and bus pilots face is the charging infrastructure. In fact, charging fleets without incurring hefty utility bills is the key obstacle for most electric fleets to scale towards full deployment,” commented Iti Jain, vice president at Siemens Financial Services.

Jain further added, “Amply’s mission dovetails with Siemens’ strategy of making electro-mobility adoption easy, and we look forward to supporting its growth with our extensive experience in the energy and transportation sectors.”