EV technology company Ample secures funding from Shell Ventures and Repsol Energy Ventures
Ample, a technology company focused on solving the energy delivery challenge for electric vehicles (EV), has closed a USD 31 million Series A round of financing led by Shell Ventures, with participation from Moore Strategic Ventures, Repsol Energy Ventures, Hemi Ventures and TRIREC. The financing will be used to deploy Ample’s technology in multiple locations over the coming months.
“Building a scalable solution for charging electric vehicles requires a new approach to infrastructure, and partners who are committed to developing electrification as the new energy downstream,” said Khaled Hassounah, CEO and co-founder of Ample.
Ample is a San Francisco, Calif., U.S.A-based startup co-founded by John de Souza and Hassounah. It aims to solve the energy delivery challenge for electric transportation by utilizing autonomous robotics and smart-battery technology. An alternative to traditional charging, Ample has invented an economical, rapidly deployable and widely accessible platform that delivers a full charge to any electric car in minutes, making it feasible for anyone to own an electric car regardless of driving needs, economic means, or geographic location.
“EVs in the light- and medium-duty sectors are steadily gaining market share,” said Steve McGrath, investment director of Shell Ventures. “Combining Ample’s technology with Shell’s existing retail network for re-fueling and our growing position in power could help us achieve our aspirations to grow a large new business in EV energy solutions.”
“We have looked deeply into the electrification ecosystem,” said James McIntyre of Moore Strategic Ventures. “We believe Ample’s proprietary robotics and battery technology solution can help solve one of the largest constraints to wide-scale adoption of electric vehicles. We are excited to partner with the company, Shell Ventures and Repsol Energy Ventures to help make Ample’s vision a reality.”
McGrath and McIntyre will be joining Ample’s board of directors.
As governments in Europe, Asia, America and other parts of the world impose tough emissions targets to meet the global climate change commitment, Ample was born out of the need for innovation to rapidly meet those goals.
“As an integrated energy company, we join the growth of electrification in the mobility sector,” said Repsol’s LuĂs Casado, “and we’re looking forward to Ample’s near-term solution to meet Europe’s goals.”
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc. With major offices in Europe, the U.S.A., and China, Shell Ventures generally invests USD 2 million to USD 20 million over the life cycle of the deal, in technology companies, business models and growth plays to enhance the development of energy solutions that have the potential to create substantial deployment value in Shell. Continuing Shell’s tradition in venture capital since 1997, Shell Venture’s investment focus includes oil & gas, renewable energy and digital. It co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies.
