Battery swap startup Ample hits unicorn status with new funding round
10/11/2021 17:00
By Paul Lienert
Nov 10 (Reuters) - Ample, the San Francisco startup focused
on electric vehicle battery swapping, has raised another $50
million, the company said on Wednesday, in a round led by
Blackstone BX.N .
The latest funding comes on the heels of a $160 million
round in August that boosted the company’s valuation to $890
million, according to investor website PitchBook. Ample is now
valued at more than $1 billion, according to a source familiar
with the financing.
The seven-year-old company has raised more than $275 million
from a deep roster of investors, including the venture arms of
global energy companies Royal Dutch Shell RDSa.L , Repsol
REP.MC and Eneos 5020.T , according to PitchBook. The latest
round was joined by Banco Santander SAN.MC .
Ample has partnered with ride services company Uber
UBER.N , offering battery swapping services initially to Uber
drivers in California, with plans to expand the partnership to
Europe. It also is entering the Japanese market in partnership
with Eneos.
Ample operates automated swapping stations which it says can
replace a depleted battery with a fully charged one in less than
10 minutes -- far less time than it takes the typical EV battery
pack to recharge.
The battery swapping concept is not new. Although Tesla Inc
TSLA.O initially tested, then withdrew, a plan to offer
battery swapping to customers, EV maker Nio Inc NIO.N lets
customers swap batteries at more than 200 locations in China.
Honda Motor Co 7267.T has partnered with Yamaha Motor Co
7272.T Ltd and scooter maker Piaggio PIA.MI to develop
swappable batteries for light electric vehicles.
(Reporting by Paul Lienert in Detroit;
Editing by Bernadette Baum)
((Paul.Lienert@thomsonreuters.com; mobile +1 313-670-2452;))