EV Battery Startup Ample Raises $160 Million

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  • It was led by Moore Strategic Ventures with participation from existing Ample investors ENEOS and Shell Ventures
  • It also saw invesments from existing Ample investors ENEOS and Shell Ventures

Ample, a developer of swappable electric vehicle (EV) batteries, has raised $160 million in a new funding round. It was led by Moore Strategic Ventures with participation from existing Ample investors ENEOS and Shell Ventures. It also saw invesments from existing Ample investors ENEOS and Shell Ventures.

The company said, “We’re also incredibly excited about the strategic investments from Momentum Venture Capital (formerly SMRT Ventures), Singapore’s public transportation operator, and PTT, Thailand’s state-owned gas and oil company and largest corporation, as well as Rose Park Advisors, co-founded by the late Clayton Christensen, through its Disruptive Innovation Fund.

This brings the total funding raised to $230 million and the new funding round will be used to scale the modular battery swapping technology across the US and to areas globally.

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The company said that this round will allow it to accelerate the next phase of deployment within the US and internationally and will help deliver EV technology around the globe helping  the car manufacturer and fleet partners with new battery and energy delivery technologies.

It added, “Since our launch out of stealth in March of this year, in addition to our ongoing work with Uber, we have announced a collaboration with energy company ENEOS to bring our technology to Japan, as well as a partnership with NYC-based fleet provider Sally to create a reimagined battery swapping experience for EV drivers and get more EV taxi and ride-sharing drivers on the road, faster.”

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