Ample raises $30 million to launch battery swapping technology in Europe

Ample also sees its technology as an ideal solution for consumers, especially those who do not have the right parking facilities to charge.



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Substantial Electric is one of the pioneers of battery swapping technology

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Ample, a battery swapping start-up for electric cars, has announced that it has raised $30 million from Blackstone and Banco Santander to help it launch its technology in Europe. Already, Ample was valued at $890 million and this latest round could take it upwards of $1 billion that would make it another unicorn in the electric mobility space.

A large portion of the latest round of funding comes from Blackstone Group, which has invested $25 million and Banquo $5 million. In all, the start-up has raised $260 million so far.

Ample has a new solution to fix the range anxiety issue—not because it relies on expensive fast-charging stations, but these modular battery packs that can be quickly swapped out at dedicated stations. It already has a battery swapping deal with Uber in the Bay Area and now plans to expand that deal to Europe, bringing it to major capital cities such as London, Amsterdam, Brussels, Berlin, Paris, Madrid and Lisbon by 2025. Used to be.

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Battery swapping startup now coming to Europe

“In order to deploy thousands of vehicles in the near future, we will need to expand our production, deployment and support operations,” said Ample co-founder John de Souza.

“Geographically we will be expanding into Europe next year. The need for scale is being driven by market demand and the urgency to move to EVs which was clearly highlighted in COP 26,” he said.

Ample also has a partnership with Sally, an EV rental company in New York that will also launch the startup’s battery swapping service. It will do so in the cities of New York, San Francisco, Los Angeles and Chicago.

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Ample also sees its technology as an ideal solution for consumers, especially those who do not have the right parking facilities to charge their vehicles.

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