Petroleum Giant bp Acquires Silicon Valley-based EV Fleet Charging Operator AMPLY Power
【Summary】Petroleum giant bp announced its acquired EV charging operator AMPLY Power, an electric vehicle (EV) charging and energy management provider for fleets that operate trucks, mass-transit and school buses, vans and light-duty vehicles. bp said the investment is aligned with its plan to scale-up next generation mobility solutions, which includes a reliable and convenient network of EV chargers and digital solutions for customers.
Petroleum giant BP announced its acquired EV charging operator AMPLY Power, an electric vehicle (EV) charging and energy management provider for fleets that operate trucks, mass-transit and school buses, vans and light-duty vehicles.
BP said the investment is aligned with its plan to scale-up next generation mobility solutions, which includes a reliable and convenient network of EV chargers and digital solutions for customers, including individual drivers and fleet operators.
"Expanding into EV fleet charging is the latest in bp's ongoing commitment to help drive the energy transition in the U.S.," said David Lawler, chairman and president, bp America. "bp sees enormous opportunity for the US to lead the energy transition, and we're excited to help the country on its journey to net zero."
AMPLY Power was founded in 2018 and is headquartered in Mountain View, CA. The company aims to make EV adoption easier for fleets with its convenient charging services. The firm has two business models for fleet operators.
The first is a fully financed Charging-as-a-Service (CaaS) in which AMPLY Power provides solutions for the charging of customers' fleets, including the procurement and installation of EV charging hardware, software and operational and maintenance costs.
The other is a customer-financed Software-as-a-Service (SaaS) plan that's designed for customers who prefer to own their EV charging infrastructure. For this plan, AMPLY Power offers a software and operating model where customers pay an annual license and service fee for software and managed services for the EV chargers.
Customers sign 5-to-10 year agreements for these services and AMPLY Power charges customers a flat usage rate ($/kWh or $ per mile driven).
AMPLY Power developed its own cloud-based software platform called "OMEGA Charge Management System" to help fleet operators manage energy costs and optimize performance by providing real-time monitoring of EV charging operations, as well as preventative maintenance for both electric vehicles and chargers.
"Our mission at AMPLY Power is to accelerate the transition to electric-powered fleets by offering comprehensive solutions that make it easy and cost-effective for operators to use EVs," said Vic Shao, founder and CEO, AMPLY Power "Now, with support and backing from bp, we can scale our approach to reach new markets while bringing our unique expertise to bp's broader electric fleet initiatives."
Under the terms of the agreement, AMPLY Power will continue to operate independently as part of bp's global portfolio of businesses.
Financial details of the agreement are not being disclosed.
bp plans to nearly double earnings from its global convenience and mobility businesses, which was around $5 billion in 2019. During this time, the company plans to grow its global network of EV charging points from around 11,000 that it has today to more than 70,000.
"bp is aiming to speed up electrification in the fast-growing fleet segment, which is key to lowering emissions from the transport sector - the largest contributor to greenhouse gas emissions in the U.S.," said Richard Bartlett, senior vice president, future mobility & solutions, bp. "As we continue to invest in new forms of infrastructure and technology to serve our global fleet customers, AMPLY Power provides an ideal opportunity to build our EV business in the US. They bring an experienced team, a rapidly expanding customer base and user-friendly digital platform."
AMPLY Power was named on the 2021 Global Cleantech 100 list, which recognizes clean technology innovators, for the second year in a row. The company currently has several customer partnerships, including the Logan Bus Company which is the largest school bus provider for the New York City's Department of Education. The company also has a partnership with the Anaheim Transportation Network in California.
Since 2005, bp said it investing more than $130 billion in the economy in the U.S. and is supporting about 230,000 additional jobs through its business activities.
In 2018, bp announced it partnered with Tesla on battery storage at its Titan 1 wind farm South Dakota. It was part of bp's earlier efforts to expand its renewable energy business in the U.S.
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
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