Ample, a startup focused on revolutionizing electric vehicle (EV) infrastructure with battery swapping technology, has raised $25 million in a funding round led by Mitsubishi Corporation. This new capital will help the company scale its operations, bringing its swappable battery packs and automated stations to more commercial fleets worldwide. The fresh funding follows Ample’s previous successful fundraising, including a $190 million raise in 2021. Co-founder and president John de Souza told TechCrunch that the current raise marks the first close of a larger $75 million round.
Ample has spent the past three years piloting its battery swapping technology in cities such as San Francisco, Madrid, and Japan. The company is now preparing to transition its pilot projects into commercial contracts in 2025. The partnership with Mitsubishi Corporation, which has stakes in various commercial fleets and a clean energy division, will also help Ample gain access to renewable energy sources for its swapping stations.
One of Ample’s first pilot customers, Free2Move, a car-sharing service owned by Stellantis, operates electric Fiat 500es in Madrid equipped with Ample’s technology. Ample aims to expand its presence in Madrid, focusing on ride-sharing and last-mile delivery markets. In the U.S., Ample has partnered with Drive Sally to provide battery-swappable Kia Niros to Uber drivers in San Francisco.
The company is also poised to announce commercial customers in Japan, stemming from its pilot project in Kyoto with energy company ENEOS. The deployment of battery swapping stations in Kyoto supports fleet partners, including MK Taxi and Kyoto City. While Ample is prioritizing deployments in Europe and Japan due to uncertainty in U.S. EV legislation, de Souza remains optimistic about expanding into the U.S. if subsidies remain favorable.
Ample’s modular battery system is designed to be easily integrated into existing EVs on the production line, allowing automakers to swap out batteries quickly. The startup’s focus is on scaling its operations and enhancing EV infrastructure as demand for electrification continues to grow globally.
