AMP Announces $17.25M Series A Funding Round to Support the Growth of its Connected Energy Management System (ampOS)
LOS ANGELES--(BUSINESS WIRE)--Nov 1, 2022--
AMP, the world leader in energy management for e-mobility, has announced the closure of the Series A investment round of $17.25 million. With investors Ecosystem Integrity Fund (EIF) and Helios Climate Ventures on board, AMP will accelerate the development of its Connected Energy Management Platform in e-mobility applications. AMP solutions are embedded in the top E-OEMs, revolutionizing the world and bringing sustainability closer.
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AMP’s vertically integrated platform supports the complete energy spectrum for e-mobility applications by providing both hardware and software with cloud connectivity. Founded in 2017, the global presence of AMP aggregated with more than 500 years of combined experience by the astounding team coming from industry giants like Tesla, GM, and more makes it the world leader in understanding battery technology and taking it to the next level of performance. The investment will enable AMP in its continued expansion and provide faster time to market to technologies by opening various supply chain and operational avenues.
The funds will be utilized to mature AMP’s connected energy management technology to:
- Drive the automotive industry to better track, manage and report the state of health of the most important asset, the battery pack
- Maximize the value of battery packs with better accuracy of their state of health
- Accurately assess battery packs’ health for 2 nd life utilization, typically energy storage
- Unlock V2G, Vehicle to Grid, applications by carefully monitoring the effect on the battery pack
- Empower financial services to support EVs as they are sold and re-sold with warranties and insurance that’s informed by AMP’s technology
Geoff Eisenberg, Principal at EIF, quoted, “Every vehicle maker and energy company needs an effective battery management solution to survive, as the world moves away from fossil fuels, and we believe AMP offers the best in the industry. The company provides the technical expertise and continuous improvements that ensure safety, product optimization, and ongoing battery health in these varied applications. We’re proud to back this innovative and talented group of industry veterans.”
“Helios is incredibly impressed by the caliber of the AMP team and the exciting products they have built. Their industry-leading edge in both hardware and software has created several amazing products that we believe will revolutionize and accelerate the electrification revolution,” stated Josh Grehan, Principal at The Helios Climate Ventures.
“Our team is excited to partner with this group of investors who recognize the revolutionary impact AMP will have on the clean energy and mobility industries. Our company’s technology will shrink the upfront and operating costs of both the mobile and stationary battery sectors. Our customers are eager to adopt the AMP ampOS at scale, saving them and their end customers billions of dollars in the coming years,” said Anil Paryani, CEO, AMP.
About AMP Inc.
With its perfect blend of software and hardware, AMP is revolutionizing electrification. Headquartered in Los Angeles, with offices in Detroit, Bengaluru, and Shanghai, AMP is a global leader in energy management solutions for e-mobility. Since 2017, AMP has advanced battery management technology, through industry-leading software and hardware. AMP continues to push mobility further from intelligent battery management platforms to robust fast-charging systems and complete cloud solutions for e-mobility.
To learn more, visit AMP at www.amp.tech and follow on LinkedIn @amp-energy-management.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221101006149/en/
CONTACT: AMP Corporate Communications
Sanjay Sharma - Brand Manager
sanjay.sharma@amp.tech
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: SOFTWARE EV/ELECTRIC VEHICLES HARDWARE BATTERIES ALTERNATIVE ENERGY ENERGY TECHNOLOGY AUTOMOTIVE ENVIRONMENT GREEN TECHNOLOGY AUTOMOTIVE MANUFACTURING MANUFACTURING
SOURCE: AMP Inc.
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