Mitsubishi Backs Amples Radical Approach to Charging Electric Vehicle Batteries

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Ample’s Mission: Scaling Electric Vehicle Battery Swapping Technology

Startup Ample is on a mission to revolutionize the way commercial fleets operate by converting them into believers in the power of electric vehicle battery swapping technology. The company has spent the last three years piloting its electric vehicle battery swapping technology in San Francisco, Madrid, and Japan, with impressive results.

Fresh Funding from Mitsubishi Corporation

To help Ample achieve its goal, a fresh $25 million in funding has been secured from new investor Mitsubishi Corporation. This raise is significant as it will enable Ample to scale its operations and reach hundreds of swapping stations and thousands of vehicles on public roads within the next year.

Modest Raise Compared to Previous Investment

Compared to Ample’s previous investment, this raise may seem modest at $25 million. However, in 2021, the company raised a total of $190 million over two separate rounds, which is an indicator of the vast interest and potential of Ample’s technology.

Partnership with Mitsubishi Corporation

The partnership between Ample and Mitsubishi Corporation is not only about funding but also about expertise and resources. Mitsubishi Corp has ownership stakes in commercial fleets interested in electrification, including Lawson, a popular Japanese convenience store. The conglomerate also has a clean energy division that can help Ample access renewable energy for its swapping stations.

Pilot Projects and Commercial Customers

Ample’s first pilot-turned-customer will be Free2Move, a carsharing service owned by automaker Stellantis. Free2Move operates all-electric Fiat 500es in Madrid that are equipped with Ample’s battery swapping technology. De Souza anticipates expanding Ample’s presence in Madrid into ridesharing and last-mile delivery markets soon.

Announcing Commercial Customers in Japan

Ample will announce its commercial customers in Japan in the coming weeks, which the company says will include customers from its pilot in Kyoto. Earlier this year, Ample deployed its first battery swapping stations in the city as part of a partnership with Japanese energy company ENEOS. Several fleet partners use the stations, including MK Taxi, Kyoto City, and Kyoto Prefecture, and Nippon Life Insurance Company.

Prioritizing Commercial Deployments in Europe and Japan

Ample is prioritizing initial commercial deployments in Europe and Japan given the uncertainty surrounding EV legislation in the U.S. with the incoming Trump administration, de Souza said. Although, de Souza sees a potential avenue to commercialization in the U.S. if the subsidies remain as they are.

Addressing Concerns Over Chinese Batteries

De Souza noted that Ample’s modular batteries are made with South Korean cylindrical cells and assembled in a California facility. The startup’s pitch to OEMs is that it can simply drop its batteries into EVs on the factory floor without disturbing the production line.

Understanding the Implications of New Legislation

"We need to understand what the implications are in terms of having Chinese batteries in the U.S., because we can allow [automakers] very quickly to switch those out…to a place that has a free trade agreement with the U.S.," de Souza said.

Looking Ahead: Scaling Up and Meeting Commercial Customers’ Needs

With this fresh funding, Ample is poised to scale its operations and meet the needs of commercial customers in Europe and Japan. The company’s modular battery design and automated swapping stations make it an attractive option for fleets looking to electrify their vehicles without disrupting production lines.

Conclusion: Ample’s Vision for a Sustainable Future

Ample’s vision for a sustainable future is clear: converting commercial fleets into electric vehicle believers through its innovative battery swapping technology. With the support of Mitsubishi Corporation and its own expertise, Ample is well-positioned to make this vision a reality.