bp today took its first major step into electrification in the US with the acquisition of Californian firm Amply Power. The company is an electric vehicle (EV) charging and energy management provider for fleets that operate trucks, transit and school buses, vans and light-duty vehicles.
This investment is aligned with bp’s plan to scale-up next-generation mobility solutions, providing the fastest, most reliable and convenient network of charging and digital solutions for customers. This includes individual drivers and fleet operators.
By 2030, bp aims to nearly double earnings from its global convenience and mobility businesses, increasing from around $5 billion in 2019, while delivering returns in the range of 15-20 percent. During this time, bp plans to grow its global network of electric vehicle charging points from around 11,000 today to more than 70,000.
Amply Power will remain an independent business within bp’s unique innovation ecosystem and diverse portfolio of companies. This acquisition is a significant milestone for Amply, marking a step-change in its growth trajectory. With the backing from bp, Amply Power is positioned for a new period of scale and innovation.
The collaboration will allow Amply to use its innovative new products and business model solutions to a larger market and truly make an impact. They believe the merger is the best way to have the most impact and ultimately reduce carbon emissions from transportation.
Richard Bartlett, senior vice president, future mobility and solutions at bp, said: “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 US.
“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 will continue with its mission of enabling fleet operators to convert seamlessly to zero-emissions electric vehicles with guaranteed 99.9 percent uptime and the lowest-cost energy.
This partnership will help bring the company’s suite of solutions, including Charging-as-a-Service (CaaS), its OMEG Charge Management System and its INRUSH containerised EV charging solution, to customers and sectors in new markets, including China, Germany, and the UK.
This will help Amply play a large role in bp’s ambition to operate 70,000 electric vehicle charge points globally by 2030.
Vic Shao, Amply Power CEO, said: “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.
“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. bp shares our sustainability values and commitment to technological innovation, making this an opportunity to create a lasting positive impact on the environment and the economy.”
