AMPECO, an electric vehicle (EV) charging management platform, has announced it has raised a total of $16 million in venture capital investment after having closed a Series A funding round of $13 million led by BMW i Ventures. The funding will be used to drive further expansion into North America whilst also growing AMPECO’s engineering and product innovation teams. In addition to Silicon Valley-based BMW i Ventures, AMPECO’s Series A round also includes Launchub Ventures and Cavalry Ventures, as well as a handful of angel investors. BMW i Ventures was an early investor in Chargepoint and Chargemaster, acquired by bp.
Becoming the platform of choice for large-scale EV charging providers, AMPECO offers a complete solution to EV charging providers. This covers all use cases, including public, business, fleet and residential charging. It is an open platform that allows AMPECO’s customers to manage chargers at scale and freely choose the hardware partners they want to work with while providing an outstanding experience for EV drivers under their own brand.
AMPECO’s software platform offers charging network operators full ownership of their business. This includes complete control over customer relations, partnerships and payment flows. This is highly valuable for large-scale EV charging providers like energy or oil and gas companies, who recognise these as core assets of their business. AMPECO’s solution seamlessly integrates with smart meters, building management systems and renewable energy sources to maximise efficiency.
In four years, AMPECO has proved to be a key player with a global footprint and a leading presence both in Europe and North America. It has over 120 customers in more than 45 markets, representing over 62,000 charging points. It has seen sales rapidly grow over the last year, with a four times revenue growth year-on-year. Plus, the team has doubled in size in the same period to over 80 people.
Greater Expansion into US
With a strong client base of charging network operators across North America, AMPECO has an established foothold in the US. In addition to expanding the engineering and product innovation teams, the funding will be used to accelerate AMPECO’s position in North America with on-site local teams created there as well as in the UK, France and Germany.
Orlin Radev, AMPECO CEO, said: “There is an incredible opportunity for EV charging providers to build and scale a profitable business using innovative technologies.
“This is exactly what AMPECO offers – we give them the flexibility to use our software platform by integrating it closely with their existing systems and providing them with complete control of their business, from customer relationships to payment flows. We are thrilled to have BMW i Ventures on board in this round to now expand our reach even further.
“This investment will help make AMPECO the backbone of charging network operators – enabling them to monetise their networks will, in turn, help them move faster to deploy their infrastructure, ultimately making EV viable for more drivers everywhere.”
Baris Guzel, BMW i Ventures partner, said: “As EV sales are proliferating, access to EV charging infrastructure becomes more critical than ever. AMPECO’s hardware-agnostic and comprehensive software solution enables clients to launch and grow their own EV charging networks quickly.
“We are convinced that the AMPECO team has the potential to truly lead the space, and we could not be more excited to join their journey. We have no doubt they could unlock the true potential of EV charging globally as more providers deploy their proven solution.”
In December 2022, AMPECO announced a partnership with Electric Miles, the UK EV smart charging software developer and energy assets aggregator. The partnership allows AMPECO’s UK-based clients to participate in the UK demand-side flexibility (DSF) market.
This will enable them to generate additional revenue by aggregating their own customers into DSF-optimised smart charging schedules. DSF makes it possible to earn money by shifting demand to balance the grid.