BP took its first major step into electrification in the U.S. on Dec. 7 with the acquisition of Amply Power, an electric vehicle (EV) charging and energy management provider for fleets that operate trucks, transit and school buses, vans and light-duty vehicles, according to a news release.
This investment is aligned with BP’s plan to scale-up next generation mobility solutions, providing a convenient network of charging and digital solutions for customers, including drivers and fleet operators. Under the terms of the agreement, Amply Power will continue to operate independently as part of BP’s global portfolio of businesses. Financial details of the agreement are not being disclosed.
By 2030, BP aims to nearly double earnings from its global convenience and mobility businesses – increasing from around $5 billion in 2019 – while delivering returns in the range of 15-20%. During this time, BP plans to grow its global network of EV charging points from around 11,000 today to more than 70,000.
“BP is aiming to speed up electrification in the fast-growing fleet segment, which is key to lowering emissions from the transport sector – the largest contributor to greenhouse gas emissions in the U.S.," Richard Bartlett, BP's senior vice president of future mobility and solutions, said in a news release. "As we continue to invest in new forms of infrastructure and technology to serve our global fleet customers, Amply Power provides an ideal opportunity to build our EV business in the U.S. They bring an experienced team, a rapidly expanding customer base and user-friendly digital platform.”
Founded in 2018, Amply Power aims to make EV adoption easy for fleets. The California-based firm has two offers for fleet operators:
• Fully financed Charging-as-a-Service (CaaS): Amply Power provides solutions for the charging of customers’ fleets, including the procurement and installation of hardware, software and operational and maintenance costs. Customers sign 5-to-10 year agreements for these services and Amply Power charges customers a flat usage rate ($/kWh or $ per mile driven).
• Customer-financed Software-as-a-Service (SaaS): For customers who prefer to own their charging infrastructure, Amply Power offers a software and operate model where customers pay an annual license and service fee for software and managed services. Amply Power can manage these customers’ fleet electrification infrastructure services.
Amply Power’s OMEGA Charge Management System software provides real-time monitoring of EV charging operations and preventative maintenance for both vehicles and chargers.
“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," said Vic Shao, founder and CEO of Amply Power. "Now, with support and backing from BP, we can scale our approach to reach new markets while bringing our expertise to bp’s broader electric fleet initiatives.”
Amply Power was named on the 2021 Global Cleantech 100 list for the second year in a row, and has several customer partnerships, including the Logan Bus Company – the largest school bus provider for the New York City Department of Education – and the Anaheim Transportation Network in California. Manhattan Beer Distributors, the largest beverage distributor in New York City, uses chargers equipped with Amply Power OMEGA management software to charge its heavy-duty electric trucks.