Energy Major BP Acquires US EV Charging Provider Amply Power

Energy giant BP has acquired 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.

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 has also been one of the biggest investors in new and reneweable energy among the global top 10 energy majors, when seen as a proportion of profits.

Richard Bartlett, Senior Vice President, Future Mobility and Solutions, BP, said, “…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.”

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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) – 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, 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 innovative OMEGA Charge Management System: A software that helps fleet operators manage energy costs and optimizes performance by providing real-time monitoring of EV charging operations and preventative maintenance for both vehicles and chargers.

Vic Shao, founder and CEO, Amply Power, said “…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.”

AMPLY Power was named on the 2021 Global Cleantech 100 list for the second year in a row, and currently 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.

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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.