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- Ample
Ample Valuation, Funding & Investors
Ample is valued at $1B as of November 2021.
Last Ample valuation
$1B
Undisclosed stage · Nov 2021
Last Ample funding round
$25M
Strategic investment · Nov 2024
Cumulative funding Ample raised
$301M
across 5 funding rounds
Key investors in Ample
Shell Ventures
Moore Strategic Ventures
Transform VC
Blackstone
Mitsubishi
Rose Park Advisors
About Ample
Ample is a San Francisco-based developer of modular battery-swapping systems for electric vehicles. Its stations recharge batteries in under five minutes without civil construction, supporting models from Uber, Mitsubishi Fuso, Stellantis, and Yamato through plug-and-play architecture. Ample integrates off-grid renewable charging and deploys automated urban stations for fleets and cities.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Valuation
$1B (Nov 2021)
Ample Valuation
Ample is currently valued at $1B, based on its undisclosed-stage round in November 2021.
The $50M round was led by Blackstone, with participation from Santander.
Ample's valuation has grown 1.1x from $890M at its Series C in August 2021 to $1B in November 2021, across 2 priced rounds.
Ample valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2021 | Undisclosed stage | $1B |
| Aug 2021 | Series C | $890M |
Ample Funding History
Ample has raised a total of $301M across 5 funding rounds.
Ample's first fundraising round was a $31M Series A in August 2018. The most recent completed round was a $25M strategic investment round in November 2024.
Ample funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2024 | Strategic investment | Mitsubishi (lead) | $25M | - | Ample is a San Francisco-based startup developing modular battery swapping technology for electric vehicles, enabling 100% charge in minutes to address range anxiety and charging times, targeting commercial fleets, ride-sharing, and last-mile delivery services. The company secured a $25 million investment from Mitsubishi Corporation on November 19-20, 2024, described as the first close of a targeted $75 million round to expand operations, deploy swapping stations in Japan and beyond, and leverage Mitsubishi's expertise in mobility, renewable energy, energy storage, and battery recycling. This follows partnerships with OEMs like Stellantis and Mitsubishi Fuso Truck and Bus Corporation, and fleets such as Yamato, Japan's top delivery service. Previously, Ample raised significant capital including a $31 million Series A in 2018 led by Shell Ventures, a $160 million Series C in 2021 led by Moore Strategic Ventures, and $30-50 million extensions in late 2021 for European expansion and a Blackstone-led investment that achieved unicorn status with over $1 billion valuation. The Mitsubishi round builds on these, focusing on scaling from dozens to hundreds of stations and thousands of vehicles, with Mitsubishi providing strategic support beyond capital, including access to its stakes in electrifying fleets like Lawson convenience stores. The investment underscores growing interest in battery swapping as a complement to traditional charging, especially in high-utilization fleet applications, amid Ample's international expansion into Japan. |
| Nov 2021 | Undisclosed stage | Blackstone (lead); Santander | $50M | $1B | Ample is a San Francisco-based startup developing modular battery-swapping technology for electric vehicles to reduce downtime, accelerate fleet electrification, and support global EV adoption. The company targets transportation emissions by enabling quick battery swaps at dedicated stations instead of traditional charging. Key partnerships include Uber for EV transitions in California, Sally for expansion in San Francisco, New York, Los Angeles, and Chicago, and ENEOS for deployment in Japan. On November 10-11, 2021, Ample announced a $50 million investment led by Blackstone, with participation from Banco Santander, described as a Series C - II extension following an August 2021 Series C. Blackstone joined the board, supporting Ample's scale-up in production, deployment, support functions, and European expansion amid COP26 urgency. Prior August 2021 valuation was $890 million, with this round bringing it to approximately $1 billion unicorn status. Ample had raised around $260 million total prior to this round, with cumulative funding reaching over $300 million across multiple rounds by 2024. Investors include Shell Ventures and Moore Strategic Ventures. The company focused on R&D, pilot deployments, and market expansion in EV infrastructure and mobility tech. |
| Aug 2021 | Series C | Moore Strategic Ventures (lead); Momentum VC; Rose Park Advisors; ENEOS Holdings; PTT Public Company; Disruptive Innovation Fund; Shell Ventures; Transform VC | $160M | $890M | Ample develops modular battery-swapping technology for electric vehicles, enabling rapid charging by swapping standardized battery modules using autonomous robotics. The Series C funding round on August 19, 2021, matched the specified investors including lead investor Moore Strategic Ventures, Disruptive Innovation Fund, ENEOS, PTT Public Company, Rose Park Advisors, Shell Ventures, and others. The round size was approximately $160M, aimed at accelerating deployment of battery-swapping stations and expanding into new markets. Subsequent rounds included a Series C-II in November 2021 and a corporate minority round of $25M in November 2024, with total funding reaching over $300M across multiple rounds. Ample faced challenges scaling infrastructure for EV battery swapping amid growing electric vehicle demand. The company received a $15M grant in February 2023 and continued operations until a bankrupt/admin event in December 2025. |
| Feb 2020 | Series B | MacKinnon, Bennett & Company | $35M | - | - |
| Aug 2018 | Series A | Shell Ventures (lead); Repsol; Hemi Ventures; TGM ventures; VAS Ventures; Start Capital; TRIREC; Moore Strategic Ventures; Transform VC | $31M | - | Ample is a San Francisco-based technology company focused on solving the energy delivery challenge for electric vehicles through a scalable platform using autonomous robotics and smart battery technology, likely an automated battery-swapping system. The company was co-founded by Khaled Hassounah and John de Souza, previously of MedHelp, with Hassounah as CEO. In August 2018, Ample closed a $31 million Series A financing round led by Shell Ventures, with participation from Moore Strategic Ventures, Repsol Energy Ventures, Hemi Ventures, and TRIREC. Steve McGrath of Shell Ventures and James McIntyre of Moore Strategic Ventures joined the board. The funding was aimed at deploying Ample’s technology in multiple locations over the coming months, leveraging Shell’s retail network for refueling and power to grow EV energy solutions. Investors highlighted Ample’s potential to address key constraints to widespread EV adoption in light- and medium-duty sectors. Shell Ventures, the corporate VC arm of Royal Dutch Shell, typically invests $2M-$20M in energy solutions including renewables and digital, co-investing with other corporates and VCs across early and growth stages. |
Who has invested in Ample?
18 investors have backed Ample across its funding rounds, including Shell Ventures, Moore Strategic Ventures, Transform VC, Blackstone, Mitsubishi and Rose Park Advisors.
Lead investors include Mitsubishi, Blackstone, Moore Strategic Ventures and Shell Ventures.
Ample Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Aug 2018 | ||
| 2 | Lead | Aug 2018 | ||
| 2 | Participant | Aug 2018 | ||
| 1 | Participant | Aug 2018 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2018 | ||
| 1 | Participant | Aug 2018 | ||
| 1 | Lead | Nov 2021 | ||
| 1 | Participant | Feb 2020 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAmple Competitors
Ample competitors include listed companies like ADS-TEC Energy and T1 Energy, and private ones like SFCC, SKIO Matrix, Electric Vehicle Infrastructure Company and Nyobolt.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.9B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1.1B | - | ||
| Private | $9M | - | $1B | - | ||
| Publicly listed | $36M | ($3M) | $842M | 26.7x | ||
| Publicly listed | $755M | ($210M) | $1.3B | 2.2x |
Ample Public Comps
Ample is still privately-owned, but its public comps include Greencoat Renewables, SP New Energy, Indian Energy Exchange, XPLR Infrastructure, JANAF, Jiangsu Zongyi Co, Reliance Power, Banpu Power, Changgao Electric Group and ARKO Petroleum.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| ($45M) | ($8M) | (51.9x) | 24.4x | (278.9x) | 24.6x | |||
| $25M | ($46M) | 103.1x | - | (55.4x) | - | |||
| $64M | $63M | 14.1x | 13.3x | 14.3x | 15.7x | |||
| $1.2B | $607M | 11.8x | 10.7x | 23.0x | - | |||
| $137M | $74M | 6.3x | - | 11.6x | - | |||
| $70M | $41M | 16.0x | - | 27.6x | - | |||
| $751M | $278M | 3.2x | - | 8.6x | - | |||
| - | - | - | - | - | - | |||
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Common questions about Ample
| When was Ample founded? | Ample was founded in 2014. |
| Where is Ample headquartered? | Ample is headquartered in San Francisco, CA, United States. |
| Is Ample publicly listed? | No, Ample is a private, VC-backed company. |
| What is Ample's valuation? | Ample was last valued at $1B in its undisclosed-stage round in November 2021. |
| How much funding has Ample raised? | Ample has raised $301M across 5 funding rounds. |
| What was Ample's last funding round? | Ample's last funding round was a $25M strategic investment round in November 2024, led by Mitsubishi. |
| Who are Ample's investors? | Ample's investors include Shell Ventures, Moore Strategic Ventures, Transform VC, Repsol, Momentum VC, Rose Park Advisors, ENEOS Holdings, Hemi Ventures, TGM ventures, Blackstone and 8 others. |
| Which companies are comparable to Ample? | Companies comparable to Ample include SFCC, SKIO Matrix, Electric Vehicle Infrastructure Company, Nyobolt, ADS-TEC Energy and T1 Energy. |
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