Ample Valuation, Funding & Investors

Ample is valued at $1B as of November 2021.

See full Ample profile

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

Ample Overview

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

United StatesSan Francisco, CA

Website

ample.com

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

Ample valuation by funding round
DateStageValuation
Nov 2021Undisclosed stage$1B
Aug 2021Series 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

Ample funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2024Strategic investmentMitsubishi (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 2021Undisclosed stageBlackstone (lead); Santander$50M$1BAmple 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 2021Series CMoore Strategic Ventures (lead); Momentum VC; Rose Park Advisors; ENEOS Holdings; PTT Public Company; Disruptive Innovation Fund; Shell Ventures; Transform VC$160M$890MAmple 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 2020Series BMacKinnon, Bennett & Company$35M--
Aug 2018Series AShell 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

Investors in Ample by funding rounds participated
InvestorHQRoundsRoleFirst check
Shell VenturesNetherlandsNetherlands2LeadAug 2018
Moore Strategic VenturesUnited StatesNew York City, NY2LeadAug 2018
Transform VCUnited StatesSan Francisco, CA2ParticipantAug 2018
RepsolSpainMadrid1ParticipantAug 2018
Momentum VCSingaporeSingapore1ParticipantAug 2021
Rose Park AdvisorsUnited StatesBoston, MA1ParticipantAug 2021
ENEOS HoldingsJapanTokyo1ParticipantAug 2021
Hemi VenturesUnited StatesSan Francisco, CA1ParticipantAug 2018
TGM venturesUnited StatesLos Angeles, CA1ParticipantAug 2018
BlackstoneUnited StatesNew York City, NY1LeadNov 2021
MacKinnon, Bennett & CompanyCanadaMontreal1ParticipantFeb 2020
PTT Public CompanyThailandBangkok1ParticipantAug 2021
VAS VenturesSpainMadrid1ParticipantAug 2018

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Ample 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.

Public and private companies comparable to Ample
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SFCCChinaShenzhenPrivate--$1.9B-
SKIO MatrixChinaHangzhouPrivate--$1B-
Electric Vehicle Infrastructure CompanySaudi ArabiaJeddahPrivate--$1.1B-
NyoboltUnited KingdomCambridgePrivate$9M-$1B-
ADS-TEC EnergyGermanyGermanyPublicly listed$36M($3M)$842M26.7x
T1 EnergyUnited StatesUnited StatesPublicly listed$755M($210M)$1.3B2.2x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Greencoat Renewables($45M)($8M)(51.9x)24.4x(278.9x)24.6x
SP New Energy$25M($46M)103.1x-(55.4x)-
Indian Energy Exchange$64M$63M14.1x13.3x14.3x15.7x
XPLR Infrastructure$1.2B$607M11.8x10.7x23.0x-
JANAF$137M$74M6.3x-11.6x-
Jiangsu Zongyi Co$70M$41M16.0x-27.6x-
Reliance Power$751M$278M3.2x-8.6x-
Banpu Power------

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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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