Shell Ventures, the corporate venturing vehicle for petroleum producer Shell, led a $31m series A round for US-based electric vehicle (EV) charging technology developer Ample on Monday.
Repsol Energy Ventures, the strategic investment arm of oil and gas supplier Repsol, also participated in the round, as did venture capital fund Hemi Ventures, investment holding company Trirec and private investment entity Moore Strategic Ventures.
Although it has not provided precise details on how its system will work, Ample said it has developed a scalable and quickly deployable platform that uses autonomous robotics and smart battery technology.
The funding will support the initial distribution of Ample’s technology in several locations. Steve McGrath, an investment director at Shell Ventures, will join Ample’s board of directors, as will James McIntyre of Moore Strategic Ventures.
McGrath said: “Combining Ample’s technology with Shell’s existing retail network for refuelling and our growing position in power could help us achieve our aspirations to grow a large new business in EV energy solutions.”
Luís Casado, Repsol’s new ventures director, added: “As an integrated energy company, we join the growth of the electrification in the mobility sector, and we are looking forward to Ample’s near-term solution to meet Europe’s goals.”