BP Takes First Major Step Into EV Charging in the U.S.
CHICAGO — BP took a significant step toward electrification in the United States with the acquisition of electric vehicle (EV) fleet charging provider AMPLY Power.
Headquartered in Mountain View, Calif., AMPLY Power is a charging and energy management provider for fleets that operate trucks, transit and school buses, vans and light-duty vehicles.
The deal aligns with BP's plan to scale up next-generation mobility solutions, providing the fastest, most reliable and convenient network of charging and digital solutions for customers, including individual drivers and fleet operators, the company said.
Under the terms of the agreement, AMPLY Power will continue to operate independently as part of BP's global portfolio of businesses. Financial details were not disclosed.
BP has set the goal of nearly doubling earnings from its global convenience and mobility businesses by 2030. During this time, it seeks to grow its global network of EV charging points from approximately 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.," said Richard Bartlett, senior vice president, future mobility and solutions at BP. "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 US. They bring an experienced team, a rapidly expanding customer base and user-friendly digital platform."
Founded in 2018, AMPLY aims to make EV adoption easy for fleets through its two offers for fleet operators:
- Fully financed Charging-as-a-Service: 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 five-to-10-year agreements for these services and AMPLY Power charges customers a flat usage rate per Kilowatt hours or miles driven.
- Customer-financed Software-as-a-Service: For customers who prefer to own their charging infrastructure, AMPLY Power offers a software and operate model in which 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 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.
"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 unique expertise to BP's broader electric fleet initiatives. BP shares our sustainability values and commitment to technological innovation, making this an opportunity to create a lasting positive impact on the environment and the economy."
Earlier this year, AMPLY Power was named on the named on the 2021 Global Cleantech 100 list for the second year in a row.
"Expanding into EV fleet charging is the latest in bp's ongoing commitment to help drive the energy transition in the U.S.," said David Lawler, chairman and president of BP America. "This acquisition builds on significant investments in offshore wind earlier this year in New England, onshore wind across seven states and our rapidly growing presence in solar. bp sees enormous opportunity for the US to lead the energy transition, and we're excited to help the country on its journey to net zero."
With U.S. headquarters based in Chicago, BP plc is a global energy producer with operations in nearly 80 countries. Its goal is to become a net zero company by 2050 or sooner, and to help the world get to net zero. Its U.S. retail presence spans 7,300 sites in 35 states, including bp, ARCO/ampm, Amoco and Thorntons.