Ampd Energy, a battery energy storage solutions provider for heavy industries, raised $27.3 million in an oversubscribed Series B funding round.
Kibo Invest and Openspace co-led the funding round, with participation from existing investors MTR Lab, Taronga Ventures, and 2150. The company will use this funding to expand its battery energy storage supply globally.
“This new funding is a testament to the hard work of our team, our focus on being a commercially viable cleaner solution for businesses around the world, and our investors’ commitment to creating an emission-free future for industries,” said Anthony Stewart, CFO at Ampd Energy. ‘We’re looking ahead to accelerating our growth, entering new verticals, and delivering even more innovative solutions to our customers globally.”
According to International Energy Agency data, the combined building and construction sector is responsible for 30% of total global final energy consumption and 27% of total emissions in the overall energy sector. The company wants to replace fossil fuel generators in heavy industries with its energy storage systems.
Ampd Energy says it has deployed more than 300 smart battery units, primarily in construction, in seven countries. In 2025, it plans to expand its market in Europe, the Middle East, Southeast Asia, and the U.S.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, venture capital funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.
In April, Torus, a Utah-based energy storage solutions provider, secured $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round. The financing round included contributions from institutional investors such as Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion, and ICONIQ.
