AMP, an energy management solutions platform, secured $17.25 million in a Series A funding round from Ecosystem Integrity Fund (EIF) and Helios Climate Ventures.
The company plans to use these funds to accelerate the growth of its connected energy management platform which enables automotive consumers to track, manage and report the state of health of battery packs, unlocking vehicle 2 grid applications and enabling financial services to support EVs as they are sold and re-sold with warranties and insurance.
The investment will also help AMP in its expansion efforts and provide faster time to market to technologies by opening various supply chain and operational avenues.
“Our company’s technology will shrink the upfront and operating costs of both the mobile and stationary battery sectors. Our customers are eager to adopt the AMP ampOS at scale, saving them and their end customers billions of dollars in the coming years,” said Anil Paryani, CEO, of AMP.
“Every vehicle maker and energy company needs an effective battery management solution to survive, as the world moves away from fossil fuels, and we believe AMP offers the best in the industry. The company provides the technical expertise and continuous improvements that ensure safety, product optimization, and ongoing battery health in these varied applications,” said Geoff Eisenberg, Principal at EIF.
Last month, Frequenz, an AI-based energy management solutions provider, announced the successful closing of a Series A financing round totaling €13 million (~$12.8 million). Frequenz’s solution uses AI to predict market prices and individual energy consumption and then optimizes user consumption and production by integrating assets like batteries and solar arrays.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding in Smart Grid companies in 9M 2022 was 162% higher, with a record $2.5 billion compared to the $936 million raised in 9M 2021.
Earlier this year, SWTCH Energy, an end-to-end solutions provider for electric vehicle (EV) charging and energy management, streamline charging, has closed $13 million in new financing to expand its EV charging solutions across North America.