Singapore-based Ampd Energy, a global energy industry innovator and manufacturer of the Entertainer and Ampd Silo™ battery energy storage systems (ESS) for heavy industries, has raised $27.3 million in oversubscribed Series B funding.
The round was co-led by Kibo Invest and Openspace, the largest investor in this round, with notable participation from existing investors MTR Lab, Taronga Ventures, and 2150, confirming their support and belief in Ampd Energy by participating above pro-rata. The funds will be used to further expand decarbonization across new verticals and regions.
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According to the IEA, 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. Compared to fossil fuel generators, Ampd Energy’s Ampd Silo and Entertainer energy storage products reduce carbon footprints by up to 90%, are significantly quieter, emit zero air pollutants, and eliminate diesel handling and usage risks.
Focusing on technical innovation and commercial viability, the company to date has deployed more than 300 units in seven countries, primarily in construction, and abated over 69,000 tons of CO2, which is equivalent to removing over 88,000 cars from the road. The 2022 Earthshot Prize finalist plans to leverage this recent funding – secured in a challenging fundraising environment – to expand into new markets such as mining and manufacturing in 2025. Proceeds will also go toward targeting new geographies including the Middle East, Europe, the United States, and Southeast Asia, supported by their new partnership with Kibo Invest and Openspace.
“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 the commitment from our investors in 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.”
“We are particularly impressed by Ampd Energy’s visionary leadership and their sharp focus on executing a clear strategic roadmap,” said James Marshall, CEO of Kibo Invest.“Their commitment to excellence resonates with our investment philosophy. We’re excited to support Ampd Energy’s expansion into new markets and industries, driving further growth and amplifying their positive impact on the global energy landscape. At Kibo Invest, we are dedicated to investing in forward-thinking companies that are shaping the future, and Ampd Energy is a prime example of that vision in action.”
Jessica Huang Pouleur, Partner at Openspace, agrees. “We’re pleased to back Ampd Energy, which has demonstrated impressive current traction to date and are, even now, just starting to realize the full potential of its energy storage solutions in Southeast Asia and globally. The backbone of the business is a committed and strong management team, who have shown time after time what it takes to build in a commercially viable yet impactful way. We’re looking forward to partnering with Ampd Energy to deliver the significantly reduced reliance on diesel that their innovations make possible.”
Ampd Energy’s Entertainer and Ampd Silo ESS provide clean, affordable, stable and emissions-free futures for industries all over the world, along with valuable data-driven insights, providing 24/7 real-time monitoring and problem diagnostics, thanks to their robust proprietary software.
About Ampd Energy
Ampd Energy is driving the global energy transition on construction sites and heavy industries through the creation of state-of-the-art energy storage systems (ESS), connectivity software and data science to electrify, connect and optimize the industrial and construction sectors. Brandon Ng co-founded Ampd Energy in 2014. The company enables smart, fully automated, emission-free, and connected construction sites of the future with highly efficient and scalable energy management.
