AmpUp Secures $15M for EV Expansion

We are thrilled to announce that AmpUp has successfully closed its Series A funding round, securing $15 million to fuel our market expansion and advance our energy management innovations in the electric vehicle (EV) charging sector.

This significant investment is pivotal in our journey as a leading EV charging platform.

A Strong Vote of Confidence

‍Led by Touchdown Ventures, this funding round reflects the strong confidence investors have in AmpUp’s growth potential. We are excited to welcome new investors including Autotech Ventures, MUUS Climate Partners, and others such as Holman, Goodyear, and WEX Venture Capital. Their support will enable us to enhance our offerings and expand our reach across the U.S. market.

‍Our Growth Trajectory‍

In the last two years, AmpUp has made significant milestones with subscription revenue increasing by over 700%. Our EV port management and utilization have tripled, establishing us as a notable player in the commercial Level 2 (L2) charging market, where we currently hold 4% of the market share.We proudly serve over 1,000 customers across the U.S. and Canada, including names like JLL, CBRE, Domino's Pizza, Goodyear, Under Armour, Hilton and more.Additionally, we maintain an industry-leading 98.5% success rate for charging sessions and 99.9% uptime, ensuring that our users receive reliable and efficient service.Strategic Leadership AdditionsAs part of our commitment to continued innovation and growth, we are proud to announce key additions to our executive team:

• Mike DiNucci, Chief Revenue Officer, brings invaluable experience from ChargePoint.◼️
• Randa McMinn, Chief Marketing Officer, has 20+ years of expertise in working with site owners.◼️
• Reeve Harde, Head of Finance, is a proven leader in energy sector investments.These strategic appointments will help drive our mission forward as we continue to lead in the EV charging industry.

‍Welcoming New Board Members

With the completion of our Series A funding, we are excited to welcome three new members to our Board of Directors:

• ‍Greg Bergamesco, Managing Director at Touchdown Ventures‍
• Ivy Nguyen, Principal at Autotech Ventures‍
• David Jackson, COO of AmpUp
• Additionally, Logan Grizzel, partner at MUUS, joins as a board observer and advisor. With a decade of experience at Toyota Motor Corporation, he will support AmpUp's growth and development in the coming years.

Their diverse expertise will be instrumental as we navigate the complexities of the EV infrastructure landscape.Looking Ahead‍“AmpUp is an American leader in electric vehicle charging software,” said Greg Bergamesco.“We believe AmpUp's sophisticated charging platform is well-positioned to capitalize on a growing market for electric vehicle infrastructure in the foreseeable future."

‍‍Tom Sun, CEO and co-founder of AmpUp expressed his excitement about the funding: “This validates our innovative approach to EV charging and provides us with the resources to accelerate our growth and further develop our energy management solutions.”As we move forward, we remain committed to powering the EV revolution by simplifying EV charging with smart technology solutions that balance energy usage for a cleaner, smarter grid.

Let’s celebrate this milestone together as we continue to drive innovation in the EV charging space!