BP said on December 7 the UK company took its first major step into electrification in the US with the acquisition of AMPLY Power, an electric vehicle (EV) charging and energy management provider for fleets that operate trucks, transit and school buses, vans and light-duty vehicles.
“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 US,” BP Senior Vice President, Future Mobility and Solutions Richard Bartlett said. “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,” he added.
BP said this investment is aligned the company’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.
By 2030, BP aims to nearly double earnings from its global convenience and mobility businesses – increasing from around $5 billion in 2019 – while delivering returns in the range of 15-20%. During this time, bp plans to grow its global network of EV charging points from around 11,000 today to more than 70,000.
Founded in 2018, AMPLY Power aims to make EV adoption easy for fleets. AMPLY Power Founder and CEO Vic Shao said his company’s mission 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. “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,” he said.
BP America Chairman and President David Lawler said expanding into EV fleet charging is the latest in BP’s ongoing commitment to help drive the energy transition in the US. “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,” Lawler said.
Under the terms of the agreement, AMPLY Power will continue to operate independently as part of BP’s global portfolio of businesses.