HOUSTON — In a move toward electrification, BP has acquired 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.
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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% to 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.
“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 United States,” said Richard Bartlett, senior vice president of future mobility and solutions for London-based BP. “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 U.S. They bring an experienced team, a rapidly expanding customer base and user-friendly digital platform.”
Amply Power’s Omega Charge Management System software helps fleet operators manage energy costs and optimizes performance by providing real-time monitoring of EV charging operations and preventative maintenance for both vehicles and chargers.
“Our mission at Amply Power 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,” said Vic Shao, founder and CEO of Amply Power.
“Expanding into EV fleet charging is the latest in BP’s ongoing commitment to help drive the energy transition in the United States. 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 United States to lead the energy transition, and we’re excited to help the country on its journey to net zero,” said David Lawler, chairman and president of BP America, La Palma, Calif.
Under the terms of the agreement, Mountain View, Calif.-based Amply Power will continue to operate independently as part of BP’s global portfolio of businesses. The companies did not disclose the financial details of the agreement.
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