BP takes first major step into electrification

BP has made its first major move into vehicle electrification with its purchase of charging specialist Amply Power.

BP has taken 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. No financial details were provided.

BP said the investment is aligned with its 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 said it 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 US,” said Richard Bartlett, senior vice president, future mobility and solutions at 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 US. They bring an experienced team, a rapidly expanding customer base and user-friendly digital platform.”

Founded in 2018, Amply Power aims to make EV adoption easy for fleets. The California-based firm has two offering for fleet operators:

Fully financed Charging-as-a-Service (CaaS): Amply Power provides solutions for the charging of customers’ fleets, including the procurement and installation of hardware, software and operational and maintenance costs. Customers sign 5- to 10-year agreements for these services and Amply Power charges customers a flat usage rate ($/kWh or $ per mile driven).

Customer-financed Software-as-a-Service (SaaS): For customers who prefer to own their charging infrastructure, Amply Power offers a software and operate model where customers pay an annual license and service fee for software and managed services. Amply Power then manages the customer’s fleet electrification infrastructure services.

Amply Power’s Omega Charge Management System software is engineered to help 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,” said Vic Shao, founder and CEO of Amply Power. “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.”

Under the terms of the agreement, Amply Power will continue to operate independently as part of bp’s global portfolio of businesses. Financial details of the agreement are not being disclosed.

“Expanding into EV fleet charging is the latest in BP’s ongoing commitment to help drive the energy transition in the U.S.”, said David Lawler, chairman and president, BP America. “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.”