Ampd Energy secures $8m funding for global expansion

Jun 27, 2023
Ampd Energy

Hong Kong-based battery energy storage system maker Ampd Energy has bagged $8 million in an extension of its Series A round led by returning investors European venture capital firm 2150 and Asian real estate technology investor Taronga Ventures. Hong Kong MTR Corporation’s investment arm, MTR Lab, also participated as a new investor, with other existing investors including Audacy Ventures topping up. 

The extension round is aimed at boosting the startup’s expansion plans into the UAE and US this year. Having started out in Hong Kong, Ampd has already extended its presence to Australia, Singapore, and the UK. 

About two years ago, Ampd raised its Series A funding round at an undisclosed value led by 2150 and Taronga Ventures. 

The startup designs and manufactures energy storage systems as replacements for diesel generators. Per its website, its product is an alternative which is free of harmful emissions, fully electric, and safer as it eliminates diesel handling, spills and fires. The lithium-ion battery-powered solution emits up to 85% less carbon dioxide than traditional diesel generators. 

To date, over 200 of Ampd’s products have been deployed, which have prevented more than 28,000 tonnes of emissions and removed nearly 59,000 cars worth of air pollutants, according to Ampd. Some of the startup’s clients include Swire Properties, Sun Hung Kai Properties, Sino Group, New World Development, Hyundai Construction Equipment, and China State Construction.

“We’re currently in the final stages of developing a new hypermobile product, designed for daily movement to meet the needs of users in mobile worksites, like infrastructure projects.” 
- Brandon Ng, co-founder and CEO of Ampd, adding that the funding would also be used to support research and development in new solutions.