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    PTT   TH0646010Z00

PTT PUBLIC COMPANY LIMITED

(PTT)
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PTT Public : Electric vehicle battery startup Ample raises $160 million

08/19/2021 | 12:00pm EDT

Aug 19 (Reuters) - Ample, a San Francisco-based developer of swappable electric vehicle (EV) batteries, has raised $160 million in a new funding round, the company said on Thursday.

The company has developed a battery for EVs and an automated process for quickly swapping out depleted batteries for newly charged packs, according to founders Khaled Hassounah and John de Souza.

The Series C round brings to $230 million the total raised by the seven-year-old startup, which plans to expand testing and deployment to New York City, then Madrid and Singapore, Hassounah said in an interview.

"We've been saying for the past few months that this technology is ready for prime time, so now we intend to prove it" by expanding the fledgling service to more cities and drivers, he said.

Long charging times that are common at most public and commercial charging stations have dampened consumer and fleet demand for electric vehicles.

Ample is part of a growing group of companies, including Chinese EV makers Nio and Xpeng, trying to revive and update an old idea: Leapfrog charging hurdles by offering quick battery swaps to EV owners concerned about running out of juice while driving.

Unlike the Chinese carmakers, Ample aims to make its batteries and swapping process more widely available to different brands.

Hassounah and de Souza say their process can replace a depleted battery with a fully charged one in less than 10 minutes, using an automated process that "works with any electric vehicle" at a cost "as cheap as gasoline."

Ample's financial backers include corporate investors Shell and Repsol as well as energy providers such as Japan’s Eneos and Thailand’s PTT.

Automated battery swap "could solve a big problem" for energy companies and commercial operators that are moving their fleets to electric power and cannot afford downtime for extended charging, de Souza said.

(Reporting by Paul Lienert in Detroit; Editing by David Holmes)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ENEOS HOLDINGS, INC. -0.11% 465.2 End-of-day quote.25.59%
PTT PUBLIC COMPANY LIMITED 1.27% 40 End-of-day quote.-5.88%
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Financials
Sales 2021 2 166 B 65 426 M 65 426 M
Net income 2021 108 B 3 247 M 3 247 M
Net Debt 2021 358 B 10 808 M 10 808 M
P/E ratio 2021 10,8x
Yield 2021 4,61%
Capitalization 1 143 B 34 305 M 34 511 M
EV / Sales 2021 0,69x
EV / Sales 2022 0,62x
Nbr of Employees -
Free-Float 71,5%
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Number of Analysts 21
Last Close Price 40,00 THB
Average target price 48,91 THB
Spread / Average Target 22,3%
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Auttapol Rerkpiboon President, CEO, Secretary & Director
Pannalin Mahawongtikul Chief Financial Officer
Thosaporn Sirisumphand Chairman
Wittawat Svasti-Xuto Chief Technology & Engineering Officer
Don Wasantapruek Independent Director
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