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Environmental Business Review | Saturday, November 09, 2024
FREMONT, CA: Ampd Energy, a global energy industry inventor and manufacturer of the Enertainer and Ampd Silo™ battery energy storage systems for heavy industries, announced today that it has raised $27.3 million in an oversubscribed Series B fundraising. The round was co-led by Kibo Invest and Openspace, the primary investor, with notable involvement from existing investors MTR Lab, Taronga Ventures, and 2150, who participated above pro-rata to demonstrate their support and belief in Ampd Energy. The funds will be utilized to expand decarbonization efforts into new verticals and geographies.
According to the IEA, the combined building and construction sector accounts for 30 percent of total worldwide final energy consumption and 27 percent of total energy-related emissions. Compared to fossil fuel generators, Ampd Energy's Ampd Silo and Enertainer energy storage devices lower carbon footprints by up to 90 percent, are substantially quieter, produce zero air pollutants, and avoid the dangers associated with diesel handling and usage.
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"This new funding is a testament to the hard work of our team, our focus on being a commercially viable cleaner solution for businesses around the world, and the commitment from our investors in creating an emission-free future for industries," said Anthony Stewart, CFO at Ampd Energy. 'We're looking ahead to accelerating our growth, entering new verticals and delivering even more innovative solutions to our customers globally."
Focusing on technical innovation and commercial feasibility, the company has deployed over 300 units in seven countries, largely in construction, and saved over 69,000 tons of CO2, similar to removing over 88,000 cars from the road. The 2022 Earthshot Prize finalist intends to use the latest funds gained in a difficult fundraising environment to expand into new areas such as mining and manufacturing in 2025. Proceeds will also be used to target additional regions, such as the Middle East, Europe, the United States, and Southeast Asia, as part of a new partnership with Kibo Invest and Openspace.
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