EV Battery-Swapping Startup That Raised $330 Million Files for Bankruptcy

In 2023 Slashdot covered a battery-swapping startup that promised to give EVs a full charge in about the same time it takes to fill a tank of gas.

They just filed for bankruptcy, reports Inc:

Ample was founded in 2014 with a goal of 'solving slow charging times and infrastructure incompatibility' for commercial EV fleets such as those in logistics, ride-hailing, and delivery, the filing states. To-date, Ample has raised more than $330 million across five rounds of funding to finance research and development and deployment. Rather than tackling fast charging, its strategy involved developing 'fully autonomous modular battery swapping,' capable of delivering a fully charged battery in just five minutes. The technology requires purpose-built 'Ample stations' that look a little like carwashes. A car is guided into the bay and elevated on a platform. A robot then identifies the location of a car's battery module, removes it, and replaces it with a charged module, Canary Media reported.

The company also boasts partnerships with Uber, Mitsubishi, and Stellantis, and notes it has deployed its technology — or is pursuing deployment — in San Francisco, Madrid and Tokyo. Even so, it ran up against funding issues. In its filing, Ample attributed its bankruptcy to macroeconomic and industry headwinds, such as 'severe supply chain disruptions,' 'contraction in both public and private investment in renewable energy' and the 'reduction, delay, or redirection of government incentives intended to accelerate EV adoption.' The filing notes that regulatory and permitting delays slowed its launch in international markets, after which access to capital foiled its scaling efforts. The company eliminated all but two full-time, non-executive employees after formerly employing about 200...

Electrek noted that Ample is the second battery swapping startup to go bankrupt after California-based Better Place in collapsed in 2013 amid financial issues related to how capital intensive it was to build infrastructure, Reuters reported. And Tesla briefly pursued the concept, building a station in California, before ditching the idea altogether.

Ample 'claimed to have designed autonomous battery swapping stations that would be rapidly deployable, cheap to build, and could adapt to any EV design with a modular battery which would be easy for manufacturers to use,' notes Electrek's article:

Where this bankruptcy leaves Ample's technology is unclear. Another company could snap it up and try to do something with it, if they find that the technology is real and useful. Ample had gotten investments and partnerships with Shell, Mitsubishi and Stellantis, for example, so the company wasn't alone in touting its tech. Or, it could just disappear, as other EV battery swapping plans have before...

That's not to say that nobody has been successful at at implementing battery swap, though. NIO seems to be successful with its battery swapping tech in China, though the company did miss its 2025 scaling goals by a longshot. But as of yet, this is the only notable example of a successful battery swap initiative, and it was done by an automaker itself, rather than a startup claiming to work for every automaker.

Electrek's writer is 'just not bullish on battery swapping as a solution in general. Currently, the fastest-charging vehicles can charge from 10-80% in about 18 minutes. While that's longer than 5 minutes, it's not really a terrible amount of time to spend during most stops.'

Plus, if cars come and go in 5 minutes instead of 18 minutes, 'then you're going to have more than triple the throughput at peak utilization.' And Ample's prices would be about the same as normal EV quick-charging prices...

Read more of this story at Slashdot.