Energy Storage Provider Ampd Secures $8 Million in Series A Funding Eyeing Global Expansion

By: Asia Business Outlook Team | Tuesday, 27 June 2023

Ampd Energy, a pioneering business and manufacturer of energy storage devices based in Hong Kong, has acquired $8 million in Series A funding for global expansion.

MTR Lab Company Limited (MTR Lab) has teamed with technology investors 2150 and Taronga Ventures to co-invest in Ampd, according to a statement issued by Ampd on Tuesday.

This collaboration, according to the release, intends to accelerate Ampd's growth and alter the international construction industry with its all-electric replacement for diesel generators, advancing carbon neutrality targets and boosting sector sustainability.

The money will also help Ampd Energy expand into the markets of the United Arab Emirates and the United States this year, while also reinforcing its presence in Australia and the United Kingdom.

Ampd received Series A funding sponsored by 2150 and Taronga Ventures in 2021, paving the way for its meteoric rise.

Ampd expanded to Singapore in 2021 and will enter the Australian and United Kingdom markets in 2022, building on its successful momentum.

"This co-investment validates the importance of our energy storage solutions, empowers us to accelerate our expansion plans, and supports our research and development (R&D) work on new solutions," said Brandon Ng, Co-Founder and Chief Executive Officer of Ampd.

According to him, the company is in the final phases of developing a new hypermobile product built for everyday movement to fulfil the needs of customers in mobile worksites such as infrastructure projects.

“With the combined expertise and resources of our partners, we are confident in our ability to create a sustainable impact in the construction industry,” he added.

Founded in 2014, Ampd is a firm involved in manufacturing energy storage systems for construction sites.