Ford Acquires EV Power Startup To Enhance Its Charging Tech
American multinational automaker Ford Motor Company (NYSE:F) is set to acquire Auto Motive Power (AMP), an energy startup, to enhance its electric vehicle (EV) charging capabilities.
According to a TechCrunch report, the deal will result in the dissolution of AMP, with Ford integrating its technology, talent, and facilities into its own EV operations. The undisclosed deal was confirmed by Ford spokesperson Emma Bergg.
AMP, once claiming to power most of the world’s top electric OEMs, raised $26.5 million since its 2017 launch and employed around 149 staff members according to PitchBook data. The company’s operations extended to power management for autonomous rideshare vehicles, drones, and hyperloop-style transport.
Ford plans to onboard the majority of AMP’s employees, including founder Anil Paryani, who will report to Ford EV development boss Alan Clarke within the Model E unit. Paryani expressed excitement about the acquisition, stating that the AMP team is looking forward to accelerating EV adoption with Ford’s manufacturing muscle.
AMP’s COO, Lionel Selwood Jr., however, will not join Ford as per his LinkedIn profile. Ford’s acquisition of AMP signifies its commitment to improving charging experiences and accelerating EV adoption, as stated by Bergg.
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