Hong Kong- and Singapore-based energy storage systems maker Ampd Energy has raised $27.3 million in a Series B funding round led by private investment firm Kibo Invest and venture capital firm Openspace Ventures, per an announcement.
The round was backed by existing investors MTR Lab, the investment arm of Hong Kong railway operator MTR Corporation; Asian real estate technology investor Taronga Ventures; and European venture capital firm 2150.
Ampd Energy’s offerings include advanced and compact energy storage systems to replace diesel generators used in the construction and industrial sectors. The company claims to have deployed more than 300 units in seven countries to abate over 69,000 tons of CO2, equivalent to removing over 88,000 cars from the road.
Citing data from the International Energy Agency, an Ampd Energy statement on Tuesday said the building and construction sector is responsible for 30% of total global final energy consumption and 27% of total emissions in the overall energy sector.
The firm will use the proceeds from the latest round to expand decarbonisation across new verticals and regions, including the Middle East, Europe, the US and Southeast Asia. The Series B round comes a year after it bagged $8 million in a Series A extension round led by 2150 and Taronga Ventures.
In April this year, Guangzhou Zhiguang Energy Storage Technology, a subsidiary of publicly-listed Chinese energy technology group Guangzhou Zhiguang Electric, raised 700 million yuan ($98.5 million) in strategic financing at a post-money valuation of 2.5 billion yuan ($351.7 million).
Last year, Chinese energy storage solutions provider Dalian Rongke Power raised over 1 billion yuan ($145.4 million) in a Series B round of financing led by Legend Capital, the fund management arm of Legend Holdings.
