EV Battery-Swapping Startup Faces Bankruptcy After $330 Million Raise

An electric vehicle battery-swapping startup has filed for bankruptcy after raising $330 million, according to a report by Slashdot. The company, known as Ample, had claimed to develop autonomous battery swapping stations that were rapid to deploy, cost-effective, and adaptable to various electric vehicle designs with a modular battery system.

However, industry analysts are skeptical about the battery swapping model's viability, noting that the fastest charging electric vehicles can achieve a 10 to 80 percent charge in about 18 minutes, a duration that, while longer than the proposed five-minute battery swap, is not excessively inconvenient during typical stops.

Furthermore, the throughput during peak utilization would be significantly higher if vehicles could come and go in five minutes, yet Ample's pricing was expected to align with standard electric vehicle quick-charging rates, raising questions about its competitive edge in the evolving market.