An Amsterdam-based company, AMMP Technologies, has raised €1.15 million for venture funding. The new capital will enable AMMP expand its customer reach while further developing its spheres.
AMMP Technologies’ current focus is based on emerging markets. According to the IFC, over $60 billion is spent on diesel generation every year. More cheaper and cleaner renewable-s are rapidly replacing this legacy spend.
There has been a surge of evolving development and decrease in costs of solar PV and battery hybrid system. This has enabled the penetration of a new generation of energy service companies. These companies install, monitor and operate these systems remotely.
In Nigeria for instance, only about 20% of Nigerian households can rely on the grid. Majority of the population still uses privately managed diesel generators. For these reasons, AMMP Technologies secured investment from leading B2B SaaS investors. The company aims to scale up the deployment of its platform for renewable energy operators.
AMMP works with companies such as Daystar, Rensource, and PowerGen. These are some of the most advanced companies in the sector. The company looks to provide it’s clientele with much more reliable energy at prices on par with the centralized utilities.
“Our customers are already driving the renewable energy transition at an unprecedented pace. We are proud to work alongside them, providing them with digital tools to scale faster than ever. This is especially relevant in the face of the current economic headwinds, and indeed restrictions on physical movement. In turn, we are excited to be bringing on board the leading investors in the B2B SaaS space, and work with them to realise the potential scale of the opportunity ahead of us,” stated Svet Bajlekov, co-founder and CEO.
The company’s solution targets its clients to better minimize system down-times, proactively plan maintenance, and obtain reliable insights into system performance.
“Overall, the use of AMMP has been shown to reduce OPEX by 30%,” the company said.