Amperesand raises $12.45M to transform global power grids

Amperesand Pte. Ltd. ("Amperesand"), a grid infrastructure solutions provider, announced its $12.45 million Series Seed financing co-led by Xora Innovation, a deep tech early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation (TSE: 6762) and Foothill Ventures.

The Seed funding will enable Amperesand to industrialize and manufacture its groundbreaking technology at scale while building its executive team. Amperesand is poised to be among the first globally to market a compact, modular, and highly scalable solid-state transformer (SST) for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers. Utilizing cutting edge SST technology, Amperesand is at the forefront of delivering efficient, intelligent, and resilient electrification solutions. The company aims to deliver its commercial systems to a global customer base, with first delivery of systems in the US and Singapore planned for 2025.

A seismic shift is occurring in the energy sector, fueled by the swift adoption of renewable energy, storage solutions, and electric vehicles. This represents a fundamental transformation in how electricity is produced, distributed, and stored. However, this transition faces a hurdle as these innovations primarily use direct current (DC) power, which is at odds with the existing grid infrastructure dominated by older transformer technology designed for alternating current (AC) systems. This outdated transformer technology coupled with inadequate software and services impede the integration of new technologies into the power grid, slowing down the energy transition. According to the International Energy Agency's (IEA) base case, the demand for next-generation DC fast-charging infrastructure alone is projected to grow to 200GW by 2030, representing a market opportunity exceeding $200 billion.

Amperesand was founded by veterans from ABB, General Electric, Siemens and Vestas, with decades of experience in power electronics, converters, renewables and energy storage who have led a pioneering SST R&D program at Nanyang Technology University over the past 7 years that culminated in a 1.5MW system validated on Singapore's grid. The company's infrastructure solutions stand out for their ability to facilitate bidirectional energy flow, intelligent monitoring and energy management with native integration of mixed AC/DC systems. Amperesand's SSTs revolutionize the conversion and control of power in the grid and protect against the complexities of modern DC/AC loads. By enabling essential grid services and managing power and data more effectively, Amperesand facilitates resilient and adaptable integration of a broad array of energy transition technologies into the grid. The approach not only reduces the cost of ownership but also maximizes efficiency and minimizes physical space requirements.

"We see the modernization of the electrical infrastructure as a key mission critical societal event. For that to happen, novel power electronics like the SST developed by the team at Amperesand are needed to enable the future of highly efficient smart grids, while providing significant advantages to existing infrastructure as well. Thanks to their product and solution focused mindset, it is clear to us that Anshuman and his team stands at the forefront of transformative innovation in the energy sector," said Christian Theriault, Partner at Material Impact.

"The team at Amperesand is thrilled to have the support of some of the best investors in the world," said Anshuman Tripathi, Ph.D., Amperesand co-founder and VP of Engineering, "This would not have been achievable without the exceptional support from Xora's team, crucial in getting our company off the ground, and the shared vision with Material Impact and our entire investor syndicate."

"Over 7 years ago, Anshuman and leaders from Singapore's research ecosystem had the foresight to project the evolution of silicon carbide technology, and the rapidly evolving requirements of power grids, leading to the creation of a highly ambitious solid state transformer research program at NTU. The time for commercialization of SSTs is now right from both a technology and market readiness perspective, and we are excited to partner with the founding team we consider to be in pole position," said Phil Inagaki, Managing Director at Xora Innovation.

About Amperesand:

Amperesand's infrastructure solutions, powered by novel solid-state transformer (SST) technology, enable efficient, intelligent, and resilient electrification on a global scale. Amperesand's core SST technology was pioneered at the Energy Research Institute at Nanyang Technological University (NTU). Amperesand was established in 2023. For more information, visit www.amperesand.io. Contact us at [email protected].