MTR Lab invests in Hong Kong green energy storage system provider Ampd Energy to fund start-up’s expansions in UAE and US

Ampd Energy deploys battery-powered energy storage systems to replace diesel generators to cut greenhouse emissions at construction sites

MTR Corp has set aside over HK$300 million (US$38.2 million) to invest in start-ups from 2022 to 2025

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AMPD Energy’s CEO Brandon Ng with an AMPD Enertainer, a containerized energy storage system, at Tseung Kwan O Industrial Estate. Photo: SCMP/ Jonathan Wong

Published: 1:00pm, 27 Jun 2023Updated: 9:23am, 28 Jun 2023

MTR Lab, a subsidiary of Hong Kong’s railway operator that invests in technology, has invested in local battery-powered energy storage system provider Ampd Energy to fund its expansion projects in the United Arab Emirates and United States.

Hong Kong start-up Ampd received US$8 million in funding from MTR Lab and venture capital firms 2150 and Taronga Ventures, according to a joint statement on Tuesday.

“This co-investment validates the importance of our energy storage solutions, empowers us to accelerate our expansion plans, and supports our R&D work on new solutions,” said Brandon Ng, co-founder and CEO of Ampd Energy in the statement.

Ampd deploys battery-powered energy storage systems to replace diesel generators to cut greenhouse emissions at construction sites. Its systems have been deployed by developers including Swire Properties, Sun Hung Kai Properties and Sino Group, as well as construction companies such as Gammon Construction and Paul Y Engineering.

“We’re currently in the final stages of developing a new hypermobile product, designed for daily movement to meet the needs of users in mobile worksites, like infrastructure projects. With the combined expertise and resources of our partners, we are confident in our ability to create a sustainable impact in the construction industry,” said Ng.

Ampd Energy’s Enertainer. Photo: Company

Founded in 2014 as a start-up supported by the incubation programme of the Hong Kong Science and Technology Park, Ampd has now expanded its business to Singapore, Australia and the United Kingdom. The company was a finalist of the Earthshot Prize 2022, an award established by Britain’s Prince William to recognise ideas that help the environment.