Amperesand, a promising startup incubated by Xora, is setting its sights on revolutionizing the transformer industry with its cutting-edge technology. The company replaces traditional iron cores in transformers with silicon carbide, ushering in a new era for power management. After successfully demonstrating a 6-megawatt transformer last year, Amperesand is now targeting data centers, electric vehicle (EV) charging, and grid applications. This move comes as the company seeks to raise a Series A round following a $12.5 million seed round completed last year.
Amperesand's solid-state transformer platform stands out due to its multi-port, modular design, which offers significant advantages in control and adaptability through software. The company's CEO, Gary Lawrence, emphasized their swift progress in securing investments, stating that the Series A round is advancing rapidly. In an effort to stay ahead of the curve, Amperesand is establishing an office in the U.S., aiming to tap into local talent and be closer to a substantial market.
"We’ve just kicked off a Series A, and it’s moving really quickly," said Phil Inagaki.
The robust design of Amperesand’s technology allows for native integration of direct current (DC) sources such as photovoltaic cells and batteries. It also supports diverse functionalities, including different alternating current (AC) phases, AC to AC conversion, and AC to DC conversion. Despite the enduring success of existing transformer designs over the past century, Amperesand acknowledges some shortcomings in its technology compared to these traditional models.
"The solid-state transformer platform is multi-port by design, it’s modular," stated Brian Dow.
Amperesand's leadership team includes key figures such as Lawrence, Dow, and Tommy Joyner, who bring valuable expertise and vision to the company. The startup aims to capitalize on the burgeoning demand for power in data centers, which are anticipated to consume up to 12% of U.S. electricity by 2028. Lawrence highlighted the rapid growth in this sector:
“We’ve got about 90 gigawatts [of data centers] globally in 2023, and that’s going to increase to over 185 gigawatts by 2028, so it’s only just around the corner,” he noted.
In addition to its strategic moves within the U.S., Amperesand is committed to capturing exceptional talent.
“The U.S. is still where there’s amazing talent that we can capture,” Inagaki remarked.
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