EV charging system provider, ChargePoint of California, has announced on Wednesday (5th August, 2020) that it has secured USD 127M in its latest funding round to develop a U.S. and European charging network in order to meet the needs of fast growing global electric vehicle fleet. The latest round brings the total funding of ChargePoint to USD 660M.
Investors
Various investors include Canada Pension Plan Investment Board, Braemar Energy Ventures, Chevron Technology Ventures, Linse Capital, Clearvision, Quantum Energy Partners, American Electric Power and GIC. This is the latest equity infusion for a company that’s taken a leading position in key EV charging markets.
Funding Details
- The company previously raised USD 240M in the year 2018, from investors including Midwest utility American Electric Power and Daimler Trucks & Buses, oil major Chevron’s Technology Ventures, USD.
- 106M in the year 2017 from Linse Capital, BMW I Ventures, Braemar Energy Ventures, Daimler and Rho Capital Partners.
- USD 50M in the year 2026 from the competitive energy retailer owned by utility Exelon, Constellation and Energy, Braemar Energy Ventures and Linse Capital.
About the company
Founded in the year 2007, headquartered in Campbell, California, ChargePoint developed a business on networking a variety of charging system with its proprietary network and software. It enables third party operators to outsource the complexity of managing bills, maintenance and other challenges of operating them. The company’s network includes 114,000 charging points in the U.S. and Europe, including home chargers and public charging stations. The company claims that they are the single largest EV charging system provider in the world.
ChargePoint, President and CEO Pasquale Romano said the shift toward electrification is intensifying for mainstream businesses and fleet operators. The new capital will help the company’s expansion plans keep on pace with the market, he added. Specifically, the funds will be used to increase its commercial and fleet portfolio in North America and Europe and continue to scale policy, marketing and sales efforts.
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