This week, Electric Vehicle (EV) charging network provider, ChargePoint, announced that it has raised $240 Million in Series H funding, which is more capital than any other EV infrastructure company in the world, surmising in its press release that the move to electrify transportation is accelerating.
The company says that is provides the largest and most open EV charging network in the world with more than 57,000 charging sports and 924 express DC fast spots. It designs and builds the technology that powers the network from the charging hardware to the energy management software and a mobile app for users.
The newest investors reflect a diverse set of participants, from early market to institutional investors across the energy, financial, venture capital, oil and gas, utility, manufacturing, technology and automotive sectors including American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision, Daimler Trucks & Buses, GIC, and Quantum Energy Partners, the lead investor. These investors join existing investors that include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens.
ChargePoint believes that investor excitement in its endeavors underscores the need for comprehensive charging solutions that are required to power electric mobility of all forms including electric buses, trucks, and beyond.
With recent executive appointments, ChargePoint said it has expanded its portfolio to facilitate the global transition to electric fleets, which are an essential component of enabling a sustainable and efficient mobility future, as they will drastically reduce traffic congestion and greenhouse gas emissions, enhancing transportation efficiency and greatly contributing to the clean energy economy.
ChargePoint will use the latest funding in part to further expand its network, continue to build its footprint in Europe and North America, improve the experience for EV drivers, and expand solutions for fleets as the market quickly approaches the mass adoption of electrified transportation.
To date, ChargePoint has raised more than half a billion in funding to enable the most comprehensive smart EV charging network around the world. The company’s latest fundraise comes just over a year from the Series G funding round that fueled ChargePoint’s introduction in Europe. In just 18 months, ChargePoint has established a team to support pan-European expansion. In addition, ChargePoint now offers a comprehensive suite of charging solutions that are being deployed across the region.