ChargePoint raises $127M as electric vehicle adoption grows among fleet operators

Electric vehicle charging network ChargePoint raised $ 127 million in funding in a bid to expand its platform for businesses and fleets in North America and Europe.

A mix of existing investors from the oil and gas, utilities and venture industries added to the round, including American Electric Power, Chevron Technology Ventures, Clearvision and Quantum Energy Partners.

This latest addition, which was an extension of its Series H round, pushes ChargePoint’s total funding to $ 660 million. The company didn’t provide a valuation.

An increasing number of businesses and municipalities are turning to electric vehicles as governments enact stricter emissions regulations. Meanwhile, an increasing number of new electric passenger cars, SUVs and soon pickup trucks are coming to market. In the next 18 months, GM, Ford, Nissan and Volvo, along with startups Polestar and Rivian, will have electric vehicles in production. Then there’s Tesla, which has continued to scale its existing portfolio while preparing to add new vehicles, including its Cybertruck.

The upshot: ChargePoint is aiming to keep up with the pace of electric vehicle adoption. But it’s not all about expanding the network for privately owned passenger vehicles.

ChargePoint designs, develops and manufactures hardware and accompanying software, as well as a cloud subscription platform, for electric vehicles. The company might be best known for its branded public and semi-public charging spots that consumers use to charge their personal electric cars and SUVs, as well as its home chargers. However, ChargePoint also has a commercial-focused business that provides hardware and software to help fleet operators manage their delivery vans, buses and cars. In all, the company has more than 114,000 charging spots globally. 

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.

Startups – TechCrunch

ChargePoint raises €108M to expand electric vehicle charging network in North America and Europe

Gone are the days where electric cars used to be too slow, flimsy, and kind of embarrassing to own. Everything is changed now, for good! With electric vehicles gaining explosive popularity, the entire auto industry is poised to make a drastic shift in the coming years. However, the lack of infrastructure is one of the biggest roadblocks to faster adoption of electric vehicles. 

One of the startups that have been committed to making it easy for businesses and drivers to go electric since 2007 is none other than the ChargePoint

Raised €108 million 

Recently, the company closed $ 127 million (approx €108 million) in Series H to accelerate the transition to electric fleets ahead of the onslaught of new EV models expected in the coming years. This additional investment brings the Series H total to $ 667M (approx €558 million). 

This funding will accelerate the company’s expansion plan and fleet businesses in North America and Europe and continue to scale policy, marketing, and sales efforts.

Pasquale Romano, President, and CEO, ChargePoint, said, “The shift to electric drive is intensifying for mainstream businesses and fleet operators and is poised to be one of the most significant transformations in modern history. The additional $ 127 million in funding provides capital to expand investment on pace with the market, underscoring investor confidence in the unprecedented potential of electric mobility and ChargePoint’s leadership across continents. With more than a decade of category leadership, ChargePoint is well-positioned to continue the buildout of 21st-century mobility infrastructure that will pave the way to the mass adoption of EVs.”

Now in 114,300 places

To date, ChargePoint’s network has grown to more than 114,300 places to charge with drivers plugging in approximately every two seconds while delivering more than 80 million charges. 

With the UK aiming to be net zero emissions by 2050, electrifying transport is critical, especially fleets, as businesses are one of the largest contributors to carbon emissions. 

Offers a comprehensive portfolio of solutions

According to the company, the latest funding mirrors unprecedented interest in the EV market and underscores ChargePoint’s position as the provider with the most comprehensive portfolio of solutions in the industry. 

The company was backed by investors including American Electric Power, Braemar Energy Ventures, Canada Pension Plan Investment Board (CPPIB), Chevron Technology Ventures, Clearvision, GIC, Linse Capital, and Quantum Energy Partners.

Main image credits: ChargePoint

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[Zoomcar in News18] Zoomcar Partners With Hyderabad-based ETO Motors to Boost Electric Mobility

Self-drive car rental service provider Zoomcar on Tuesday said it has entered into an agreement with Hyderabad-based electric mobility solutions provider ETO Motors to provide an array of platform services for the latter’s shared three-wheeler business.

Read more here.

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