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ChargePoint Raises $127M to Expand Charging Network Amid EV Industry Growth

ChargePoint CT4021 EV charging station
ChargePoint CT4021 EV charging station

Chargepoint, an EV charging network company, has just raised a new round of funding worth $127 million, without revealing the total market evaluation, which ads up to the $660 million estimated to have been raised during the last 15 years. Through this new funding, the company aims to expand its business operations, mainly in Europe.

The new money was raised from current investors, mostly oil & gas ventures, and major players fro the utility sector including American Electric Power, Clearvision, and Quantum Energy Partners. Daimler AG and BMW are also among some of the leading investors in the company, which is drawing interest among the stakeholders.

The EV market is getting more prominent recently, even though the percentage of sales remains quite low, especially in the American market. For instance, the US recorded only 2 percent of sales, whereas the same percentage was 56 percent in Norway. Moreover, Deloitte has estimated that by the end of 2030, the sales should rise to one-third of all the vehicles around the globe.

Governments around the world are aiming to encourage the use of electric vehicles as they are consistent with the increased restrictions regarding emissions. Besides, many new electric vehicles will be launched soon, including a wide array of electric SUVs and pickup trucks.

Many car manufacturers are currently working on producing and releasing new electric vehicles, including GM, Ford, Nissan, and Volvo. Tesla is also working on increasing its portfolio by launching new vehicles in the market. Of course, each of these manufacturers will depend on the availability of a suitable charging network if they intend to sell those new EVs. Consequently, it’s only natural to see them being interested in investing in various players having an impact on the charging infrastructure.

Chargepoint started its operations in the year 2007, and currently, the company has stretched its business across America, Europe, Africa, and Asia. The electric vehicle infrastructure company is specialized in designing, building, and manufacturing the software and hardware along with a cloud subscription for EVs. This company provides public and semi-public charging spots that are used to charge electric cars and SUVs, which have proved to be one of the best currently available on the market.

As of now, the company claims to have installed approximately 115,000 charging ports across the globe and aims to reach 2.5 million by 2025.

Chargepoint has recently partnered with the National Association of Truck Stop Operators (NATSO). The Washinton-based trade association reflects the travel plaza and truck’s network across the US. This partnership called the “National Highway Charging Collaborative”, is undertaken in accordance with the plan to increase the number of EV charging spots in the country.

This partnership anticipates raising over $1billion capital in the next ten years in order to establish approximately 4000 EV charging points across the country. The goal behind this initiative is to help long-distance travelers and the population living in rural areas to easily have access to charging points.

 “The shift to electric drive is intensifying for mainstream businesses and fleet operators, a transition poised to be one of the most significant transformations in modern history,” said Pasquale Romano, president, and CEO, ChargePoint, in a statement.

ChargePoint CT4000 EV charging station
ChargePoint CT4000 EV charging station

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About Mayank Goel

Mayank Goel
Mayank Goel is a CA aspirant who loves to research and analyze stock markets, finance, and cars. He started working as a content writer to keep learning and spread the knowledge with others. He also loves dogs and travel.

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