EV Charging Operator ChargePoint Secures $127 Million in New Funding
【Summary】Silicon Valley-based ChargePoint announced $127 million in new equity financing this week. The new investment brings the company’s total funding to $660 million so far. Before its latest funding, ChargePoint was valued at $1.25 billion as it continues to expand its EV charging network.
As automakers focus on electrifying their model lineup in the U.S., electric vehicle charging providers are actively expanding public EV charging locations, so drivers of future EVs have convenient access to charging. The lack of accessible charging infrastructure is one of the obstacles for the widespread adoption of electric vehicles.
However, as investors pour money into electric automakers like Tesla and Rivian, others are betting on the success of companies building EV charging stations in both the U.S. and Europe.
Among the leading public EV charging providers is Silicon Valley-based ChargePoint. The company announced $127 million in new equity financing this week. The new investment increases the company's total funding to $660 million. Before its latest funding, ChargePoint was valued at $1.25 billion, according to PitchBook.
The company said the funds will be used to accelerate the expansion of ChargePoint's global commercial charging network. ChargePoint also plans to continue to scale its policy, marketing and sales efforts as it expands its network.
"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. The additional $127 million in funding provides capital to expand our investment as the market grows," said Pasquale Romano, President and CEO, ChargePoint. "ChargePoint is well positioned to continue the buildout of 21st century mobility infrastructure that will pave the way to the mass adoption of EVs."
To date, ChargePoint's network has expanded to include 114,000 charging stations which have been utilized roughly 80 million times by EV drivers.
In February, ChargePoint announced a partnership with the National Association of Truck Stop Operators (NATSO), a company representing America's vast network of travel plazas and truck stops along U.S. interstate highways. The partnership plans to create a "National Highway Charging Collaborative" to extend EV charging locations to every corner of the United States, the companies said.
Over the next decade, the collaborative aims to leverage $1 billion in capital to install roughly 4,000 EV charging points at more than 4,000 travel plazas and fuel stops across the U.S. The network will serve both highway travelers and rural communities.
The partnership with NATSO will help to support the rollout of fully-electric trucks that may one day stop to recharge their batteries instead of filling up on diesel fuel.
ChargePoint is one of the oldest EV charging providers in the U.S. The company was founded in 2007—five years before the Tesla Model S and three years before the Nissan Leaf were introduced.
ChargePoint also partners with automakers, providing access to its EV charging station map data that integrates with a vehicle's in-dash navigation unit. The company has partnered with General Motors, Toyota, Nissan and BMW.
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