By 2030, there could be 125 million electric cars on the road globally, with the number already exceeding 3 million in 2017. However, electric vehicles (EV) do not only consist of cars, as the industry expands to include trucks, buses, and other forms of mobility, whose growing needs are being met by ChargePoint.
ChargePoint, a major EV charging network, has just completed their Series H round of funding, receiving $240 million from a diverse set of investors across industries like energy, financial, and manufacturing. The company is expanding quickly to meet the demand for EVs, stemming from government granted financial incentives and tighter regulations on fuel emissions and pollutants.
ChargePoint first brought their services to Europe after their last round of funding, and they plan to use the new funds to continue expanding in both North America and Europe. Their rounds of funding combined total over half a billion dollars and are used to finance their 41,000 charging stations that include home charging, road charging, and express charging.
Their lead investor for this round was Quantum Energy Partners, with American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision, Daimler Trucks & Buses, and GIC also contributing. Previous investors include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens.
“The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification. Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate,” said Pasquale Romano, President and CEO of ChargePoint.
