ChargePoint, the world’s largest electric vehicle charging network, has secured an initial $82 million in funding, part of a larger multi-million dollar fundraise, led by Daimler.
The first close of the company’s latest fundraising round is the largest in the Silicon Valley company’s history. The investment will support the expansion of the company’s charging network into Europe, enabling the region to complete the shift to e-mobility.
Existing investors BMW i Ventures, Linse Capital, Rho Capital Partners, and Braemar Energy Ventures also participated in this latest fundraising round. To date, ChargePoint has raised more than $255 million, a testament to ChargePoint’s proven business model that underscores a collective commitment to electric mobility worldwide. As more types of vehicles become electrified, such as trucks and buses, this new funding will help ensure ChargePoint is ready.
Currently offering more than 33,000 charging spots at more than 7,000 sites around North America, ChargePoint is the world’s leading provider in the sector for electric mobility charging solutions and is the market leader in North America. Thousands of drivers have selected ChargePoint to meet EV charging needs with more than 6,500 companies selecting the brand for their employees, customers, fleets and tenants. Now, ChargePoint is committed to bringing EV drivers in Europe the same level of convenience that makes the charging experience effortless.
ChargePoint also announced the appointment of Daimler AG executive Axel Harries to the company’s Board of Directors. Harries has a deep history with Daimler, serving in a number of management roles including Vice President of Quality and Director of Mercedes-Benz G GmbH, as well as on teams including Commercial Vehicles and e-Business. In his current role, Harries is responsible for shaping the newly established CASE-unit within Daimler (Connected, Autonomous, Sharing & Services, and Electric Drive), charged with developing technologies and innovations for next generation Mercedes-Benz vehicles, particularly the new electric product brand, EQ.
ChargePoint is the only company that offers a charging solution for every part of an EV driver’s life—at home, at work, around town and on the road. This comprehensive product portfolio positions ChargePoint to offer the right innovation for each market in Europe and meet a variety of driver needs. Painstakingly engineered by EV charging experts, ChargePoint hardware and software solutions make it easy for drivers to charge and simple for station owners to manage with custom access controls, pricing and reporting tools, among other smart features. In addition to advancing e-mobility in the region with innovative technology, ChargePoint will build on its long history in North America of promoting EV-friendly policies through partnerships with policymakers, utilities and automakers in Europe.
More than 20 European countries already provide attractive incentives for purchasing EVs, which has helped make Europe the world’s second-largest EV market. As more EVs hit more European roads, the need for a comprehensive charging network is more important than ever. Currently, there are dozens of providers of EV charging hardware, software and driver networks in a fragmented market. They all work differently and often require drivers to sign up for separate accounts, which creates a confusing and cumbersome charging experience for EV drivers.