ChargePoint, the world’s leading EV charging network, today announced that is has closed $127 million in incremental equity financing. This additional investment brings the Series H total to $667 million.
ChargePoint has completed this round of fundraising during a global pandemic, which is a clear indication of the strength of the market and significant progress ChargePoint has made in growing its business in Europe and North America.
The funds will accelerate the expansion of ChargePoint’s global commercial and fleet businesses, supporting the world’s transition to electric mobility. In spite of the global pandemic, interest in transportation electrification continues to increase as growing expectations for climate change mitigation, improved transportation economics and on- demand delivery drive more investment.
“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 build out of 21st century mobility infrastructure that will pave the way to the mass adoption of EVs,” said Pasquale Romano, President and CEO, ChargePoint.
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. Continued investor commitment to ChargePoint reinforces the tremendous investment potential afforded by electrifying the movement of people and goods. ChargePoint will use the latest funding to expand its commercial and fleet portfolio in North America and Europe and continue to scale policy, marketing and sales efforts.
Returning investors (from Series H) include American Electric Power, Braemar Energy Ventures, Canada Pension Plan Investment Board (CPPIB), Chevron Technology Ventures, Clearvision, GIC, Linse Capital and Quantum Energy Partners.
To date, ChargePoint’s EV charging 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.