ChargePoint raises €108M to expand electric vehicle charging network in North America and Europe

Gone are the days where electric cars used to be too slow, flimsy, and kind of embarrassing to own. Everything is changed now, for good! With electric vehicles gaining explosive popularity, the entire auto industry is poised to make a drastic shift in the coming years. However, the lack of infrastructure is one of the biggest roadblocks to faster adoption of electric vehicles. 

One of the startups that have been committed to making it easy for businesses and drivers to go electric since 2007 is none other than the ChargePoint. 

Raised €108 million 

Recently, the company closed $127 million (approx €108 million) in Series H to accelerate the transition to electric fleets ahead of the onslaught of new EV models expected in the coming years. This additional investment brings the Series H total to $667M (approx €558 million). 

This funding will accelerate the company’s expansion plan and fleet businesses in North America and Europe and continue to scale policy, marketing, and sales efforts.

Pasquale Romano, President, and CEO, ChargePoint, said, “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 buildout of 21st-century mobility infrastructure that will pave the way to the mass adoption of EVs.”

Now in 114,300 places

To date, ChargePoint’s 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. 

With the UK aiming to be net zero emissions by 2050, electrifying transport is critical, especially fleets, as businesses are one of the largest contributors to carbon emissions. 

Offers a comprehensive portfolio of solutions

According to the company, 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. 

The company was backed by investors including American Electric Power, Braemar Energy Ventures, Canada Pension Plan Investment Board (CPPIB), Chevron Technology Ventures, Clearvision, GIC, Linse Capital, and Quantum Energy Partners.

Main image credits: ChargePoint