ChargePoint Raises $50 Million to Extend Market Leadership and Drive Electric Vehicles Into the Mainstream
ChargePoint, the world’s largest electric vehicle (EV) charging network made two significant announcements that put it in a strong position to continue driving EVs into the mainstream. It has secured an additional $50 million in a funding round led by Linse Capital, with participation from insiders including Braemar Energy Ventures and Constellation Energy. ChargePoint has now raised over $164 million from leading investors including Rho Ventures, Kleiner Perkins Caufield & Byers, BMW iVentures and Siemens. Alongside the new funding, ChargePoint also announced an evolution of its board.
Current trends point to the mainstreaming of EVs. Global sales of EVs increased by 80 percent in 2015 alone to more than 565,000. Interest in EVs has strengthened substantially given the recent announcements of coming models by many auto manufacturers that dramatically increase the choices for consumers.
“You only have to look at the excitement around the recent EV announcements to realize EVs are the future of the auto industry. Since 2007 we’ve been building the charging infrastructure in North America by linking together the investments in EV charging equipment by individual companies into a single seamless network for drivers. We are well positioned to capitalize on the growth of electric vehicles as they transition to the mainstream,” said Pasquale Romano, CEO of ChargePoint. “This latest round of funding for ChargePoint underscores confidence in our business model, technology and the consumer confidence in the EV industry as a whole. It will allow us to scale to service the needs of future EV drivers and companies wishing to install EV charging in their parking lots.”
With a network that extends across more than 28,000 charging spots in North America, ChargePoint’s position as the clear market leader in the space is already well established. ChargePoint’s stations are independently owned and operated, giving station owners the freedom of flexible pricing and access control while being part of a larger recognized network. Through ChargePoint, businesses can align with their customers’ and employees’ shift towards electric drive for the benefit of their economics and the environment.
In 2015, ChargePoint also entered the residential market with the introduction of the fully networked ChargePoint Home product and its charging services for apartments and condominiums. This enabled a comprehensive charging experience from home to work to around town and out-of-town.
“For electric vehicles to replace the combustion engine, the charging infrastructure must be simple to use and ubiquitous. ChargePoint’s technology and partnerships with utilities, auto manufacturers and other industry players position it as the leader of an entire ecosystem that will deliver an unmatched charging experience for EV drivers,” said Michael Linse, Managing Director of Linse Capital. “This funding will accelerate ChargePoint’s ability to capitalize on that position in the North American market and replicate it in other markets around the world.”
Linse Capital invests in late stage technology companies. Other investors who participated in the round, as a result of their investments with Linse Capital, include Statoil Energy Ventures, Envision Ventures, Jan Klatten, Michael Liebreich and Rick Wagoner.