Published on May 11th, 2016 | by James Ayre0
ChargePoint Secures $50 Million In New Funding
The electric vehicle charging station company ChargePoint has secured $50 million in new funding — in a fundraising round led by Linse Capital, along with Braemar Energy Ventures and Constellation Energy — according to a recent press release.
The new funding means that ChargePoint has now raised more than $164 million — from an assortment of investors, including: BMW iVentures, Rho Ventures, Kleiner Perkins Caufield & Byers, and Siemens.
→ Related story from today: ChargePoint Rolls Out Charging Station For Fleets
“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,” stated 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.”
The recent press release provides some background on the company:
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,” commented 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.”
Other investors that participated in the latest funding round, thanks to association with Linse Capital, included Statoil Energy Ventures, Michael Liebreich, Envision Ventures, Jan Klatten, and Rick Wagoner.