Electric vehicle charging network ChargePoint raised $127 million in funding in a bid to expand its platform for businesses and fleets in North America and Europe.
A mix of existing investors from the oil and gas, utilities and venture industries added to the round, including American Electric Power, Chevron Technology Ventures, Clearvision and Quantum Energy Partners.
This latest addition, which was an extension of its Series H round, pushes ChargePoint’s total funding to $660 million. The company didn’t provide a valuation.
An increasing number of businesses and municipalities are turning to electric vehicles as governments enact stricter emissions regulations. Meanwhile, an increasing number of new electric passenger cars, SUVs and soon pickup trucks are coming to market. In the next 18 months, GM, Ford, Nissan, Volvo along with startups Polestar and Rivian will have electric vehicles in production. Then there’s Tesla, which has continued to scale its existing portfolio while preparing to add new vehicles, including its Cybertruck.
The upshot: ChargePoint is aiming to keep up with the pace of electric vehicle adoption. But it’s not all about expanding the network for privately owned passenger vehicles.
ChargePoint designs, develops and manufactures hardware, and accompanying software as well as a cloud subscription platform, for electric vehicles. The company might be best known for its branded public and semi-public charging spots that consumers use to charge their personal electric cars and SUVs as well as its home chargers. However, ChargePoint also has a commercial-focused business that provides hardware and software to help fleet operators manage their delivery vans, buses and cars. In all, the company has more than 114,000 charging spots globally.
ChargePoint President and CEO Pasquale Romano said the shift towards electrification is intensifying for mainstream businesses and fleet operators. The new capital will help the company’s expansion plans keep on pace with the market, he added. Specifically, the funds will be used to commercial and fleet portfolio in North America and Europe and continue to scale policy, marketing and sales efforts.