Chevron Among Those Making Bets on ChargePoint for Electric Cars

Bloomberg
Mark Chediak

November 28, 2018

A ChargePoint Inc. charging plug.

A ChargePoint Inc. charging plug. Photographer: Dania Maxwell/Bloomberg

  • ChargePoint raised $240 million in funding to expand network
  • Company has more than 57,000 charging points worldwide

ChargePoint Inc., one of the largest operators of electric-vehicle charging networks, said it has raised $240 million from investors including oil giant Chevron Corp. and automaker Daimler AG.

The series H round was led by Quantum Energy Partners LLC and involved other new investors including U.S. utility giant American Electric Power Co., Canada Pension Plan Investment Board and GIC Pte Ltd., according to a statement Wednesday by the Campbell, California-based company. Existing investors including BMW and Siemens AG also participated in the round.

ChargePoint said the financing will help it expand its network of ports for charging cars in North America and Europe. The company has raised more than half a billion dollars in funding and has more than 57,000 independently owned charging locations.