ChargePoint Raises $50 Million to Extend Market Leadership and Drive Electric Vehicles Into the Mainstream
May 4, 2016
For Immediate Release
World’s largest EV charging network elects former Adobe CEO Bruce Chizen to Chairman
Campbell, CA (May 4, 2016) Campbell, CA, May 4, 2016 - 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 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.
ChargePoint has expanded the role of current board member Bruce Chizen, former CEO of Adobe, to Chairman of the Board. Chizen’s customer-focused vision transformed Adobe into one of the world’s largest and most diversified software companies in terms of revenue, global reach and breadth of products. Prior to Adobe, Chizen spent time at Mattel Electronics and Microsoft. Chizen also currently serves on the boards of Oracle, Synopsys, Inc. and Ancestry.com as well as a number of non-profit boards.
ChargePoint is creating the new fueling network to move all people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 88 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or Investor Relations.
All statements other than statements of historical facts contained herein are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These statements are based on various assumptions, whether or not identified herein, and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor or any other person as a guarantee, an assurance, a prediction or a definitive statement of, fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. These forward-looking statements, including those related to our ability to execute our strategic plan and the global shift to electrified mobility, are based on current expectations that are subject to a number of known and unknown risks and uncertainties. Investors are encouraged to review the other risks and uncertainties indicated in the proxy statement/prospectus/consent solicitation statement filed in connection with the business combination, including those under “Risk Factors” therein, and other documents filed or to be with the Securities and Exchange Commission by ChargePoint. In addition, forward-looking statements reflect ChargePoint’s views, expectations, plans or forecasts of future events as of the date hereof and should not be relied upon as representing ChargePoint’s assessments as of any date subsequent to the date hereof. ChargePoint anticipates that subsequent events and developments will cause ChargePoint’s assessments to change. Accordingly, undue reliance should not be placed upon the forward-looking statements. Although ChargePoint may from time to time voluntarily update its prior forward-looking statements, ChargePoint specifically disclaims any obligation to do so whether as a result of new information, future events, changes in assumptions or otherwise, except as required by applicable securities laws.
- Darryll Harrison
- Senior Director, Global Communications and Social Media
- Dan Oppenheim, Financial Profiles, Inc. (on behalf of ChargePoint Holdings, Inc.)
- Senior Director, Global Communications and Social Media
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital firm focused on making investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, which can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at braemarenergy.com.
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