ChargePoint Raises $82 Million to Pave the Way for e-Mobility in Europe
March 2, 2017
For Immediate Release
Daimler leads funding round, underscores collective commitment to establishing the continent’s most comprehensive electric vehicle charging network ever developed
Campbell, CA (USA) and Stuttgart, Germany – March 2, 2017 — ChargePoint, the world’s largest electric vehicle (EV) charging network, today announced it has secured an initial $82 million in funding, part of a larger multi-million dollar fundraise, led by Daimler. The first close of the company’s latest fundraising round is the largest in the Silicon Valley company’s history. The investment will support the expansion of the company’s charging network into Europe, enabling the region to complete the shift to e-mobility.
Existing investors BMW i Ventures, Linse Capital, Rho Capital Partners, and Braemar Energy Ventures also participated in this latest fundraising round. To date, ChargePoint has raised more than $255 million, a testament to ChargePoint’s proven business model that underscores a collective commitment to electric mobility worldwide. As more types of vehicles become electrified, such as trucks and buses, this new funding will help ensure ChargePoint is ready.
“The automobile industry is at an inflection point, with more vehicles coming onto the market offering highly advanced electric powertrains than any other time in the world’s history,” said Pasquale Romano, CEO of ChargePoint. “The significant investment by our lead investor Daimler and others not only underscores a collective commitment to e-mobility around the world, but lays the groundwork for Europe's most comprehensive charging network."
ChargePoint already makes it easy for drivers in North America to charge an EV everywhere they go, with more than 33,000 charging ports where they can refuel. Thousands of drivers have selected ChargePoint to meet EV charging needs with more than 6,500 companies selecting the brand for their employees, customers, fleets and tenants. Now, ChargePoint is committed to bringing EV drivers in Europe the same level of convenience that makes the charging experience effortless.
ChargePoint also announced the appointment of Daimler AG executive Axel Harries to the company’s Board of Directors. Harries has a deep history with Daimler, serving in a number of management roles including Vice President of Quality and Director of Mercedes-Benz G GmbH, as well as on teams including Commercial Vehicles and e-Business. In his current role, Harries is responsible for shaping the newly established CASE-unit within Daimler (Connected, Autonomous, Sharing & Services, and Electric Drive), charged with developing technologies and innovations for next generation Mercedes-Benz vehicles, particularly the new electric product brand, EQ.
“While pursuing the systematic expansion of our CASE ecosystem based on our new product brand EQ, we also remain open and ready for partnerships and cooperation at the highest level. ChargePoint is a company of experts in the field of electric mobility charging solutions with a great deal of know-how in both hardware and software. Together we will be able to significantly expand the product portfolio in the area of intelligent charging solutions and provide the customer with an all-embracing premium offer for electric mobility," he said.
ChargePoint is the only company that offers a charging solution for every part of an EV driver’s life—at home, at work, around town and on the road. This comprehensive product portfolio positions ChargePoint to offer the right innovation for each market in Europe and meet a variety of driver needs. Painstakingly engineered by EV charging experts, ChargePoint hardware and software solutions make it easy for drivers to charge and simple for station owners to manage with custom access controls, pricing and reporting tools, among other smart features. In addition to advancing e-mobility in the region with innovative technology, ChargePoint will build on its long history in North America of promoting EV-friendly policies through partnerships with policymakers, utilities and automakers in Europe.
More than 20 European countries already provide attractive incentives for purchasing EVs, which has helped make Europe the world’s second-largest EV market. As more EVs hit more European roads, the need for a comprehensive charging network is more important than ever. Currently, there are dozens of providers of EV charging hardware, software and driver networks in a fragmented market. They all work differently and often require drivers to sign up for separate accounts, which creates a confusing and cumbersome charging experience for EV drivers.
ChargePoint is committed to being the first company to introduce a complete charging solution that serves EV drivers in Europe everywhere they go. By collaborating with innovative companies like Daimler, one of the largest producers of premium vehicles and a world leader and pioneer in automotive electrification, ChargePoint will be able to lay the foundation for Europe’s most comprehensive and intelligent charging network.
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.