ChargePoint Secures $240 Million in Series H Funding as Electric Mobility Revolution Accelerates
November 28, 2018
For Immediate Release
EV charging leader announces largest fundraise to date, to scale up for increased passenger vehicle charging and mobility’s transition to electric fleets.
CAMPBELL, Calif — November 28, 2018 — ChargePoint, the world’s leading electric vehicle (EV) charging network, today announced that it has secured $240 million in Series H funding, the largest in its history. The investors reflect a diverse set of participants, from early market to institutional investors across the energy, financial, venture capital, oil and gas, utility, manufacturing, technology and automotive sectors. The latest fundraising effort comes during the company’s most aggressive growth period in its history, powered by a broad solution portfolio that is accelerating the mass adoption of electric mobility for drivers and businesses.
New investors in the round include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision, Daimler Trucks & Buses, GIC, and Quantum Energy Partners (lead investor). Existing investors include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens. Jeffrey Harris, a Venture Partner at Quantum Energy Partners, will join the ChargePoint board of directors.
“The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification. Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate,” said Pasquale Romano, President and CEO, ChargePoint.
Investor excitement in ChargePoint’s future underscores the need for comprehensive charging solutions required to power electric mobility of all forms including electric buses, trucks, and beyond. With recent executive appointments, ChargePoint has expanded its portfolio to facilitate the global transition to electric fleets, which are an essential component of enabling a sustainable and efficient mobility future, as they will drastically reduce traffic congestion and greenhouse gas emissions, enhancing transportation efficiency and greatly contributing to the clean energy economy. ChargePoint will use the latest funding in part to further expand its network, continue to build its footprint in Europe and North America, improve the experience for EV drivers, and expand solutions for fleets as the market quickly approaches the mass adoption of electrified transportation.
To date, ChargePoint has raised more than half a billion in funding to enable the most comprehensive smart EV charging network around the world. The company’s latest fundraise comes just over a year from the Series G funding round that fueled ChargePoint’s introduction in Europe. In just 18 months, ChargePoint has established a team to support pan-European expansion. In addition, ChargePoint now offers a comprehensive suite of charging solutions that are being deployed across the region.
ChargePoint is creating a new fueling network to move 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 a comprehensive 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. 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.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements, including statements regarding the offering. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words.
The forward-looking statements contained in this press release are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: we are an early stage company with a history of losses, and expect to incur significant expenses and continuing losses for the near term; we may fail to grow effectively; we face competition from a number of companies and expect to face significant competition in the future; we may fail to effectively expand our sales and marketing capabilities; we face risks related to health pandemics, including the COVID-19 pandemic; we rely on a limited number of suppliers and manufacturers for our charging stations; our business is subject to risks associated with construction, cost overruns and delays; future acquisitions or strategic investments could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business and dilute stockholder value; we may be unable to attract and retain key employees and hire qualified management, technical, engineering and sales personnel; we are expanding operations internationally, which will expose us to additional tax, compliance, market and other risks; some members of our management have limited experience in operating a public company; we may need to raise additional funds and these funds may not be available when needed; our future revenue growth will depend on our ability to increase sales of our products and services; we are vulnerable to possible computer malware, viruses, ransomware, hacking, phishing attacks and similar disruptions; our headquarters and other facilities are located in an active earthquake zone; seasonality may cause fluctuations in our revenue; our future growth and success is correlated with and dependent upon the continuing rapid adoption of EVs for passenger and fleet applications; the EV market benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities and others to offset the purchase or operating costs; we may be unable to protect our technology and intellectual property from unauthorized use by third-parties; some of our products contain open-source software, which may pose particular risks to our proprietary software, products and services; we may be unable to remediate our material weaknesses or internal control over financial reporting; the concentration of ownership among our existing executive officers, directors and their affiliates may prevent new investors from influencing significant corporate decisions; we have never paid cash dividends on our capital stock and do not anticipate paying dividends in the foreseeable future; the price of our Common Stock may be subject to wide fluctuations; the coverage of our business or our securities by securities or industry analysts or the absence thereof could adversely affect the trading price and volume of our Common Stock and other securities; sales of a substantial number of shares of our Common Stock by our existing stockholders could cause the price of the Common Stock to decline; our warrants accounted for as a warrant liability; our limited operating history as a public company; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations at home, at work and on-route; our current dependence on sales of charging stations for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions; our ability to expand internationally; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; and the risk that our technology could have undetected defects or errors.
Although we have attempted to identify important risk factors, there may be other risk factors not presently known to us or that we presently believe are not material that could cause actual results and developments to differ materially from those made in or suggested by the forward-looking statements contained in this press release. If any of these risks materialize, or if any of the above assumptions underlying forward-looking statements prove incorrect, actual results and developments may differ materially from those made in or suggested by the forward-looking statements contained in this press release.
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- Patrick Hamer
- VP, Capital Markets and Investor Relations
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.