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 the leading electric vehicle (EV) charging network in the world, with charging solutions in every category EV drivers charge, at home, work, around town and on the road. With more than 57,000 independently owned public and semi-public charging spots and thousands of customers (businesses, cities, agencies and service providers), ChargePoint is the only charging technology company on the market that designs, develops and manufactures hardware and software solutions across every use case. Leading EV hardware makers and other partners rely on the ChargePoint network to make charging station details available in mobile apps, online and in navigation systems for popular EVs. ChargePoint drivers have completed more than 45 million charging sessions, saving upwards of 47 million gallons of gasoline and driving more than a billion gas-free miles on dispensed energy. For more information, visit www.chargepoint.com or contact the Global Press Office at firstname.lastname@example.org or European Press Office at email@example.com.
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 www.braemarenergy.com.
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