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ChargePoint Raises $50 Million in Funding to Expand Electric Car Charging Stations

05 May 2016

Despite numerous solutions already on the market or in development in the electric car recharging market, venture capital firms are still betting there is money to be had as ChargePoint has raised $50 million to bring its technology mainstream.

With numerous announcements from virtually every traditional automotive manufacturer developing its own electric vehicles (EVs) and numerous non-traditional players such as Tesla, Faraday Future, LeEco and more announcing their own cars, new rounds of investment in EV charging isn’t shocking, especially with growing interest among consumers.

The ChargePoint home recharging station is just one of the solutions that will be expanded as a result of additional funding raised.  The ChargePoint home recharging station is just one of the solutions that will be expanded as a result of additional funding raised. ChargePoint features more than 28,000 charging spots in North America, making it one of the largest recharging companies in the world. In order to expand its presence in the EV recharging market, the company has raised $50 million, bringing its total to $164 million over the course of the company’s history. This new round of funding was led by Linse Capital with participation also from Braemar Energy Ventures and Constellation Energy.

“You only have to look at the excitement around the recent EV announcements to realize EVs are the future of the auto industry,” says Pasquale Romano, CEO of ChargePoint. The funding will be used to scale the charging station service to meet the needs of future EV drivers and companies wishing to install EV charging in their parking lots, Romano says.

ChargePoint’s stations are independently owned and operated while still being connected to the overall ChargePoint network. ChargePoint entered the home residential charging market last year, allowing for drivers to use their own charging service at home to get around town or go to work. The funding will expand both ChargePoint’s home and public charging business in anticipation of the growing demand for EVs worldwide.

To contact the author of this article, email engineering360editors@ihs.com

To contact the author of this article, email Peter.Brown@ieeeglobalspec.com


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