Daimler AG has become the lead investor in ChargePoint, Inc. and will receive a seat on the company’s board of directors following the American electric vehicle (EV) vendor’s latest round of funding.
Daimler and ChargePoint say they are pursuing the same goal of promoting electric mobility through the targeted expansion of infrastructure and services. ChargePoint currently has more than 33,000 charging spots at more than 7,000 sites in North America. Now, the company is looking to expand its reach particularly in the European market. Daimler hopes to accelerate the move to Europe with its investment in the company.
Daimler joins BMW and Volkswagen as investors. BMW and Volkswagen last year signed an agreement to install 95 new DC fast-charging stations along a corridor that stretches from the east coast of the U.S. to the west coast. Daimler and ChargePoint say their collaboration will supplement existing alliances and joint ventures in order to expand the ecosystem for electric mobility.
For Daimler, the move is a step forward in its CASE strategy, in particular in regard to its EQ brand, where it plans to bundle its know-how in the field of intelligent electric mobility in future Mercedes-Benz products. Daimler plans to invest about $10.5 billion in the expansion of its product portfolio under its EQ brand with the focus of the expansion on electric mobility, including charging services for not just the road but also the home (in the form of energy storage units) and at work.
“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,” says 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 will lay the groundwork for Europe's most comprehensive charging network ever.”