On March 2, electric vehicle charging provider ChargePoint announced that it has raised $82 million USD in its latest funding round. This investment is led by Daimler AG and also includes BMW i Ventures, Linse Capital, Rho Capital Partners and Braemar Energy Ventures. ChargePoint will use the money to support the expansion of its electric vehicle (EV) charging network into Europe. Thanks to generous purchasing incentives available in over 20 countries, Europe is the world’s second-largest EV market. Europe’s EV charging network must continue to grow in order to support the uptake of EVs in the region.
ChargePoint is currently the market leader in EV charging in North America with over 33,000 charging ports available across more than 7,000 sites. The EV charging provider is actively involved in promoting EV-friendly policies through partnerships with policymakers, utilities and automakers.
“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.”
Daimler AG executive Axel Harries has been appointed a seat on ChargePoint’s Board of Directors. Harries is currently involved in Daimler’s CASE-unit (Connected, Autonomous, Sharing & Services, and Electric Drive) in which he is helping develop technologies and innovations for next-generation Mercedes-Benz vehicles. In coming years, Daimler is investing around €10 billion in the expansion of its product portfolio under the new EQ (“Electric Intelligence”) brand. The EQ brand kicked off at the 2016 Paris Motor Show with the unveiling of the all-electric “Concept EQ”. The platform used for the “Concept EQ” is scalable, allowing for varying wheelbases and track widths.
“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,” Harries said. “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.”
There are currently dozens of EV charging options in Europe, each with their own hardware, software and driver networks. They all work differently, often requiring drivers to sign up for separate accounts. ChargePoint relies on the standardised Combined Charging System (CCS), which provides maximum compatibility for future EVs of all makes. ChargePoint’s goal is to offer EV drivers in Europe seamless charging at home, at work, around town and on the road.
Source/s: ChargePoint, Daimler.