ChargePoint Secures Additional $127 Million in Funding
New investment positions ChargePoint for record growth with $660 million in total funding, enabling the most comprehensive global EV charging platform for businesses and fleets
Campbell, Calif. – August 5, 2020 – ChargePoint, the world’s leading electric vehicle (EV) charging network, today announced that it has closed $127 million in incremental equity financing. The funds will accelerate the expansion of ChargePoint’s global commercial and fleet businesses, supporting the world’s transition to electric mobility. In spite of the global pandemic, interest in transportation electrification continues to increase as growing expectations for climate change mitigation, improved transportation economics and on-demand delivery drive more investment.
“The shift to electric drive is intensifying for mainstream businesses and fleet operators, a transition poised to be one of the most significant transformations in modern history. The additional $127 million in funding provides capital to expand our investment as the market grows, underscoring investor confidence in the unprecedented potential of electric mobility as well as ChargePoint’s leadership across continents. With more than a decade of category leadership, ChargePoint is well positioned to continue the buildout of 21st century mobility infrastructure that will pave the way to the mass adoption of EVs,” said Pasquale Romano, President and CEO, ChargePoint.
The latest funding mirrors unprecedented interest in the EV market and underscores ChargePoint’s position as the provider with the most comprehensive portfolio of solutions in the industry. Continued investor commitment to ChargePoint reinforces the tremendous investment potential afforded by electrifying the movement of people and goods. ChargePoint will use the latest funding to expand its commercial and fleet portfolio in North America and Europe and continue to scale policy, marketing and sales efforts.
ChargePoint has been committed to making it easy for businesses and drivers to go electric since 2007, with the largest EV charging network and most complete set of charging solutions available today. From workplaces to fleet, residential to retail, ChargePoint is creating the new fueling network to move all people and goods on electricity. To date, ChargePoint’s network has grown to more than 108,100 places to charge with drivers plugging in approximately every two seconds while delivering more than 73 million charges. Thousands of businesses and organizations and hundreds of thousands of drivers and around the world count on ChargePoint. For more information, visit the ChargePoint press room or contact the North America press office at media@chargepoint.com.
