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.
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ChargePoint announces $127 million in incremental equity financing to accelerate the expansion of ChargePoint’s global commercial and fleet businesses. (Photo: Business Wire)
“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 portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware is designed internally and includes options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and fleets of all types. To date, ChargePoint’s network has grown to more than 114,000 places to charge and 80 million charging sessions, with drivers plugging in approximately every two seconds. ChargePoint is creating the new fueling network to move all people and goods on electricity. For more information, visit the ChargePoint pressroom or contact the North American press office or European press office.