ChargePoint Raises $50 Million to Extend Market Leadership and Drive Electric Vehicles Into the Mainstream

May 4, 2016

For Immediate Release

World’s largest EV charging network elects former Adobe CEO Bruce Chizen to Chairman

Campbell, CA (May 4, 2016) Campbell, CA, May 4, 2016 - ChargePoint, the world’s largest electric vehicle (EV) charging network made two significant announcements that put it in a strong position to continue driving EVs into the mainstream. It has secured an additional $50 million in a funding round led by Linse Capital, with participation from insiders including Braemar Energy Ventures and Constellation Energy. ChargePoint has now raised over $164 million from leading investors including Rho Ventures, Kleiner Perkins Caufield & Byers, BMW iVentures and Siemens. Alongside the new funding, ChargePoint also announced an evolution of its board.

Current trends point to the mainstreaming of EVs. Global sales of EVs increased by 80 percent in 2015 alone to more than 565,000. Interest in EVs has strengthened substantially given the recent announcements of coming models by many auto manufacturers that dramatically increase the choices for consumers.

“You only have to look at the excitement around the recent EV announcements to realize EVs are the future of the auto industry. Since 2007 we’ve been building the charging infrastructure in North America by linking together the investments in EV charging equipment by individual companies into a single seamless network for drivers. We are well positioned to capitalize on the growth of electric vehicles as they transition to mainstream,” said Pasquale Romano, CEO of ChargePoint. “This latest round of funding for ChargePoint underscores confidence in our business model, technology and the consumer confidence in the EV industry as a whole. It will allow us to scale to service the needs of future EV drivers and companies wishing to install EV charging in their parking lots. ”

With a network that extends across more than 28,000 charging spots in North America, ChargePoint’s position as the clear market leader in the space is already well established. ChargePoint’s stations are independently owned and operated, giving station owners the freedom of flexible pricing and access control while being part of a larger recognized network. Through ChargePoint, businesses can align with their customers’ and employees’ shift towards electric drive for the benefit of their economics and the environment.

In 2015, ChargePoint also entered the residential market with the introduction of the fully networked ChargePoint Home product and its charging services for apartments and condominiums. This enabled a comprehensive charging experience from home to work to around town and out of town.

"For electric vehicles to replace the combustion engine, the charging infrastructure must be simple to use and ubiquitous. ChargePoint’s technology and partnerships with utilities, auto manufacturers and other industry players position it as the leader of an entire ecosystem that will deliver an unmatched charging experience for EV drivers,” said Michael Linse, Managing Director of Linse Capital. “This funding will accelerate ChargePoint’s ability to capitalize on that position in the North American market and replicate it in other markets around the world."

Linse Capital invests in late stage technology companies. Other investors who participated in the round, as a result of their investments with Linse Capital, include Statoil Energy Ventures, Envision Ventures, Jan Klatten, Michael Liebreich, and Rick Wagoner.

Board appointment

ChargePoint has expanded the role of current board member Bruce Chizen, former CEO of Adobe, to Chairman of the Board. Chizen’s customer-focused vision transformed Adobe into one of the world’s largest and most diversified software companies in terms of revenue, global reach and breadth of products. Prior to Adobe, Chizen spent time at Mattel Electronics and Microsoft. Chizen also currently serves on the boards of Oracle, Synopsys, Inc. and Ancestry.com as well as a number of non-profit boards.

About ChargePoint

ChargePoint is the leading electric vehicle (EV) charging network in the world, with charging solutions in every category EV drivers charge, at home, work, around town and on the road. With more than 57,000 independently owned public and semi-public charging spots and thousands of customers (businesses, cities, agencies and service providers), ChargePoint is the only charging technology company on the market that designs, develops and manufactures hardware and software solutions across every use case. Leading EV hardware makers and other partners rely on the ChargePoint network to make charging station details available in mobile apps, online and in navigation systems for popular EVs. ChargePoint drivers have completed more than 45 million charging sessions, saving upwards of 47 million gallons of gasoline and driving more than a billion gas-free miles on dispensed energy. For more information, visit www.chargepoint.com or contact the Global Press Office at media@chargepoint.com or European Press Office at europepressoffice@chargepoint.com.

Press Contacts

Maggie Habib
maggie@mpublicrelations.com
(415) 914-5210
media@chargepoint.com

About Braemar Energy Ventures

Braemar Energy Ventures is a venture capital firm focused on making investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, which can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at www.braemarenergy.com.

For more information

Jacqueline Schofield
Prosek Partners
Office: (203) 541-0903
Mobile: (508) 259-4474
jschofield@prosek.com