ChargePoint Secures $240 Million in Series H Funding as Electric Mobility Revolution Accelerates
November 28, 2018
For Immediate Release
EV charging leader announces largest fundraise to date, to scale up for increased passenger vehicle charging and mobility’s transition to electric fleets.
CAMPBELL, Calif — November 28, 2018 — ChargePoint, the world’s leading electric vehicle (EV) charging network, today announced that it has secured $240 million in Series H funding, the largest in its history. The investors reflect a diverse set of participants, from early market to institutional investors across the energy, financial, venture capital, oil and gas, utility, manufacturing, technology and automotive sectors. The latest fundraising effort comes during the company’s most aggressive growth period in its history, powered by a broad solution portfolio that is accelerating the mass adoption of electric mobility for drivers and businesses.
New investors in the round include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision, Daimler Trucks & Buses, GIC, and Quantum Energy Partners (lead investor). Existing investors include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens. Jeffrey Harris, a Venture Partner at Quantum Energy Partners, will join the ChargePoint board of directors.
“The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification. Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate,” said Pasquale Romano, President and CEO, ChargePoint.
Investor excitement in ChargePoint’s future underscores the need for comprehensive charging solutions required to power electric mobility of all forms including electric buses, trucks, and beyond. With recent executive appointments, ChargePoint has expanded its portfolio to facilitate the global transition to electric fleets, which are an essential component of enabling a sustainable and efficient mobility future, as they will drastically reduce traffic congestion and greenhouse gas emissions, enhancing transportation efficiency and greatly contributing to the clean energy economy. ChargePoint will use the latest funding in part to further expand its network, continue to build its footprint in Europe and North America, improve the experience for EV drivers, and expand solutions for fleets as the market quickly approaches the mass adoption of electrified transportation.
To date, ChargePoint has raised more than half a billion in funding to enable the most comprehensive smart EV charging network around the world. The company’s latest fundraise comes just over a year from the Series G funding round that fueled ChargePoint’s introduction in Europe. In just 18 months, ChargePoint has established a team to support pan-European expansion. In addition, ChargePoint now offers a comprehensive suite of charging solutions that are being deployed across the region.
ChargePoint is creating the new fueling network to move all people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 88 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or Investor Relations.
All statements other than statements of historical facts contained herein are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These statements are based on various assumptions, whether or not identified herein, and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor or any other person as a guarantee, an assurance, a prediction or a definitive statement of, fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. These forward-looking statements, including those related to our ability to execute our strategic plan and the global shift to electrified mobility, are based on current expectations that are subject to a number of known and unknown risks and uncertainties. Investors are encouraged to review the other risks and uncertainties indicated in the proxy statement/prospectus/consent solicitation statement filed in connection with the business combination, including those under “Risk Factors” therein, and other documents filed or to be with the Securities and Exchange Commission by ChargePoint. In addition, forward-looking statements reflect ChargePoint’s views, expectations, plans or forecasts of future events as of the date hereof and should not be relied upon as representing ChargePoint’s assessments as of any date subsequent to the date hereof. ChargePoint anticipates that subsequent events and developments will cause ChargePoint’s assessments to change. Accordingly, undue reliance should not be placed upon the forward-looking statements. Although ChargePoint may from time to time voluntarily update its prior forward-looking statements, ChargePoint specifically disclaims any obligation to do so whether as a result of new information, future events, changes in assumptions or otherwise, except as required by applicable securities laws.
- Darryll Harrison
- Senior Director, Global Communications and Social Media
- Dan Oppenheim, Financial Profiles, Inc. (on behalf of ChargePoint Holdings, Inc.)
- Senior Director, Global Communications and Social Media
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 braemarenergy.com.
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