2017/03/02

ChargePoint Raises $82 Million From Daimler, Others To Build EV Charging Network In Europe

ChargePoint Express Plus (Photo Credit: ChargePoint)

Silicon Valley-based ChargePoint, the leading provider of charging systems for electric vehicles, says it has secured $82 million in additional funding, led by the German carmaker Daimler AG, to expand the company's charging network into Europe.
The latest fundraising round is the largest in the Campbell, Calif.-based company's history, bringing its total capital raised to nearly $300 million. Existing investors BMW i Ventures, Linse Capital, Rho Capital Partners, and Braemar Energy Ventures also participated.

“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 will lay the groundwork for Europe's most comprehensive charging network."

ChargePoint already has more than 33,000 charging ports at more than 7,000 sites in North America, and is now expanding into Europe, where incentives for electric vehicle purchases have made it the world's second-largest EV market.

ChargePoint said Daimler executive Axel Harries will join its board of directors as part of the new investment. Harries is responsible for shaping Daimler’s newly established CASE (Connected, Autonomous, Sharing & Services, and Electric Drive) division.
“Daimler is committed to supporting the future of e-mobility with a full ecosystem of connected, autonomous, shared and electric transit solutions,” said Harries. “ChargePoint is the benchmark in the EV charging space, offering world-class solutions that help to address some of the fragmentation in Europe and accelerate the market’s shift toward e-mobility."
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