ChargePoint Raises $22.6 Million In Additional Venture Capital Funding

3 years ago by Mark Kane 6

Cadillac ELR connected to ChargePoint

Cadillac ELR connected to ChargePoint

ChargePoint Station

ChargePoint Station

ChargePoint recently raised $22.6 million of additional funding, reaching a level of over $110 million of total VC funding. To complete this round of $27 million, over $4 million still remains to be secured.

Among the investors are Rho Ventures, Kleiner Perkins Caufield & Byers (KPCB), Braemar Energy Ventures, Siemens Venture Capital GmbH, Voyager Capital and BMW.

Pasquale Romano, ChargePoint’s CEO stated:

“This additional round of funding demonstrates confidence in ChargePoint’s business model and our advanced technology, as well as the EV industry as a whole. With this financial support, ChargePoint will expand our network to enter into new markets and develop new products to coalesce the entire EV charging experience.”

Currently, ChargePoint has over 17,000 charging ports in its network, which are used on average every 10 seconds. ChargePoint already has over 4.5 million charging sessions under its belt.

ChargePoint would like to enter the residential charging station segment, as Forbes reported the CEO said “they’ll be using the new cash to expand its sales force to meet demand and move into residential charging stations. Figuring out how to get into the home will be a big step for the company.”

Michael Linse, Partner with KPCB remarked:

“KPCB partners with companies, like ChargePoint, that define and transform industries. ChargePoint has become a dominant player in a growing industry that they helped create. In this age of accelerating growth of drivers making the switch to electric, ChargePoint serves as a critical part of the EV ecosystem with the largest and most open electric vehicle charging network in the world.”

Mark Leschly, Managing Partner at Rho Ventures commented:

“With strategic insight into this rapidly expanding market and strong execution, ChargePoint has emerged as an industry leader. ChargePoint’s holistic approach results in the most advanced hardware and software, exceptional driver services and a model that makes offering EV charging good for any business. We look forward to continue supporting the company as the industry continues its exponential growth.”

Neil S. Suslak, Managing Partner with Braemar Energy Ventures said:

“It is no surprise that ChargePoint has become the pre-eminent EV charging provider. With superior cloud-based services and an innovative business model, ChargePointwill continue to help meet the needs of today’s EV drivers and accelerate the arrival of millions of new EVs before the decade is out.”

According to a Forbes article, investors believe that by 2020 or 2025 there will be “hundreds of thousands of charging stations” in the U.S. and 90-95% of them will be in ChargePoint network.

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6 responses to "ChargePoint Raises $22.6 Million In Additional Venture Capital Funding"

  1. Assaf says:

    If they’re so great and their business model is so innovative, how come they have yet to install a single useful L3 station on the major highways leading out of an EV hotspot like Seattle?

    I’ve had their keychain-card for a year now, and have never bothered to activate it with the $25 fee. I just never needed to use it.

    Or are they, too, still fooled by the idea that L2s in public places are more viable business than L3s on highways?

    1. Spec9 says:

      L3 is bogged down in a standards war. And the L3 chargers are very expensive to buy & install.

  2. pjwood says:

    “BMW” – A sure sign they are at the very least hedging for an EV future. If you want slow market development, you don’t go and do this kind of thing.

    1. Brian says:

      Wait, didn’t BMW state that public charging is not important?

      http://insideevs.com/bmw-board-member-public-charging-not-that-important/

  3. ggpa says:

    I think ChargePoint delivers a valuable service, but it costs way too much.

    Excluding this latest $22 million, it seems they raised $88 million in the past and have a network of 17000 chargers.

    But the problem is that ChargePoint owns very few of the chargers. They manage chargers owned by others, and they get paid quite well to do that.

    So what was the $88 million spent on?

    Does it really cost $5000 per node to manage someone else’s charger?

    Where did all the money go?

  4. James B. says:

    Over the last year, I’ve used at ChargePoint stations.
    1,737.234 Energy (kWh)
    729.638 GHG savings (kg)
    436 Total Charge Ups

    Best part? I’ve paid $62 total… and not used about 366 gallons of gas.

    The city offers unlimited charging for a fixed fee. I’m not sure how long that will last or at what rate.