ChargePoint Scores $50 Million In Funding

1 year ago by Eric Loveday 15

ChargePoint Express 100

ChargePoint Express 100

ChargePoint just announced that it secured an additional $50 million in its latest round of funding led by Linse Capital, with participation from insiders including Braemar Energy Ventures and Constellation Energy. This brings total funding to over $164 million, according to ChargePoint.

Pasquale Romano, CEO of ChargePoint, had this to say in regards to funding and the electric car industry in general:

“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 the mainstream.”

“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.”

Additionally, ChargePoint says that it now has a network of 28,000 charging spots in North America. That figure doesn’t include home charging stations.

Lastly, ChargePoint announced that current board member Bruce Chizen will have an expanded role going forward:

“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-profits.”

Full press release below:

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

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

ChargePoint CCS Fast Charger

ChargePoint CCS Fast Charger

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 the 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-profits.

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15 responses to "ChargePoint Scores $50 Million In Funding"

  1. Texas FFE says:

    Good to know that ChargePoint has some new capital but what are they going to spend it on? Are they going to invest in new charging station and if so, where and how many?

    1. Dave R says:

      Chargepoint does not own the stations once installed, they sell the hardware to the end user and then sell connectivity services and service contracts.

      Hopefully they use the money to bring down the price of their hardware and network services as they charge quite a premium.

  2. jimstack007 says:

    In our area Charge Point only have Level 2 charging. Most drivers want more speed with DC Fast Charging. It seems they should offer DC FC along highways and L2 in cities to really grow and meet the demands of 200+ mile range EV’s

  3. Speculawyer says:

    I’m happy with my ChargePoint L2 experiences. I hope they keep going.

  4. Ken_3 says:

    And what standard fast charging will be used?

    1. mustang_sallad says:

      ChargePoint offers both 25kW units that are CCS only, and 50kW units that are dual standard. They’ve been installing the 25kW units for about a year now, and the 50kW units are starting to pop up as well. Presumably they’ll shift more and more towards the 50kW units as time goes on, and presumably beyond that eventually to 100kW or more as we see EVs with bigger batteries hitting the market. I would assume that this funding will help them develop new higher power DCFC stations.

  5. HVACman says:

    If one goes to plugshare.com, one will see that Chargepoint has quietly been installing a network of CCS FCDC 25 and 50 kW chargers throughout northern California in what used to be a FCDC “desert”. If you like beer and great food, Sierra Nevada Brewery in Chico has a CCS at their main brewery/pub facility, along with two L2 chargers.

    Chargepoint and other 3rd party charging companies also were recently awarded state grant money to further expand the FCDC network along I-5 and secondary highways. By this time next year, an EV with CCS and with at least 120 miles range should be able to go just about anywhere in northern California and from Mexico to Canada along I-5 and Highway 101.

    The build-out is happening, albeit under the radar. It took a while, but the capital and hardware for an open public FCDC network finally is falling into place.

    1. SparkEV says:

      Even today, you can travel from Mexico border all the way to Portland using CCS using SparkEV. There was some discussion on charging when some guy in Canada wanted to buy SparkEV to drive it home. With just one or two additional DCFC in OR, there would be full DCFC path from Mexico to Canada with even 80 miles range EV.

  6. John says:

    Good. I hope they spend some of it and the recent California Energy Commission grants on getting more DC fast chargers installed. California still has almost 200 miles of the I5 and 99 without any dual standard public fast charging, from just south of Fresno to Santa Clarita. The stretch from Bakersfield to Santa Clarita has no fast chargers of any kind (except Tesla’s supercharger at Wheeler Ridge).

    1. Texas FFE says:

      I applaud the progress California has made in developing DCFC infrastructure but I also think you all are getting a little greedy. There are already enough DCFC charging stations to fast charge from San Diego to Seattle, by way of PCH, even with a first generation EV. For most of the Midwest it’s impossible to fast charge between cities or even between states due to the lack of DCFC infrastructure.

      1. John says:

        I live in the southern San Joaquin Valley, so the particular deficiency I highlighted affects me and numerous other local EV owners directly, just as the lack of DCFC in Texas apparently affects you. If a desire to correct such a deficiency is greedy then I guess we both are. 🙂

  7. Texas FFE says:

    ChargePoint has done a great job developing north-south DCFC corridors along the east and west coasts. Now ChargePoint needs to invest in east-west DCFC corridors, say from Jacksonville, FL to Los Angeles, CA and from New York, NY to Seattle, WA. How about a DCFC corridor from Washington, D.C. To San Francisco, CA.

    I hate to be pushy but we need a few more north-south DCFC corridors. I-15, I-25, I-35 and I-55 all need DCFC stations. Maybe when congress defines the alternative fuel corridors later this year when can start getting federal incentive money to develop these DCFC corridors.

    1. MikeG says:

      With the CP model of selling you hardware, who will want to make the investment in charging infrastructure in East Whistledick if there is there is limited demand?
      The EVSE will need maintenance and unused hardware often gets vandalized.

      1. Texas FFE says:

        Build it and they will come. EVgo just installed a dual charger in Bentoville, AR, the only CCS charger within hundreds of miles. Tesla thinks it’s worth it, their supercharger network crisis crosses the country and, judging from the Model 3 preorders, maybe they are right.