Constellation Technology Ventures Invests in ChargePoint
As promised, ChargePoint found an investor for an additional $4 million, thus completing the latest round of $27 million funding.
On-board with ChargePoint is now Constellation Technology Ventures, the venture capital arm of Exelon Corporation.
Pasquale Romano, ChargePoint’s CEO stated:
“It is clear with rapid sales growth and increased adoption the EV market is reaching a tipping point and as it continues to grow, demand on the grid will increase. This investment and partnership with Constellation will help ChargePoint develop a long term energy management solution while continuing to build on our robust EV charging network.”
Michael Smith, Constellation vice president and head of Constellation Technology Ventures remarked:
“ChargePoint continues to expand the electric vehicle market and has maintained a leading position in this rapidly growing market. By investing in ChargePoint, we are able to leverage customer relationships, explore new financing mechanisms and jointly develop a strategy to meaningfully engage with the utility sector.”
Since 2007, ChargePoint has raised nearly $114 million, which brings us to the interesting ratio of some $6,300 per charging point connected to the network (total more than 18,000).
This is especially interesting because ChargePoint does not own the charging stations, just the system. So, this must be somehow related to the average cost of building such a network (and also developing its own AC charging stations).
“Currently, ChargePoint’s advanced technology allows station owners to manage load by centrally and dynamically adjusting energy flow to stations. ChargePoint can also see precisely where on the grid EV charging electricity is being drawn to gather data for grid management. With flexible pricing, station owners can also incent drivers to plug in during off-hours and discourage excessive use during peak hours in order to reach optimal load.”
“ChargePoint’s network reaches across the nation with over 18,000 level 2 and DC fast charging locations. ChargePoint’s stations are independently owned, giving station owners flexible pricing and access control. Companies often provide charging to attract and retain customers and employees, while attaining sustainability goals. Through ChargePoint, businesses can realize the financial, employee satisfaction and environmental benefits of offering EV charging. ChargePoint’s real-time network information, including the availability of charging locations throughout the nation, is available through the ChargePoint mobile app, online and via the navigation systems in top-selling EVs.”
One of the next important steps for ChargePoint will be increasing the number of DC fast chargers, which now are reaching roughly 100 units. The recently unveiled BMW low-cost DC fast chargers should help.