Constellation Technology Ventures Invests in ChargePoint

3 years ago by Mark Kane 6

ChargePoint Station

ChargePoint Station

ChargePoint Network (all AC L2 and DC fast)

ChargePoint Network (all AC L2 and DC fast)

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.”

ChargePoint Driving Rapid EV Adoption

ChargePoint Driving Rapid EV Adoption

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.

Tags: ,

6 responses to "Constellation Technology Ventures Invests in ChargePoint"

  1. ggpa says:

    Thanks for raising this point “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).”

    Where does all the money go???? ChargePoint starts by selling L2 EVSEs for $7000 and then needs another $6300 to network them?

    What is Constellation energy hoping to get for their $27 million?

    1. MTN Ranger says:

      You can’t just take the total investment and divide it by the number of charging stations! Obviously you have to run a company with that money. So there are other costs like offices, salaries, etc.

      1. ggpa says:

        MTN Ranger, of course it is a fair calculation to make, but, please defend them if you can. Please tell me what value Constellation energy is hoping to get for their millions?

        Also feel free to suggest a better way to measure Chargepoint’s performance?

        Remember, Chargepoint does not own the installed EVSEs, they get paid to manage them.

        Chargepoint sells L2 EVSEs for $7000, collect a monthly fee from the owner, and on top of that need $114 million.

        Feel free to drive past their small office. How many employees do you think they have? Enough to swallow $114 million? Really?

        If you feel the need to defend them, please go ahead and explain why they need so much cash.

        What I can see is this … at the moment, there are many companies who are installing chargers and investing in EV infrastructure, and there are companies like Chargepoint who is doing the opposite.

        Chargepoint is not investing in the EV market, instead they are collecting as much of other investors’ money as they can. The reason they are able to do that, is because most investors (like Constellation ?) might not know know it is silly to pay $7000 for a L2 EVSE.

        We should all be careful, these type of business practice might be giving the whole EV industry a bad rep.

        1. Spec9 says:

          Shhh. Do you want them to go bankrupt? Let people keep investing.

          1. ggpa says:

            🙂

            Isn’t it better for the EV community as a whole if available investment money is actually used to install EVSEs and chargers rather than siphoned off into their pockets?

  2. Spec9 says:

    I don’t know how they can make a rational business model out of it but I’m glad someone is continuing to invest. I use them occasionally . . . often they are free because some mall or city pays for them. But I’ll pay a few bucks when I need them.