ChargePoint Secures $240 Million In Series H Funding

NOV 28 2018 BY MARK KANE 7

ChargePoint raised $240 million to keep growing.

ChargePoint announced another successful round of funding. The latest Series H enabled it to raise $240 million, which is the largest round so far. Since inception, ChargePoint has raised more than $500 million.

ChargePoint was able to attract investors from various businesses as electric mobility expands quicker than ever.

“The investors reflect a diverse set of participants, from early market to institutional investors across the energy, financial, venture capital, oil and gas, utility, manufacturing, technology and automotive sectors. The latest fundraising effort comes during the company’s most aggressive growth period in its history, powered by a broad solution portfolio that is accelerating the mass adoption of electric mobility for drivers and businesses.”

Here is a list of some new investors (alphabetically):

  • American Electric Power
  • Canada Pension Plan Investment Board
  • Chevron Technology Ventures
  • Clearvision
  • Daimler Trucks & Buses
  • GIC
  • Quantum Energy Partners (lead investor)

And here is a list of returning investors:

  • BMW i Ventures
  • Braemar Energy Ventures
  • Linse Capital
  • Siemens

Currently, ChargePoint manages a network of over 57,300 charging points (but doesn’t own the chargers), which is roughly 35% more than a year ago. The network includes 924 DC fast chargers (up by 42% within 12 months).

Since inception, ChargePoint has delivered more than 379 GWh of electricity. According to our estimations, more than 140 GWh was dispensed over the past 12 months.

The total number of charging sessions exceed 45 million and nearly 15 million falls upon the past 12 months. It leads us to the conclusion that the average amount of electricity dispensed per one charging session increased to 9.4 kWh.

“Investor excitement in ChargePoint’s future underscores the need for comprehensive charging solutions required to power electric mobility of all forms including electric buses, trucks, and beyond. With recent executive appointments, ChargePoint has expanded its portfolio to facilitate the global transition to electric fleets, which are an essential component of enabling a sustainable and efficient mobility future, as they will drastically reduce traffic congestion and greenhouse gas emissions, enhancing transportation efficiency and greatly contributing to the clean energy economy. ChargePoint will use the latest funding in part to further expand its network, continue to build its footprint in Europe and North America, improve the experience for EV drivers, and expand solutions for fleets as the market quickly approaches the mass adoption of electrified transportation.

To date, ChargePoint has raised more than half a billion in funding to enable the most comprehensive smart EV charging network around the world. The company’s latest fundraise comes just over a year from the Series G funding round that fueled ChargePoint’s introduction in Europe. In just 18 months, ChargePoint has established a team to support pan-European expansion. In addition, ChargePoint now offers a comprehensive suite of charging solutions that are being deployed across the region.”

Pasquale Romano, President and CEO, ChargePoint said:

“The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification. Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate,”

Categories: Charging

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7 Comments on "ChargePoint Secures $240 Million In Series H Funding"

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Vexar

I get business expansion, but here’s the question the investors probably know the answer to and this article does not reveal: what’s the cash flow situation for Chargepoint?

BoltEV (was SparkEV)

My question exactly. I just don’t see how charging business can be profitable in current business model. Unless tied to car sales like Tesla, I just don’t see it ever being cash positive. What’s the magic sauce?

Not an Investor

They must be doing well for investors to invest 2x the amount invested in the first 10 years, in only one round of funding.

Barry

Can InsideEvs please do some research about Chargepoint’s business model for DCFC stations? Tom Moloughney (sorry for mis-spelling his last name) has first hand knowledge of the problems withe the IES Synergy 24 kW CCS DCFC stations that Chargepoint sold to unsuspecting owners all over the country and maybe he could add to the research? Chargepoint does not own these stations and there are several in northern CA that have been broken for many months to up to a year. Since Chargepoint doesn’t own the stations, and since it seems there are many station owners that don’t care to repair the stations, these expensive and Chargepoint advertised stations are useless. It’s not right for Chargepoint to be getting money and for them to advertise enabling long distance travel when their stations are 1) constantly broken 2) unsupported by station owners and 3) unsupported by Chargepoint.

Steven Loveday

I will forward to Tom. Thanks.

ElonsBestFriend

@ Steven … thank you, sir!!

ElonsBestFriend

Yes! Awesome! Please do this!!!! Current examples: Redding Carls Jr. and Corning Olive Pit. If others then please do list them.