Siemens Helps ChargePoint Reach New $43 Million Funding Round

5 months ago by Sebastian Blanco 15

Siemens futuristic graphic

Fresh off taking over all of GE’s charging locations, ChargePoint is announcing that it has closed yet another funding round, bringing its Series G funding to $125 million. The new funding round of $43 million was led by German company Siemens and is going to help the company continue to expand in Europe.

ChargePoint Power Express Plus debuted this year in Las Vegas at CES – up to 400 kW outputs (details)

Siemens first invested in ChargePoint in 2010, and Siemens Energy Management has deals with ChargePoint to work together on DC fast charging tech.

This latest funding round is, “in line with Siemens’ general commitment to support the expansion of e-mobility in the European Union (EU),” according to the official statement. Even though ChargePoint already operates over 35,900 charging spots around the world, Siemens expects the e-mobility to, “grow significantly” in the future, and thus, “sees a wider range of opportunities for future cooperation through complementary offerings addressing the full scope of its customers’ charging infrastructure needs.”

Seimens has other investments in electromobility as well, including a joint venture with Valeo and work with Volvo on electric buses, among others.

Press Release:

ChargePoint Closes $43 Million with Funding from Siemens, Bringing Series G Round to $125 Million and Catapulting European Expansion Efforts



Siemens Energy Management demonstrates its commitment to accelerating the adoption of EVs in Europe by increasing its financial investment in ChargePoint, a leader in electric vehicle charging

Campbell, CA (USA) and Munich, Germany – June 29, 2017 – ChargePoint, one of the world’s largest electric vehicle (EV) charging networks, today announced that it secured an additional $43 million in funding. With participation from technology leader Siemens, this new funding will help to further accelerate the company’s commitment to e-mobility across Europe. The latest funding follows an initial $82 million investment and closes the total Series G round at $125 million, led by Daimler. The investment round will contribute to ongoing efforts to develop, with customers and complementary partners, a comprehensive EV charging network and enable ChargePoint’s full range of charging solutions for passenger cars, electric buses and trucks to be deployed across the region.

Siemens is a global powerhouse in electrical engineering and electronics providing a wide range of transportation electrification products and services to electric utilities as well as to industrial and infrastructure customers. Siemens Energy Management is a current supplier to ChargePoint for complementary DC charging technology. Siemens has been an investor in ChargePoint since 2010. The new investment in ChargePoint is in line with Siemens’ general commitment to support the expansion of e-mobility in the European Union (EU). As the market for e-mobility is expected to grow significantly, Siemens Energy Management sees a wider range of opportunities for future cooperation through complementary offerings addressing the full scope of its customers’ charging infrastructure needs.

daimler ev at chargepoint station

Mercedes-Benz EQ Concept Getting A Boost From (up to) 400 kW ChargePoint Station

“ChargePoint is committed to laying a foundation for the future of mobility and this latest investment by Siemens Energy Management will further catapult our vision of creating the most ubiquitous and easy-to-use charging network Europe has ever seen,” said Pasquale Romano, President and CEO, ChargePoint, Inc. “Investment and partnerships with technology leaders like Siemens will enable our team to accelerate the expansion in Europe and encourage EV adoption in the region. Growing support from influential industry players and investors demonstrates widespread confidence in our business model and product and service portfolio.”

ChargePoint also announced the appointment of Ralf Christian, CEO of the Siemens Energy Management Division, to the company’s Board of Directors. Christian has more than 28 years of experience at Siemens. Prior to his current role, he served as CEO in several businesses, including Low and Medium Voltage Distribution, High Voltage Transmission and Smart Power Distribution. Christian’s deep knowledge of the power, energy and smart cities sectors, coupled with years of experience in positions throughout Siemens, make him an impactful addition to the ChargePoint Board.

“ChargePoint is a very successful company in the area of charging infrastructure for electric vehicles. Our investment represents an acknowledgement by Siemens of the future and the potential of electromobility,” says Christian. “Siemens will support ChargePoint with its complementary technology portfolio and facilitate the integration of vehicle charging into modern power grids. I look forward to successful collaboration with ChargePoint for their expansion in Europe, including in my additional role as a member of the Board.”

In addition to Daimler and Siemens, other existing investors Linse Capital, Rho Capital Partners, BMW i Ventures and Braemar Energy Ventures also participated in Series G fundraising.

ChargePoint already helps drivers globally charge up everywhere they go, with more than 35,900 charging spots near where they live, work and play. More than 7,000 companies have already partnered with ChargePoint and hundreds of thousands of drivers have chosen the ChargePoint network to meet their charging needs. The ChargePoint network enables drivers to find stations and monitor energy usage and gives station owners remote monitoring of stations, detailed station analytics and reports on information such as usage and greenhouse gas emissions avoided.

 

Source: ChargePoint

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15 responses to "Siemens Helps ChargePoint Reach New $43 Million Funding Round"

  1. unlucky says:

    I’m glad to see them continuing forward. When I talked to them a couple years ago they just seemed super broke. They said they couldn’t afford to hire (or contract) engineers to improve their software.

    Obviously they’ve been doing better than that recently because they came up with the money to purchase GE’s installed systems. But hopefully this kind of money is sufficient to let them actually develop their promised 350kW charging system to a level where it can be deployed.

  2. James says:

    That’s good news. Chargepoint does things right and I like the ease if their service. Super nice that they take Apple Pay at the station. Wish they’d take over Blink, which is just a mess.

    1. unlucky says:

      Blink is the worst. When Howland was complaining about ChargePoint mismanaging their grants it was all I could do not to open up about Blink.

      Blink was built on grants. That’s not that bad. But they also built a terrible system. They had the famous J1772 handle problem which meant most of their AV chargers had to be derated to 3.3kW.

      And then when they started to charge for DCFC people started defacing the DCFC stations. Blink had misdesigned the stations such that they could only be operated from the keypad and screen on the station. So after the stations were defaced they were inoperable. If you called and begged Blink could start the charger but couldn’t bill it to you so they were reticent to do it.

      They had an app all this time but it only let you find and monitor stations, you couldn’t start them. Finally, after months of their DCFC stations being virtually all broken they made it possible to start them from the app. But most of their AC chargers are still 3.3kW only.

      Shortly after all this they were sold off for a pittance because they just couldn’t manage to operate it as a business.

      Did they ever convert any DCFC stations to support CCS? They had two CHAdeMO connectors on each with the idea of converting one of the connectors if CCS took off. Did they ever do it? I wouldn’t know since I won’t use a Blink charger anymore except as a last resort. And I’ve never been that desperate.

  3. I agree I have had good luck at ChargePoint

  4. Tom says:

    Eventually the ‘gas station’ model will come into play. A place with 20 or more charging stations where it’s a 15 minute thing and you go in and get a soda and some coffee and maybe a muffin etc. You wash your windows and pretty quick you are off. This idea of charging points in parking lots isolated seems weird and not sustainable.

    1. Ziv says:

      I am kind of hoping that they team up with existing businesses in a symbiotic relationship. I am not a McDonalds fan, but I can enjoy a McDouble and a coffee while I am charing at a Chargepoint DCFC’er.
      Starbucks/Peets/Caribou would be a better fit, but few of the Starbucks/Peets/Caribou near me have their own parking lots. It seems like they would be better fits outside the DC metro area.
      The most important thing for ChargePoint to do, though, is to emulate Teslas emphasis on putting the chargers near interstate entrances.

      1. menorman says:

        Yes, and McDonald’s has wifi at nearly all its stores, as do a great many other fast food restaurants. That’s an advertising opportunity ripe for exploitation.

    2. Asak says:

      A lot of the chargers are currently in mall or strip mall parking lots, so you already can usually find a restaurant around. I think EV charging will be different than gas stations. Since you don’t need the specialized equipment like gasoline storage tanks and gas pumps and because charging generally takes longer than filling up, you don’t have to have the chargers isolated to “gas station” type locations. A parking lot at a mall actually makes a lot more sense.

    3. SparkEV says:

      With SparkEV, it’s already 15 minutes for DCFC. In past 104 DCFC charging, average time is 15 minutes, median is 15.5 minutes, standard deviation is 4 minutes. Living the future, baby, yeah!

      Data is here, you have to run the average, etc. yourself.

      http://sparkev.blogspot.com/2017/05/year-of-dc-fast-charging-and-battery.html

      Almost all the Leaf, i3, eGolf, Soul, etc. take 30 minutes, and several that took an hour.

    4. wavelet says:

      Why just “like”, and not _actual_ gas stations?
      Not all gas station locations are suitable for chargers and vice versa, of course, but there will be decades when both ICE and BEVs (not to mention PHEVs) will be in use in parallel. Gas stations near highways/freeways could add chargers at a pretty low incremental cost, and once EV share of cars on the road starts being significant (10%+), these gas stations will be looking for revenue sources to make up for lower ICE traffic anyway.

  5. hpver says:

    This is good news. Glad to see ChargePoint expanding. They deserve it. Reliable stations and good service. On reliability, I’d say they’re better than EvGo, and certainly infinitely better than Blink.

  6. CCIE says:

    Wow, totally different tone to these comments, compared to the ones in the post about ChargePoint buying GE’s stations.

    Let me throw some cold water on that. Chargepoint gouges both the station owners and charging clients. They may say that the station owners set pricing. But, for any price besides free, the ChargePoint backend fees & cut of the charging fees force the station owners to overcharge.

    On top of the overcharging, since ChargePoint doesn’t own the chargers, it takes a long time (if ever) for broken stations to be fixed. I’ve seen this start to happen around me as older ChargePoint units die and the owners don’t want to pay ChargePoints crazy rates to have them fixed.

    EVGO has a much better model. They own the stations, provide a few fixed pricing plans, and take responsibility for broken units.

    1. Brandon says:

      I agree with your comments. Very good assessment and truth.

    2. unlucky says:

      Company has to raise money to continue. But yet you say they must be gouging.

      If they are gouging, why do they need money? Maybe they have a big embezzlement problem?

  7. wavelet says:

    Good to see serious amounts of private investment from serious companies in infrastructure; this type of money is less likely than grant money to end up wasted (I’m not opposed to grants to jump start things, but if private investment is available, it’s preferable).

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