ChargePoint Raises $82 Million to Pave the Way for e-Mobility in Europe
March 6, 2017
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ChargePoint recently announced it has secured an initial $82 million in funding, part of a larger multi-million dollar fundraise, led by Daimler. The first close of the company's latest fundraising round is the largest in the Silicon Valley company's history. The investment will support the expansion of the company's charging network into Europe, enabling the region to complete the shift to e-mobility.
Existing investors BMW i Ventures, Linse Capital, Rho Capital Partners, and Braemar Energy Ventures also participated in this latest fundraising round. To date, ChargePoint has raised more than $255 million.
"The automobile industry is at an inflection point, with more vehicles coming onto the market offering highly advanced electric powertrains than any other time in the world's history," said Pasquale Romano, CEO of ChargePoint. "The significant investment by our lead investor Daimler and others not only underscores a collective commitment to e-mobility around the world, but lays the groundwork for Europe's most comprehensive charging network."
ChargePoint has more than 33,000 charging ports in North America, and more than 6,500 companies have selected the brand for their employees, customers, fleets and tenants. ChargePoint says the company is committed to bringing EV drivers in Europe the same level of convenience that makes the charging experience effortless.
ChargePoint also announced the appointment of Daimler AG executive Axel Harries to the company's Board of Directors. Harries has a deep history with Daimler, serving in a number of management roles including Vice President of Quality and Director of Mercedes-Benz G GmbH, as well as on teams including Commercial Vehicles and e-Business. In his current role, Harries is responsible for shaping the newly established CASE-unit within Daimler (Connected, Autonomous, Sharing & Services, and Electric Drive), charged with developing technologies and innovations for next generation Mercedes-Benz vehicles, particularly the new electric product brand, EQ.
More than 20 European countries already provide attractive incentives for purchasing EVs, which has helped make Europe the world's second-largest EV market. As more EVs hit more European roads, the need for a comprehensive charging network is more important than ever. Currently, there are dozens of providers of EV charging hardware, software and driver networks in a fragmented market. They all work differently and often require drivers to sign up for separate accounts, which creates a confusing and cumbersome charging experience for EV drivers.
ChargePoint notes that the company is committed to being the first to introduce a complete charging solution that serves EV drivers in Europe everywhere they go. By collaborating with innovative companies like Daimler, ChargePoint aims to lay the foundation for Europe's most comprehensive and intelligent charging network.
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