Electric vehicle charging network ChargePoint raked in a $127 million extension to its Series H to expand its global commercial and fleet businesses, the company said Wednesday.
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Existing investors contributing to the equity financing include Chevron Technology Ventures, American Electric Power, Clearvision and Quantum Energy Partners. The extension gives ChargePoint a total of $660 million in funds raised since its inception in 2007, according to Crunchbase data. The company announced its initial $240 million Series H back in November 2018.
The Campbell, California-based company said it will use the new funds to expand its commercial and fleet portfolio in North America and Europe, and continue to scale policy, marketing and sales efforts. The company already has more than 114,000 charging stations in its network.
“The additional $127 million in funding provides capital to expand our investment as the market grows, underscoring investor confidence in the unprecedented potential of electric mobility as well as ChargePoint’s leadership across continents,” Pasquale Romano, ChargePoint president and CEO, said in a written statement. “With more than a decade of category leadership, ChargePoint is well positioned to continue the buildout of 21st century mobility infrastructure that will pave the way to the mass adoption of EVs.”
Romano also said that mainstream businesses and fleet operators are continuing to transition to electric vehicles. Case in point: The global commercial electric vehicle market took in revenue of $144.5 billion in 2017, which is expected to more than double to $362.7 billion by 2025.
Most recently, we wrote about Rivian raising $2.5 billion to build a fleet of utility vehicles, including delivery vehicles for Amazon, jumping ahead of other electric car manufacturers, such as Nikola Motor and Tesla, which were working on similar vehicles.
Illustration: Li-Anne Dias