ChargePoint, the electric vehicle charging network has raised as much as $127 million in a funding in order to expand its platform for fleets and businesses in North America and Europe. This round of investment was a mix of existing investors from the utilities, oil and gas and venture industries, including Chevron Technology Ventures, American Electric Power, Clearvision and Quantum Energy Partners.
The latest addition, was an extension of ChargePoint’s Series H round, which pushes the organization’s total funding to $660 million. However, the company didn’t provide a valuation.
ChargePoint designs, develops and manufactures hardware and software as well as cloud subscription platform for electric vehicles. The organization is well known for its branded semi-public and public charging stations, that users use to charge their personal electric cars. Additionally, the company has also a commercial focused business, that enables fleet operators to manage their delivery vans, buses and cars with its hardware and software support. Currently, the company has more than 114,000 charging stations around the world.
The CEO and President of ChargePoint believes, the shift towards electrification is slowly intensifying when it comes to mainstream businesses and fleet operators. The new capital will certainly help ChargePoint’s expansion plans keep on pace with the market. He also added that, specifically, the funds will be used to commercial and fleet portfolio in North America and Europe and continue to scale policy, marketing and sales efforts.