EV charging network ChargePoint raises $50m

ChargePoint, which operates a network of public electric vehicle charging stations in 17 countries, has secured $50 million (£34.5m). That brings the total funding it has raised to more than […]

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By Priyanka Shrestha

ChargePoint, which operates a network of public electric vehicle charging stations in 17 countries, has secured $50 million (£34.5m).

That brings the total funding it has raised to more than $164 million (£113m) from investors including Siemens, BMW iVentures and Statoil Energy Ventures.

Chargepoint operates charging stations and provides cloud-based technology to property owners, governments and drivers but does not own the stations.

Last year the California-based company also entered the residential market with the introduction of its home product and charging services.

It claims more than 350 million miles have been driven on its network, avoiding more than 14.5 million gallons of fuel and 107 million pounds of greenhouse gas emissions.

Latest figures reveal global sales of EVs increased by 80% in 2015 alone to more than 565,000.

Pasquale Romano, CEO of ChargePoint said: “You only have to look at the excitement around the recent EV announcements to realise EVs are the future of the auto industry. Since 2007 we’ve been building the charging infrastructure in North America by linking together the investments in EV charging equipment by individual companies into a single seamless network for drivers.

“This latest round of funding for ChargePoint underscores confidence in our business model, technology and the consumer confidence in the EV industry as a whole. It will allow us to scale to service the needs of future EV drivers and companies wishing to install EV charging in their parking lots.”

Earlier this year ELN spoke to car manfacturers and experts about the challenges in the UK EV industry.