Electric Vehicles

ChargePoint Secures $50M for EV Charging Network

May 05, 2016

ChargePoint has secured another $50 million to built out its charging network to further mainstream EVs, according to the company.

ChargePoint secured the money during a funding round led by Linse Capital, with participation from insiders including Braemar Energy Ventures and Constellation Energy. ChargePoint has raised over $164 million from leading investors, which includes Rho Ventures, BMW iVentures, Siemens, and Kleiner, Perkins, Caufield and Byers.

"You only have to look at the excitement around the recent EV announcements to realize EVs are the future of the auto industry," said Pasquale Romano, CEO of ChargePoint. "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."

ChargePoint has a network of more than 28,000 charging spots that extends across North America. The stations are independently owned and operated, which gives the station owners the freedom of flexible pricing and access control while being part of a larger recognized network, according to the company.

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