Singapore’s sovereign wealth fund GIC has joined a group of investors backing the $240-million Series H funding in ChargePoint, a California-headquartered electric vehicle charging network, according to an announcement. ChargePoint claims to have more than 57,000 independently owned public and semi-public charging spots and thousands of customers. Other investors in the round include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision and Daimler Truck & Buses. Quantum Energy Partners was the lead investor. “The latest fundraising effort comes during the company’s most aggressive growth period in the history, powered by a broad solution portfolio that is accelerating the mass adoption of electric mobility for drivers and businesses,” ChargePoint said. The company said it will use proceeds from the latest funding in part to further expand its network, build its footprint in Europe and North America, improve the experience of EV drivers, and expand solutions for fleets. Established in 2007, ChargePoint designs, builds and support all of the technology that powers their network from charging station hardware to energy management software to a mobile app. The company said its drivers have completed more than 45 million charging sessions, saving upwards of 47 million gallons of gasoline and driving more than a billion gas-free miles on dispensed energy. Since its inception, the company has already raised $532.2 million in 10 funding rounds, with the Series H as the biggest. The company’s latest fundraising comes just over a year from the Series G funding round that fueled ChargePoint’s introduction in Europe. Its existing investors include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens. “The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification. Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate,” said ChargePoint president and CEO Pasquale Romano. According to a Frost & Sullivan study, global electric vehicle sales are poised to climb from 1.2 million last year to 1.6 million this year and further upwards to an estimated 2 million in 2019.
