ChargePoint, one of the world’s largest electric vehicle (EV) charging networks, has secured $43 million (€38 million) in new funding to drive European expansion.
The latest funding follows an initial $82 million (€72 million) investment, led by Daimler, and closes the total Series G round at $125 million (€110 million).
The investment will enhance its EV charging network and enable ChargePoint’s full range of charging solutions for passenger cars, electric buses and trucks to be deployed across the region.
The latest round of funding includes participation from technology giant Siemens, whose subsidiary Siemens Energy Management is a current supplier to ChargePoint. Siemens has been an investor in ChargePoint since 2010.
The new investment is in line with Siemens’ general commitment to support the expansion of e-mobility in the European Union.
Pasquale Romano, president and CEO of ChargePoint, said: “Investment and partnerships with technology leaders like Siemens will enable our team to accelerate the expansion in Europe and encourage EV adoption in the region.
“Growing support from influential industry players and investors demonstrates widespread confidence in our business model and product and service portfolio.”
ChargePoint also announced the appointment of Ralf Christian, CEO of the Siemens Energy Management Division, to the company’s board of directors.
Christian has more than 28 years of experience at Siemens. Prior to his current role, he served as CEO in several businesses in the power, energy and smart cities sectors.
He said: “ChargePoint is a very successful company in the area of charging infrastructure for electric vehicles. Our investment represents an acknowledgement by Siemens of the future and the potential of electromobility.”
Siemens will support ChargePoint with its technology portfolio and facilitate the integration of vehicle charging into modern power grids.
In addition to Daimler and Siemens, other existing investors Linse Capital, Rho Capital Partners, BMW i Ventures and Braemar Energy Ventures also participated in Series G fundraising.
ChargePoint has more than 37,000 charging sites and 7,000 customers. Drivers using ChargePoint stations have completed in excess of 25 million charging sessions and driven more than 603 million fossil fuel-free miles.