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ChargePoint raised $50 million to expand its EV charging network internationally


EV charging station maker and network operator, ChargePoint, announced that it closed a significant funding round with $50 million to expand infrastructure to new countries and ramp up its residential business. A couple of venture capitalist firms and electricity company Constellation Energy participated in the round of funding.

Since its inception in 2007, ChargePoint has raised $164 million.

The company provides the hardware and the software to manage charging stations, and the stations are privately owned by third-parties. ChargePoint says that it powers now over 28,278 charging points in North America. These chargers delivered 15,509,061 charges to 443,355 electric vehicles.

The company expanded into residential chargers. It now offers both 16 amp ($550) and 32 amp ($700) chargers.

ChargePoint CEO Pasquale Romano spoke to Fortune about what the company will do with the new investment:

“We want to provide a comprehensive driver experience where you can stick with ChargePoint at home, at work, around town, and when you go out of town.”

Romano said that the company plans to expand internationally :” particularly into Europe and possibly even China, Romano told Fortune without providing a timeline for entering either market. The company is examining the best path to move into China, he says.”

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