ChargePoint raises $240 million from Daimler, BMW, and others to accelerate EV charging infrastructure

Electric vehicle charging infrastructure is becoming big business and ChargePoint is a big part of that as it raises $240 million from Daimler, BMW and others to accelerate their charging station deployment.

ChargePoint has raised a lot of money in recent years, more than half a billion at this point, and it is emerging as an important player in the EV charging point.

This new Series H round of funding is the company’s biggest to date.

Existing investors BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens all invested in the round.’

ChargePoint also secured new important investors: American Electric Power, Chevron Technology Ventures, Canada Pension Plan Investment Board, Daimler Trucks & Buses, GIC, and Quantum Energy Partners.

Pasquale Romano, President and CEO of ChargePoint, commented on the new round:

“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 enable ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate.”

The company says that it has deployed “more than 57,000 independently owned public and semi-public charging spots and thousands of customers (businesses, cities, agencies and service providers).”

ChargePoint says that drivers have completed more than 45 million charging sessions on its charging stations, which results in “saving upwards of 47 million gallons of gasoline and driving more than a billion gas-free miles on dispensed energy.”

Earlier this year, the company started expanding in Europe and have a deal to deploy 200 of their new ‘up to 400 kW’ electric vehicle charging stations in the UK.

ChargePoint also added nearly 10,000 new electric car chargers to its network by taking over GE’s network.

With those new funds, they plan to accelerate their deployment of charging infrastructure.

Earlier this year, ChargePoint pledged to deploy 2.5 million electric vehicle charge points by 2025.