US-based electric vehicle (EV) charging network operator ChargePoint closed a series G round led by carmaker Daimler at $125m yesterday, after raising an additional $19m from investors including industrial product manufacturer Siemens.
BMW i Ventures, the strategic investment arm of automotive manufacturer BMW, also took part in the round, as did venture capital firms Linse Capital and Braemar Energy Ventures, and private equity firm Rho Capital Partners.
ChargePoint runs a network of almost 38,000 chargers working with electric cars, buses and trucks, and serves more than 7,000 corporate and public customers. It also develops its own hardware and software technology, and will use the series G money to expand its network.
Siemens’ power transmission and distribution equipment division, Siemens Energy Management, supplies complementary DC charging technology to ChargePoint. Ralf Christian, CEO of Siemens Energy Management, has joined ChargePoint’s board of directors.
He said: “Siemens will support ChargePoint with its complementary technology portfolio and facilitate the integration of vehicle charging into modern power grids. I look forward to successful collaboration with ChargePoint for their expansion in Europe, including in my additional role as a member of the board.”
ChargePoint has now raised approximately $300m altogether, having initially closed the series G round at $82m in March this year before adding $24m last month.
Siemens has been an investor in ChargePoint since 2010, when its Siemens Venture Capital unit participated in a $14m series B round alongside Hartford Ventures, a subsidiary of Hartford Financial Services Group, Rho Ventures and Voyager Capital, back when the company was still known as Coulomb Technologies.
Other past ChargePoint investors include LS Industrial Systems and LS Cable, industrial manufacturing spinouts of conglomerate LG Group; Toyota Tsusho, a trading affiliate of carmaker Toyota; energy company Exelon’s Constellation Technology Ventures subsidiary, Kleiner Perkins Caufield & Byers, Harbor Pacific Capital Partners and Voyager Capital.