US-based electric vehicle charging network operator ChargePoint received $240m in a series H round today backed by electric utility American Electric Power and industrial product manufacturer Siemens.
Chevron Technology Ventures and BMW i Ventures, respective corporate venturing units of oil and gas company Chevron and carmker BMW, as well as Daimler Trucks & Buses, a subsidiary of automotive producer Daimler, also participated in the round.
Private equity firm Quantum Energy Partners led the round, which also featured VC firms Braemar Energy Ventures, Clearvision, Linse Capital, as well as Singapore’s sovereign wealth fund GIC and state-owned pension fund Canada Pension Plan Investment Board.
Founded in 2007 as Coulomb Technologies, ChargePoint operates a network of more than 57,000 chargers working with electric cars, buses and trucks, and serves corporate and public customers, such as cities.
The company’s chargers have been used more than 45 million times to date – the equivalent of 47 million gallons of gas.
The series H funding will drive further expansion efforts in Europe and North America, boost its offering for fleets and improve the experience for drivers. Jeffrey Harris, venture partner at Quantum Energy Partners, will join the board of directors.
ChargePoint has raised approximately $540m to date. It previously closed a $125m series G round backed by Siemens, BMW i Ventures, Linse Capital, Braemar Energy Ventures and Rho Capital Partners in June 2017.
Siemens first became an investor in 2010, when its Siemens Venture Capital subsidiary backed a $14m series B round alongside Hartford Ventures, a subsidiary of financial services firm Hartford Financial Services Group, Rho Ventures and Voyager Capital.
The company’s shareholders also include LS Industrial Systems and LS Cable, industrial manufacturing spinouts of conglomerate LG; Toyota Tsusho, a trading affiliate of car producer Toyota; energy company Exelon’s Constellation Technology Ventures subsidiary, Kleiner Perkins Caufield & Byers and Harbor Pacific Capital Partners.
