Car manufacturer Daimler led an $82m investment yesterday for ChargePoint, a US-based provider of a network of electric vehicle (EV) charging stations.
The funding constitutes a first close. It was also supported by car maker BMW’s corporate venturing arm BMW i Ventures as well as Linse Capital, Rho Capital Partners and Braemar Energy Ventures.
Established in 2007, ChargePoint manages a network of 33,000 EV charging stations across North America. The stations are independently managed and offer features such as pricing controls, custom access settings and reporting tools.
The money will enable ChargePoint to expand into Europe. Axel Harries, head of Daimler’s Connected, Autonomous, Sharing & Services, and Electric Drive unit, will join the board of directors.
ChargePoint has now raised more than $255m in total funding, according to its latest press release. Most recently, it secured $50m in funding in a round led by Linse Capital with participation from energy holding company Constellation Energy and Braemar Energy Ventures.
Constellation Technology Ventures, the corporate venturing division of energy group Exelon, injected $4m in July 2014, following a $22.6m funding round two months earlier backed by BMW, Siemens Venture Capital, which acts as industrial manufacturer Siemens’ corporate venturing subsidiary, Braemar, Rho Ventures, Kleiner Perkins Caufield & Byers (KPCB) and Voyager Capital.
Siemens Venture Capital and Hartford Ventures, the investment arm of insurance and investment group Hartford, and Toyota Tsusho Corporation, a subsidiary of automotive manufacturer Toyota, also invested $47.5m in 2012.
Pasquale Romano, CEO of ChargePoint, said: “The automobile industry is at an inflection point, with more vehicles coming onto the market offering highly advanced electric powertrains than any other time in the world’s history.
“The significant investment by our lead investor Daimler and others not only underscores a collective commitment to e-mobility around the world, but lays the groundwork for Europe’s most comprehensive charging network.”