ChargePoint Nets $50M in Funding, Expands Board Member Role

Posted by Lauren Tyler on May 04, 2016 No Comments
Categories : New & Noteworthy

Electric vehicle (EV) charging network ChargePoint has secured $50 million in a funding round led by investor Linse Capital, with participation from Braemar Energy Ventures and Constellation Energy. The company says it has now raised over $164 million from investors, including Rho Ventures, Kleiner Perkins Caufield & Byers, BMW iVentures and Siemens.

ChargePoint entered the residential market in 2015 with the launch of its ChargePoint Home product and charging services for apartments and condominiums.

With a network that now extends across more than 28,000 charging spots in North America, ChargePoint’s stations are independently owned and operated, giving station owners the freedom of flexible pricing and access control while being part of a larger recognized network.

“This latest round of funding for ChargePoint underscores confidence in our business model, technology and the consumer confidence in the EV industry as a whole. It will allow us to scale to service the needs of future EV drivers and companies wishing to install EV charging in their parking lots,” says Pasquale Romano, ChargePoint’s CEO.

In addition, the company has expanded the role of Bruce Chizen, a current board member, to chairman of the board. Previously, Chizen was the CEO of Adobe and also worked at Mattel Electronics and Microsoft. He currently serves on the boards of Oracle, Ancestry.com and various nonprofits, the company says.

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