ChargePoint, which provides networks of electric vehicle charging stations, has raised $50 million in new funding to expand its charging network for home, workplace, around town, and in other countries.
When the company launched in 2007, it focused on building a network of public charging stations in the U.S., which today goes beyond 28,000 in North America. ChargePoint provides cloud-based software for charging station owners to be able to set prices as well as automate payment processing, reporting, and analytics.
Now the goal has changed to become a complete charging service provider.
“We want to provide a comprehensive driver experience where you can stick with ChargePoint at home, at work, around town, and when you go out of town,” said CEO Pasquale Romano.
ChargePoint will be scaling up its newer residential and fast-charging businesses, and going into new countries. Linse Capital led the funding round, and Braemar Energy Ventures and Constellation Energy, an electricity supplier owned by Exelon Corp., also participated. ChargePoint overall has raised $164 million from investors, including Rho Ventures, KPCB, BMW iVentures, and Siemens.
ChargePoint has launched several new product lines over the past year and a half for home and highway trips. Last year, the company introduced a charging product designed for single-family homes. It has Wi-Fi built in so that users can monitor the unit from the ChargePoint app on the driver’s smartphone. The company also launched a fast-charger meant to serve drivers on longer trips down highways, along with charging services designed for apartments and condominiums.
Romano sees big opportunities serving residents of apartment buildings and condos. “About 30% to 40% of U.S. residents live in rental housing like apartments, townhouses, and condos, so it’s important to solve that problem so folks can drive electric vehicles,” he said. “We finally have cracked the code on apartments and condos in terms of cost structure and the service that makes property owners happy and drivers happy.”
ChargePoint will also be using the new funding to expand globally, particularly into Europe and possibly even China, Romano said. The company is examining the best path to move into China, he said, but no timeline has been set for China or Europe.