Daimler Leads $82 Million Funding For ChargePoint To Enter Europe

Daimler has led an $82 million funding round supporting ChargePoint’s expansion of its charging network into Europe.

Also participating in the fundraising round were BMW i Ventures, Linse Capital, Rho Capital Partners, and Braemar Energy Ventures. It was the largest fundraising round in the company’s history, and was part of over $255 million the company has raised through investors.

ChargePoint sees the increasing electrification of drive systems as the basis for growth in its product portfolio and global presence. Expansion into the European market is now being planned.

The Silicon Valley-based charging company also announced that Daimler executive Axel Harries has been appointed to its board of directors. Harries leads Daimler’s newly established CASE-unit (Connected, Autonomous, Sharing & Services, and Electric Drive). The unit is developing technologies and innovations for next-generation Mercedes-Benz vehicles, particularly the new EQ electric vehicle brand.

Daimler plans to spend around 10 billion euros (about $10.5 billion) on electric mobility in the coming years through its Mercedes-Benz division. That will be spent on its new electric vehicle product portfolio under the EQ brand.

The German automaker also said it will be focused on a broader electric mobility ecosystem through products, services, and innovations. That includes intelligent charging services for homes along with home energy storage units. The energy storage system can tie into solar panels to store electricity generation on rooftops.

ChargePoint’s business model is focused on supporting electric mobility worldwide.

“As more types of vehicles become electrified, such as trucks and buses, this new funding will help ensure ChargePoint is ready,” the company said.

The company reaches several niches of the charging ecosystem, including commercial businesses, retail stores, public institutions, fleet customers, and individual drivers.

ChargePoint leads the North American market with more than 33,000 charging spots at more than 7,000 sites. It describes itself as the “world’s leading provider in the sector for electric mobility charging solutions.”

BMW has also separately works with the charging company. ChargeNow, in cooperation with ChargePoint, enables BMW’s customers in North America to access the entire ChargePoint network of public charging stations by using a ChargeNow card.

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The charging network company will use the standardized Combined Charging System (CCS) in the Europe network, which European manufacturers use linking up with fast chargers.

All of the products from ChargePoint are networked via software and can be deployed for various customers in a variety of locations. In addition to charging stations, ChargePoint also provides its customers with customized cloud-based solutions. Some of these will be brought over to Europe, such as mobile apps for payment services and energy management systems.

Users can also monitor the charging network around the clock and tap into hotline support if needed. The company sees these services as an important way to reach fleet operators of passenger cars, commercial vehicles, or buses.


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