ChargePoint seizes $ 127 million to boost EV stations for battery-powered fleets

ChargePoint, a Silicon Valley operator of battery-electric vehicle charging stations backed by oil companies, utilities and venture capitalists, says it has raised an additional $ 127 million to expand its network to meet new demand from commercial and commercial fleets and like a wave of electric vehicle models are heading into the market.

The equity financing is an “incremental” addition to its Series H round of funding and brings the total funding to $ 667 million, the Campbell, Calif.-Based company said. Former investors including Chevron

CVX
the technology investment arm of, American Electric Power

AEP
, Clearvision Ventures and Quantum Energy Partners, all invested additional funds, ChargePoint said.

“The shift to electric propulsion is intensifying for consumer businesses and fleet operators and is poised to be one of the most significant transformations in modern history,” said Pasquale Romano, president and Chief Executive Officer of ChargePoint. “The additional funding of $ 127 million provides capital to expand investments at market pace. “

Despite a weakening of federal emission and fuel economy rules by the Trump administration, the global auto industry to expand the range of electric vehicles for consumers and businesses to mitigate emissions of carbon and improve air quality. For fleet operators, electric vehicles also promise lower fuel and maintenance costs than carbon-powered vehicles. In California, ChargePoint’s home state, regulators are establishing new guidelines to require and encourage the use of medium and heavy vehicles with zero emissions.

However, to ensure that businesses and individuals actually buy these vehicles, there is still a need for more charging stations to be more ubiquitous. The success of Elon Musk’s Tesla

TSLA
, the benchmark of the global electric vehicle industry, owes a lot to the creation of its own charging network from 2012 to ensure that customers always have the option of charging their vehicles.

With new types of vans and electric delivery trucks, 2021 could mark the biggest leap to date in battery-powered vehicles for the mainstream market, including the arrival of Rivian’s R1T pickup and R1S SUV. , the electric Hummer from GMC, the crossover Mach-E from Ford, the SUV ARIYA from Nissan. , the Audi Q4 e-tron and VW’s ID.4 electric crossover, among others.

ChargePoint says its global network exceeds 114,000 charging points, with drivers connecting to one every two seconds or so. His funding news comes after charging his rival EVGo said it was teaming up with General Motors

DG
deploy 2,700 additional DC fast chargers.