Electric vehicle (EV) charging network ChargePoint has revealed that it’s taking over GE’s EV charging network.
The deal will see ChargePoint add another 1,800 commercial and 8,000 residential charging spots to its existing network.
Founded out of Campbell, Calif. in 2007, ChargePoint is among the biggest EV charging networks in the world, with more than 35,000 charging stations across North America and Australia. The company recently raised $82 million in a round of funding led by Daimler to expand ChargePoint’s charging network into Europe, taking its total funding past the $250 million mark.
ChargePoint said that it will maintain GE’s existing software and commercial charging spots, “helping to make the transition to ChargePoint as easy and seamless as possible” for existing GE customers — so this move is all about luring GE’s customers over to ChargePoint in the long run, as you’d probably expect.
“A reliable and consistent charging experience is crucial for fostering EV adoption, and these are the key elements that ChargePoint has integrated into our business model for more than a decade,” said Pasquale Romano, CEO and president of ChargePoint. “We are excited to expand our network with the acquisition of GE’s network and have worked closely with the GE team to ensure a seamless transition for customers and drivers.”
The global EV market is still small compared to that for pure diesel and petrol, but it is growing fast. Europe is the second biggest market for electric vehicles, after China, with many countries incentivizing EV uptake by offering perks such as tax reductions and exemptions. Globally, sales in the plug-in vehicle market grew by 42 percent to 773,600 units last year, with Tesla reporting fourth quarter sales growth of 27 percent.
As the EV automobile market grows, the EV charging market must grow in tandem, which is precisely why ChargePoint is investing in GE’s network.