Electric vehicle (EV) charging network ChargePoint has closed its series G funding round at $125 million, with German technology giant Siemens — an existing ChargePoint investor — joining the round.
ChargePoint announced a $82 million tranche of funding led by Daimler back in March, and another $43 million has now been added to the pot to help spearhead the company’s expansion across Europe.
Founded out of California in 2007, ChargePoint is among the biggest EV charging networks in the world, with more than 36,000 charging stations across North America and Australia. The company announced just yesterday that it was taking over GE’s 10,000 EV charging spots.
“ChargePoint is committed to laying a foundation for the future of mobility and this latest investment by Siemens Energy Management will further catapult our vision of creating the most ubiquitous and easy-to-use charging network Europe has ever seen,” explained ChargePoint CEO and president Pasquale Romano. “Investment and partnerships with technology leaders like Siemens will enable our team to accelerate the expansion in Europe and encourage EV adoption in the region.”
While EV’s global market share is modest compared to petrol and diesel, it is growing fast, with Europe representing the second biggest market for EVs globally after China. Indeed, many EU countries incentivize EV uptake through perks such as tax reductions and exemptions.