Daimler-backed ChargePoint closes $43m funding round as it accelerates European expansion

 
Rebecca Smith
Some drivers have been reluctant to make the switch to electric over range concerns
Some drivers have been reluctant to make the switch to electric over range concerns (Source: Getty)

Electric vehicle charging network ChargePoint has closed a $43m (£33m) funding round, with a contribution from Siemens as it ramps up European expansion.

It is aiming to develop a comprehensive electric vehicle charging network for passenger cars, electric buses and trucks, across the region.

Read more: Daimler-backed ChargePoint ramps up Europe ambitions with InstaVolt tie-up

“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,” said Pasquale Romano, president and chief executive of ChargePoint.

“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. Growing support from influential industry players and investors demonstrates widespread confidence in our business model and product and service portfolio.”

The US firm has more than 35,000 charging stations, and has been leading a charge into Europe, thanks to an earlier $82m funding round, led by Daimler.

Read more: Electric cars and oil prices: should investors be concerned?

The firm also just announced it is taking over GE’s electric vehicle charging network, topping up its network with another 1,800 commercial and 8,000 residential charging spots.

Other existing investors in the charging network firm include BMW i Ventures, Rho Capital Partners and Linse Capital.

Developing the infrastructure for electric vehicles has been flagged as one of the key measures needed to encourage mass take-up.

Recent research from Close Brothers Motor Finance found that many UK drivers are still deterred from transitioning to an electric vehicle, due to cost concerns and range anxiety over running out of charge before reaching a suitable charging point.

Read more: Cost concerns and range anxiety still road bumps to UK electric car take-up

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