ChargePoint, which claims to be the world's largest electric vehicle (EV) charging network, said it had secured an initial US$82m in funding, part of a larger multi-million dollar fund raise, led by Daimler.
This first close of the latest fundraising round is the largest in the Silicon Valley company's history and will support the expansion of the company's charging network into Europe.
Existing investors BMW i Ventures, Linse Capital, Rho Capital Partners, and Braemar Energy Ventures also participated in this round. To date, ChargePoint has raised more than $255m.
"The automobile industry is at an inflection point, with more vehicles coming onto the market offering highly advanced electric powertrains than any other time in history," said Pasquale Romano, CEO of ChargePoint. "The significant investment by our lead investor Daimler and others not only underscores a collective commitment to e-mobility around the world, but lays the groundwork for Europe's most comprehensive charging network."
ChargePoint has 33,000 charging ports in North America and 6,500 corporate customers as a growing number provide EV recharge.
ChargePoint also announced the appointment of Daimler executive Axel Harries to its board. His management roles with the automaker have included chief of quality and director of Mercedes-Benz G and posts in commercial vehicles and e-business. He currently works with the newly established CASE unit (Connected, Autonomous, Sharing & Services, and Electric Drive), which develops technology and innovations for new models, particularly the new electric product brand, EQ.
"We also remain open and ready for partnerships and cooperation at the highest level," Harries said.
ChargePoint plans to develop partnerships with policymakers, utilities and automakers in Europe.
More than 20 European countries already provide attractive incentives for purchasing EVs.