$22.6 million add brings total funding to over $110 million
ChargePoint, based in northern California, now operates more than 17,000 charging ports in the nation making it the largest EV charging network in the country. With this capital infusion of $22.6 million ChargePoint is clearly the most successful privately held charging network company.
The Blink Network, created by ECOtality which went bankrupt last October, is the second largest network with over 12,000 installed charge locations. Car Charging Group, which acquired the Blink Network, last year also acquired 350Green, Beam Charging, and EVPass. The combined Car Charging Group networks offer over 14,000 charge stations. Clearly the EV charging industry is one in which it is difficult to gain a firm grip. ChargePoint seems to have done so.
The fact that so many electric vehicle (EV) charging networks ran into financial difficulty last year is a testament to the quicksand like conditions that these companies must operate in. And it’s no wonder. The industry of electric vehicles is still so new that there is not yet widespread agreement on virtually any aspect of the vehicle – including how to charge one. We will look at that in another article.
In addition, ChargePoint also just announced a collaborative agreement with Schneider Electric to connect Schneider Electric’s EVlink charging stations to the ChargePoint network. This will immediately make these new stations available to ChargePoint’s user base. ChargePoint has established business relationships with Nissan, BMW, Mercedes Benz, and Chevrolet.