Automotive - - Mar 02,2017
Electric vehicle (EV) charging network, ChargePoint, is set to expand in Europe as it is raising $100 million in a funding round managed by German automaker Daimler.
U.S. electric vehicle charging station maker ChargePoint Inc has over 33,000 charging ports in the country, with rapid expansion happening in Canada and Mexico as well.
The firm announced that it had secured the initial $82 million in funding, while the remainder would be managed in the second round as committed by the investors.
The funding round which was announced on Thursday is known to be the largest in the history of the Silicon Valley firm. The fundraising round, with a significant focus on investment in Europe, is expected to close above $100 million.
Daimler is leading the campaign along with other famous investors such BMW i Ventures, Braemar Energy Ventures and Linse Capital.
Europe is currently known as the key market for electric vehicles and numerous European automakers are advancing their development of green cars. According to Daimler CEO Dieter Zetsche, electric vehicles are expected to make up 15 percent to 25 percent of the total sales of Mercedes by 2025.
At present, more than 20 European countries including Germany, France, the Netherlands, Norway and the U.K., are providing tempting incentives for purchasing EVs.
In November, the European division of Daimler, BMW, Volkswagen and Ford Motor Co. formed a joint venture for the establishment of 400 charging stations across Europe.
According to ChargePoint Chief Executive Pasquale Romano, the new funding would permit ChargePoint to provide charging systems at home, workplace, retail centers as well as highway fast-chargers all across Europe.
The firm is dedicated to expanding its reach in a number of locations in order to support the EV market.