November 28 (Renewables Now) - California-based electric vehicle (EV) charging company ChargePoint Inc today said it has raised USD 240 million (EUR 212.2m) in a Series H round, led by US private equity firm Quantum Energy Partners.
In mid-2017 the company completed a Series G round in support of its launch in Europe, while now it plans to spend the new funds secured on the expansion of its network and further growth in Europe and North America, improved experience for EV drivers, and new solutions for electric fleets.
Investors come from different sectors such as energy, venture capital, oil and gas, utility, technology and automotive. American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures and Daimler Trucks & Buses are some of the new investors. Existing backers include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens.
"The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification," said company head Pasquale Romano.
Jeffrey Harris, a Venture Partner at Quantum, will be a new addition to the ChargePoint board of directors.