U.S. electric automobile charging station maker ChargePoint Inc stated on Thursday it is raising $100 million in a funding round led by Daimler that will pave it’s way to it to expand into Europe.
ChargePoint, which runs the world’s biggest network of electric vehicle charging systems with more than 33,000 charging ports in the United States, Canada and Mexico, stated it had protected the initial $82 million in financing, which investors had committed to the rest in exactly what would be a 2nd close soon.
The new financing brings ChargePoint’s funding overall to this day to $255 million, ChargePoint CEO Pasquale Romano informed Reuters.
Previous investors BMW i Ventures, Linse Capital, Rho Capital Partners and Braemar Energy Ventures likewise took part in the round.
Mercedes-Benz executive Axel Harries is also going to join ChargePoint’s board of directors, ChargePoint informed. Harries heads Daimler’s CASE unit responsible for connected and autonomous techniques, ride services and electric cars.
Europe is an essential market for electric vehicles and European car manufacturers are increasing their advancement of green vehicles. Daimler CEO Dieter Zetsche expects electric vehicles to constitute 15 percent to 25 percent of Mercedes sales by 2025.
European producers, anxious to see more charging facilities established to match the existing network of nearly 72,000 public charging stations, typically fund facilities projects themselves.
Daimler, Volkswagen, BMW and Ford Motor’s European division in November created a joint venture to establish 400 charging stations throughout Europe beginning this year.
