Siemens invests more in ChargePoint, helps bring Series G round to $125M; bolstering Euro expansion
29 June 2017
ChargePoint has secured an additional $43 million in funding. With participation from technology leader Siemens, this new funding will help to further accelerate the company’s commitment to e-mobility across Europe. The latest funding follows an initial $82 million investment and closes the total Series G round at $125 million, led by Daimler.
The investment round will contribute to ongoing efforts to develop, with customers and complementary partners, a comprehensive EV charging network and enable ChargePoint’s full range of charging solutions for passenger cars, electric buses and trucks to be deployed across the region.
Siemens Energy Management is a current supplier to ChargePoint for complementary DC charging technology and has been an investor in ChargePoint since 2010. The new investment in ChargePoint is in line with Siemens’ general commitment to support the expansion of e-mobility in the European Union (EU). As the market for e-mobility is expected to grow significantly, Siemens Energy Management sees a wider range of opportunities for future cooperation through complementary offerings addressing the full scope of its customers’ charging infrastructure needs.
ChargePoint also announced the appointment of Ralf Christian, CEO of the Siemens Energy Management Division, to the company’s Board of Directors. Christian has more than 28 years of experience at Siemens. Prior to his current role, he served as CEO in several businesses, including Low and Medium Voltage Distribution, High Voltage Transmission and Smart Power Distribution.
In addition to Daimler and Siemens, other existing investors Linse Capital, Rho Capital Partners, BMW i Ventures and Braemar Energy Ventures also participated in Series G fundraising.