The United States has approximately 225 million registered vehicles. However, only 750,000 of these registered vehicles are electric vehicles (EVs). There are approximately 150,000 gasoline stations and 16,500 EV public charging stations in the United States.
A dramatic increase in charging stations must occur for a significant number of consumers to abandon internal combustion engine vehicles (ICEVs) for EVs. New, start-up EV charging station and infrastructure companies are now using a diverse range of investment vehicles to fund their operations.
ChargePoint has announced it has raised $240 million in Series H funding to accelerate the company’s develop of electric vehicle (EV) charging stations across the United States. Series H is a current income bond that pays a fixed interest rate semi-annually. ChargePoint is an EV infrastructure company, headquartered in Campbell, California. The company designs, builds and supports all of the technology that powers this network, from charging station hardware
The new investors include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision, Daimler Trucks & Buses, GIC, and Quantum Energy Partners. These investors join existing investors that include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens. In my opinion, the diverse range of investors clearly indicates the confidence the financial community has in the future of EVs and the importance of developing EV charging infrastructure.