Market Overview

How ChargePoint Plans To Ride The EV Wave

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How ChargePoint Plans To Ride The EV Wave

Electric vehicles have been around for quite some time. The biggest challenge to validate EVs has been developing the infrastructure to compete with brand name gas stations since battery-operated vehicles constantly need charges to be viable on the road for extended periods of time.

ChargePoint builds EV charging stations and has primed itself for expansion to scale alongside electric vehicles, with hopes of taking a large market share as demand increases.

Leveraging cloud infrastructure, the California-based company offers solutions for home, office, commercial and fleet environments. ChargePoint recently secured a $127-million funding extension from its Series H round to bring its cumulative fundraising amount to $660 million.

Chevron Corp (NYSE: CVX), American Electric Power (NYSE: AEP), Quantum Energy Partners, and Clearvision led the investment, according to TechCrunch. Company History: ChargePoint hails from the Silicon Valley. The company was founded in 2007 as companies such as Tesla (NASDAQ: TSLA), Toyota (NYSE: TM), and Nissan (Pink: NSANY) saw surges in popularity for their electric vehicle offerings.

While ChargePoint already boasts the “world’s leading electric vehicle charging network,” the company pledged to “grow the global network nearly fifty-fold” by building 2.5 million charging spots by 2025 in an effort to combat climate change.

ChargePoint's C-Suite: ChargePoint is led by Pasquale Romano, a serial entrepreneur and startup culture veteran who joined the company in 2011.

Prior to his role at ChargePoint, Romano co-founded 2Wire and Fluent, Inc., two ventures that were acquired. The rest of the management team hails from universities including the University of Pennsylvania, Michigan, Berkeley, Stanford and Duke.

ChargePoint prides itself on building a culture of sustainability. Its entire leadership team drives electric vehicles and “know[s] the [EV charging industry] better than anyone else,” according to the company. 

Risks For ChargePoint: ChargePoint faces tough competition. Although it recently added a sizable chunk of cash to its war chest, rivals working in the space are making moves as well.

General Motors (NYSE: GM) pledged to help EVgo install 2,700 chargers in its network over the next five years. Nikola (NASDAQ: NKLA) envisions an interconnected hydrogen fueling network and is committed to building all its infrastructure itself, cementing its status as an “energy company.”

With over 114,800 chargers across the globe and a new round of funding, the ball is in ChargePoint’s court to establish itself as a leader in the space.

Photo courtesy of ChargePoint. 

 

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