EV Charging Company Raises $50 Million

ChargePoint Inc., which claims to be have the world’s largest charging network with more than 28,000 charging spots for electric and plug-in hybrid vehicles, says it has raised an additional $50 million in funding from investors.

The company also announced the appointment of Bruce Chizen—the former CEO of software giant Adobe Systems Inc.—as chairman of its board of directors.

With the latest cash-infusion, the Campbell, Calif.-based company has raised more than $164 million since it was launched in 2007. The new round of funding was led by Linse Capital.

ChargePoint plans to use the money to expand its charging network, which includes stations in the U.S., Canada, Australia and New Zealand. The company says its system has delivered a combined 15.4 million charges to date. In the future, it hopes to add partners in Europe and Asia.

The company doesn’t own the charging stations themselves. It provides equipment to independent owners, who manage the stations and set their own prices. It also sells home charging systems and provides mobile apps and analytics as part of its network. Last year, it began providing charging networks for apartments and condominiums.

ChargePoint lists unspecified partnerships with BMW, Daimler, General Motors, Fiat Chrysler, Nissan, Toyota and Volkswagen. It notes that global sales of EVs jumped 80% last year to more than 565,000 vehicles.