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Siemens Invests in EV Charging Operator ChargePoint
Siemens AG has invested an undisclosed amount in ChargePoint Inc., the California-based operator of charging networks for electric vehicles.
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Siemens AG has invested an undisclosed amount in ChargePoint Inc., the California-based operator of charging networks for electric vehicles.
Ralf Christian, CEO of Siemen’s energy management division, will join ChargePoint’s board of directors.
Siemens led a $43 million round of fundraising that has brought ChargePoint’s latest round of funding to $125 million. Daimler AG led an earlier $82 million round in March and also gained a board seat.
The offering will help fund ChargePoint’s expansion beyond the U.S. and Mexico, where it currently operates more than 34,500 charging ports. Siemens will collaborate to develop charging stations for the European market. The German company already makes and installs its own EV charging systems.
In May ChargePoint announced its first deal in Europe, under which it will supply more than 200 of its Express Plus quick-charge systems to British network operator InstaVolt Ltd.
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