Chargepoint to expand into Europe after record fundraising

Photo: Chargepoint
Photo: Chargepoint

Chargepoint, one of the US’s biggest electric vehicle charging networks, is to expand into Europe, after securing a record $82 million (€77 million) in funding, reports CNBC.

The investment, backed by German manufacturers Daimler and BMW i Ventures, will support Europe’s most comprehensive charging network, according to Chargepoint Chief Executive, Pasquale Romano.

With 500,000 EVs sold across Europe in June 2016, Chargepoint sees a growing need for a comprehensive charging network. Chargepoint claims the current charging market is fragmented and wants to be the first company to introduce charging for all types of EV drivers.

The EV market in Europe is growing quickly. PwC Autofacts estimates that by 2021,  there will be around 2.2 million electric vehicles on the road. In more progressive markets like Norway, half of new cars are already electric or hybrid. Vehicles are becoming attractive as range is increasing, while prices are decreasing. Around 20 European countries offer tax incentives to EV buyers.

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