ChargePoint
ChargePoint announces $127m in incremental equity financing to accelerate the expansion of its global commercial and fleet businesses. Credit: Business Wire.

US-based electric vehicle infrastructure company ChargePoint has secured new funding to accelerate its growth plans.

The company closed $127m in incremental equity financing, raising a total of $660m through fundraising.

ChargePoint will use the new funds to expand its commercial and fleet portfolio in North America and Europe. The proceeds will also be used to increase marketing and sales efforts.

ChargePoint president and CEO Pasquale Romano said: “The shift to electric drive is intensifying for mainstream businesses and fleet operators, a transition poised to be one of the most significant transformations in modern history.

“The additional $127m in funding provides capital to expand our investment as the market grows, underscoring investor confidence in the unprecedented potential of electric mobility, as well as ChargePoint’s leadership across continents.

“With more than a decade of category leadership, ChargePoint is well positioned to continue the buildout of 21st century mobility infrastructure that will pave the way to the mass adoption of EVs.”

Since 2007, ChargePoint has been engaged in building an electric vehicle charging network to enable the transportation of people and goods using electricity.

It currently has around 114,700 charging spots around the world and has delivered more than 80.6 million charges.

In 2018, the company raised $240m in Series H funding round to expedite the installation of charging stations.

This year, FSG Smart Buildings joined forces with ChargePoint to provide turnkey EV charging solutions to different sectors of the commercial market.