ChargePoint gets $125 million funding, will manage GE's electric-car charging network (update)

Follow John

2014 BMW i3 REx fast-charging at Chargepoint site, June 2016  [photo: Tom Moloughney]

It's been a big week for the ChargePoint electric-car charging network.

On June 27, it announced it would take over management and operation of General Electric's charging network of 1,800 commercial and roughly 8,000 residential charging sites, made up of its DuraStations and WattStations.

Then, on June 28, it issued a second release, saying it had closed $43 million of additional funding with a contribution from Siemens—bringing the latest financing round, known as Series G and led by Daimler, to a total of $125 million.

DON'T MISS: ChargePoint launches Express Plus modular fast-charging hardware

Electric-car drivers, however, may be more immediately affected by ChargePoint's management of the General Electric charging network.

The company's stations will be added to 35,900 privately owned charge spots already on ChargePoint's network.

GE will continue to fulfill warranty obligations on the stations themselves, and said it intends to "make the transition to ChargePoint as easy and seamless as possible for existing clients and drivers."

GE WattStation Electric Car Charging Station

GE WattStation Electric Car Charging Station

Enlarge Photo

ChargePoint will maintain GE's existing software, but electric-vehicle drivers now on the GE network will be able to use the ChargePoint mobile app to find stations and track their electricity consumption.

The ChargePoint team will also take over support and maintenance duties for the close to 10,000 GE stations.

“We are confident ChargePoint is the best fit for our EV customers,” said Bryan Groulx, General Manager of GE’s electric-vehicle operations.

READ THIS: ChargePoint adds wait-list feature for electric-car charging stations

“We are committed to working together to ensure a smooth transition," he continued, citing ChargePoint's experience and track record.

“We are excited to expand our network with the acquisition of GE’s network," said Pasquale Romano, president and CEO of ChargePoint, noting that his company has "worked closely with the GE team to ensure a seamless transition for customers and drivers."

As for the $125 million in financing, it will "contribute to ongoing efforts to develop ... a comprehensive EV charging network and enable ChargePoint’s full range of charging solutions for passenger cars, electric buses and trucks to be deployed" across Europe, the company said.

ChargePoint Express Plus modular DC fast-charging system for electric cars, launched at 2017 CES

ChargePoint Express Plus modular DC fast-charging system for electric cars, launched at 2017 CES

Enlarge Photo

In March, ChargePoint announced that Mercedes-Benz parent company Daimler led an investment round that raised $82 million; the additional $43 million adds to that.

Before that, in January it released designs for an Express Plus system of modular fast-charging stations and electronics, which it says will start installation before the end of this year.

CHECK OUT: Daimler invests in ChargePoint to grow electric-car charging in Europe, joins BMW

General Electric, meanwhile, recently named a new CEO, John Flannery, and is reviewing its conglomerate businesses to focus on those with most profit potential.

The ChargePoint release pointed GE customers with questions about the transition to a page on its site welcoming them to the network.

_______________________________________

Follow GreenCarReports on Facebook and Twitter.

 
Follow Us

Take Us With You!

 


 
© 2017 Green Car Reports. All Rights Reserved. Green Car Reports is published by Internet Brands Automotive Group. Stock photography by izmostock. Read our Cookie Policy.