Money Pours into ChargePoint
November 29, 2018
“The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification”. Pasquale Romano, CEO of ChargePoint
The world’s largest EV charge station company is about to get a lot bigger. The company has just raised another $240M for it’s international rollout of charging stations, with a particular focus on North America and Europe. That brings the total money raised to over half a $billion.
It’s a strong statement but when your investors include major players in the energy, financial, venture capital, oil and gas, utility, manufacturing, technology and automotive sectors, it becomes obvious that EVs and charging infrastructure have reached the stage of broad buy-in.
As you would expect, the Media are all over this story. There’s long been speculation as to whether a lack of charging stations will slow down EV penetration. $500M isn’t going to put a charging station on every street but most of that money was raised in the last eighteen months and, while ChargePoint may be the largest, it’s far from the only player in the rapidly-growing EV charge station business. In other words, we’re going to see more money raised by more companies and, ultimately, a lot more charge stations appearing in a short space of time.
According to ChargePoint, the latest round of money will be used to further expand its network, continue to build its footprint in Europe and North America, improve the experience for EV drivers, and expand solutions for fleets as the market quickly approaches the mass adoption of electrified transportation.
“Mass adoption of electrified transportation”. That’s another strong statement but, if you check out ChargePoint’s blog, you’ll see regular posts called “EV News you can use”. A quick run through the last few such posts will give you the sort of statistics that justify their belief, and those of Cobalt 27, that we are indeed moving quickly towards mass adoption. Here are just a couple of those stats:
- U.S. hits 1,000,000 EVs sold
- Europe exceeds 1,000,000 EVs sold, sales up 40%
- VW starts work on first large-scale EV factory (300,000 EVs per year)
- ChargePoint commits to delivering 2.5 million charging spots by 2025 at the Global Climate Action Summit.
- BP to install EV charging stations at 1300 diesel/petrol stations across the UK
As the demand curve steepens, so too will the need for raw materials. An exciting time to be in the electric metals sector.
Anthony Milewski, CEO and director, Cobalt 27
Forward-Looking Information: Some of the posted entries on the CEO Corner may contain forward-looking statements. Forward-looking statements address future events and conditions which involve inherent risks and uncertainties. Actual results could differ materially from those expressed or implied by them. Examples of forward looking information and assumptions include future estimates of the worldwide supply and demand for cobalt and other metals and the effect that these changes could have on the short term and long term price of cobalt and other metals on the world markets, statements regarding the future operating or financial performance of Cobalt 27 including the net present value, metal recoveries, capital costs, operating costs, production, rates of return and payback. Forward looking statements involve known and unknown risks and uncertainties which may not prove to be accurate. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com.
In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "projects", "plans", "anticipates" and similar expressions. These statements represent management's expectations or beliefs concerning, among other things, future operations and various components thereof affecting the economic performance of Cobalt 27. Undue reliance should not be placed on these forward-looking statements which are based upon management's assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted.
Links: Some of the posted entries on the CEO Corner may include links to 3rd party websites. Cobalt 27 has not reviewed all websites linked to or from this Site and is not responsible for the contents of any such websites. The inclusion of any link does not imply endorsement by Cobalt 27 of the linked website or its content. Use of any such linked website is at the user's own risk.
For further information we refer you to our legal notice.