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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

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