The company will use the funds to expand its charging platform for businesses and fleets in North America and Europe.

ChargePoint announced Wednesday an incremental equity financing of $ 127 million from investors including American Electric Power, Chevron Technology Ventures, Clear Vision, and Quantum Energy Partners. According to TechCrunch, the company has so far raised $ 660 million.

Investors fancy electric vehicles

Investors the world over think there is a very glorious future awaiting electrical vehicles. This reflects in the sharp uptrend in stocks such as Tesla and Nikola. Meanwhile, start-ups such as Rivian are successfully raising funds at solid valuations.

ChargePoint operates a large EV charging network and a complete portfolio of charging solutions. The company designs its cloud subscription platform and software-defined charging hardware internally. They include options for every charging scenario from home and multifamily to the workplace, parking, hospitality, retail, and fleets of all types.

The company is gearing up its network of 114,000 charging spots across the globe to cater to the influx of new electric vehicles in the coming years. With the rising adoption, there will be rising demand for electrical charging.

Growing adoption

“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,” said Pasquale Romano, President, and CEO, ChargePoint. “The additional $127 million in funding provides capital to expand our investment as the market grows. It underscores investor confidence in the unprecedented potential of electric mobility as well as ChargePoint’s leadership across continents.”

According to CrunchBase, the global commercial electric vehicle market posted revenues of $ 144.5 billion in 2017. This number could more than double to $ 362.7 billion by 2025.

Adoption in America could get a leg up. On July 14, Democratic presidential candidate Joe Biden unveiled a $ 2 trillion clean energy plan. This included a Cash-for-Clunkers program designed to encourage people to switch from fossil-based vehicles to electric cars.

According to Automotive News Europe, the number of public charging plugs around the world quietly ticked about the 1 million mark. This threshold was likely overtaken in May and has doubled in three years.

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