Charging network operator takes on GE network and secures US$43 million in funding
Charging network operator ChargePoint has acquired GE’s EV charging portfolio, in a deal that adds over 1,800 commercial and 8,000 residential charging spots to its network. This adds to the company’s existing network of roughly 36,000 charging spots.
ChargePoint intends to maintain GE’s existing software and commercial charging spots, although GE will continue to support warranty agreements. Customers with further questions can visit this FAQ page.
“A reliable and consistent charging experience is crucial for fostering EV adoption and these are the key elements that ChargePoint has integrated into our business model for more than a decade,” said the company’s CEO and president Pasquale Romano.
With emphasis placed on the continuation of service as usual, GE offered little details as to the reasons behind its sale. In a statement general manager of GE EV operations Bryan Groulx said: “Given its decade of experience, comprehensive portfolio and track record in the industry, we are confident ChargePoint is the best fit for our EV customers… We are committed to working together to ensure a smooth transition.”
The company currently supplies charging systems branded under DuraStation and WattStation. However, GE’s plans for EV charging from now on are unclear – as of June 29, its webpages on Electric Vehicle Infrastructure were locked down.
Meanwhile, Chargepoint also secured further investment from GE rival Siemens. The latter will provide an additional US$43 million to help fund the company’s operations in Europe. The funding follows an initial US$82 million investment, and closes the total Series G round at US$125 million, led by Daimler.
Siemens Energy Management is already a supplier to ChargePoint for complementary DC charging technology, and has been an investor in the company since 2010.
“Siemens will support ChargePoint with its complementary technology portfolio and facilitate the integration of vehicle charging into modern power grids. I look forward to successful collaboration with ChargePoint for their expansion in Europe, including in my additional role as a member of the Board,” said Siemens Energy Management Division CEO Ralf Christian.