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Chevron Invests in EV Charging

ChargePoint gets oil company’s backing in $240 million round of funding
Photograph: Shutterstock

HOUSTON -- Chevron is making an investment in electric-vehicle (EV) charging network provider ChargePoint, becoming the latest major oil company to hedge its bets on the future of transportation energy.

ChargePoint, which has more than 57,000 public and semipublic charging spots worldwide, recently announced that it secured $240 million in Series H funding, its largest to date. Among the investors: Chevron Technology Investors, the Houston-based, emerging-tech investment arm of Chevron Corp., San Ramon, Calif. It joins other major oil companies such as Royal Dutch Shell and BP in investing in the EV charging space.

In 2018, BP invested in both a U.S.-based rapid-charging station developer and Israeli ultrafast-charging battery startup. And in 2017, Shell debuted its own EV charging service in Europe and acquired one of the continent’s largest charging networks.

Other investors in ChargePoint’s Series H funding include utility company American Electric Power, Canada Pension Plan Investment Board, Clearvision, Daimler Trucks & Buses, GIC and the lead investor, Quantum Energy Partners.

“The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification,” said Pasquale Romano, president and CEO of ChargePoint, Campbell, Calif. “Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate.”

ChargePoint plans to use this latest round of funding to expand its network in North America and Europe, improve the charging experience and grow its fleet solutions. It offers both Level 2 charging stations, which can charge an EV in less than 4 hours, and DC fast charging stations, which can do so in less than 30 minutes.

Some c-store industry retailers that have partnered with ChargePoint include Kum & Go LC and Royal Farms.

 

 

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