ChargePoint raises US$240m to expand network
ChargePoint, the largest network of EV charging stations, raised US$240m from investors including American Electric Power, Chevron, Daimler, BMW, Siemens and energy investment fund Quantum Energy, to expand capacity. Competition is hotting up in the EV charging markets with Volkswagen (ETR:VOW) setting up the Electrify America network with phase one consisting of 2,000 chargers and phase two planned for late-2019. In Europe competition comes from Ionity, a JV between major automakers BMW, Daimler, Ford and VW. EVgo is also expanding, as is Tesla (NASDAQ:TSLA), which plans to double the size of its supercharger network.