ChargePoint Purchases European Charging Software Startup
ChargePoint signed an agreement to acquire a European software charging startup, which is the first acquisition for the electric car charging network since it became a publicly traded enterprise, for 250 million euros (295 million dollars) in cash and stock.
With the purchase, ChargePoint employs over 125 staff. It controls over 40,000 networked ports in Europe and the operational software of the firm. The purchase will enhance ChargePoint's efforts to acquire market share as a strategic partner outside of North America.
Founded in 2013, VW Group was an early investor and will be continuing its partnership with ChargePoint and other software clients, including Ionity, Audi, Porsche, BP, Total, Lidl and GP Joule. ChargePoint is also supplementing its operations with its to be bureaus in Munich, Salzburg and Wien.
ChargePoint is designing, developing and producing associated software and hardware and an electric car cloud subscription platform. The firm is best-known for its brand-name, public and semi-public charging points, which consumer vehicles and SUVs and domestic chargers use to charge their electric automobiles. ChargePoint has, however, a commercial company that offers software and technology to help fleets manage their supply vehicles, busses and automobiles.
There are more than 115,000 charging points in the firm worldwide. ChargePoint also gives access to 133,000 public venues to charge via North American and Europe roaming integrations.
ChargePoint CEO Pasquale Romano said in a statement that, "Our continuing investment in Europe is vital for our stated development plan" and that their combined assets "should enable us to accelerate our leadership, as electrification continues to take root throughout the continents."
In September, ChargePoint agreed to merge with a market worth of $2.4 billion with the special purpose acquisition firm Switchback Energy Acquisition Corporation. ChargePoint has raised $225 million in public equity or PIPE under the direction of significant investors such as Baillie Gifford and funds run by Neuberger Berman Alternatives Advisors.
At that time, ChargePoint stated it plans to utilize the new cash to grow its technology portfolio and dramatically develop its commercial, fleeting and residential enterprises in North America and Europe.