Daimler has just invested $82 million in ChargePoint. The partnership seems to hint on the automaker's goal to dominate the EV industry.
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Daimler, Mercedes-Benz parent company, has reportedly invested in ChargePoint. It seems that the automaker is getting ready to expand to challenge the major player, Tesla, in the EV industry. Daimler's investment in ChargePoint also seems to hint of the automaker's goal to dominate the EV business in the future.
— ChargePoint (@ChargePointnet) March 3, 2017
Daimler has signed the much-needed partnership with ChargePoint recently. The former has reportedly invested a significant $82 million in the largest California-based, electric-vehicle charging network in the United States.
This partnership made Daimler the lead investor in the Europe-focused fundraising round. This will also pave the way for Daimler and its clients to have access to the public charging stations across America.
In North America alone, there are more than 33,000 charging ports of ChargePoint. These ports are distributed among 7,000 sites.
ChargePoint also has an existing partnership with other automakers like the BMW I Ventures, the electromobility venture-capital affiliate of BMW Group. The latter is also said to benefit from Daimler's investment as the huge funding will expand the business of ChargePoint to benefit all its existing investors too.
Apparently, ChargePoint has been planning to expand its business in Europe and this partnership with Daimler will also support the former's plan. The expansion would utilize the Combined Charging System (CCS) standard, aka SAE Combo, to provide a maximum 400 kW power. This means that it will greatly improve the usual 150 kW level at some charging stations, CarAndDriver reported.
Moreover, according to ChargePoint, the total investment is aimed to be more than $100 million. ChargePoint CEO Pasquale Romano explained that the automotive industry is currently at an "inflection point" where the market is beginning to be saturated with highly advanced electric powertrains, unlike before.
ChargePoint further mentioned that the other companies like Braemar Energy Ventures, Rho Capital Partners, and Linse Capital have also joined in the fundraising round. Summing up the fundraising, the charging company confirmed they already have over a quarter of billion dollars, Business Insider has detailed.
Daimler's investment in ChargePoint proves the automaker is getting ready to conquer the future.