ChargePoint

ChargePoint manufactures and operates EV charging stations. The company operates the largest EV charging network in the US, with a market share of around 47% as of 2020. ChargePoint does not participate in revenue generated from charging fees; it sells the charging infrastructure to third-party hosts (parking lots, supermarkets, fuel stations, residential properties, etc.). These hosts are eligible for the entire charging fee revenue or could opt to provide the service for free.  

The company provides both hardware and software charging solutions. Hardware solutions include Level 1, Level 2, and DC fast-charging stations. Hosts can also subscribe to software solutions that enable them to manage and optimize charging stations. Some SaaS features include being able to set the price for charging, enabling a waitlist for drivers to queue efficiently, integrations with fleet fuel cards, and real-time advanced analytics to monitor the performance and health of a charging station. ChargePoint estimates a 51%–49% split between hardware and software revenue throughout the useful life of a charging station (around seven years). In October 2023 , the company reported that it is preparing to provide North American Charging Standard (NACS) connector support for its AC and DC charging solutions in the form of cable conversion kits for its customers. In April 2024 , ChargePoint partnered with Jumptech to provide an efficient home charger installation experience for fleet ChargePoint customers and reduce the average time from charger order to installation.

Key customers and partnerships

ChargePoint had deployed 163,000+ charging stations across North America and Europe as of January 2022. 

In January 2023, the company partnered with Stem in January 2023 to accelerate the deployment of EV-charging and battery storage solutions for highway corridor DC fast charging. In April 2023, ChargePoint partnered with ALD Automotive to create a European EV-charging business and provide access to a charging network of over 485,000 charging ports across Europe using a single app. In February 2024 , the company partnered with AcBel Polytech to co-design hardware for ChargePoint’s portfolio of EV-charging solutions.

Funding and financials 

The company’s most recent funding was in October 2023 , when it raised USD 175 million in new equity funding from institutional investors through its at-the-market (ATM) offering facility. ChargePoint also raised USD 57 million in additional funds through the same facility in Q3 FY2024. The funds raised will support the company to achieve adjusted EBITDA profitability in Q4 FY2024. Prior to this in July 2023 , ChargePoint secured a USD 150 million revolving credit facility.

The company was listed on the NYSE through a SPAC merger in March 2021, making it the first pure-play EV-charging infrastructure company to go public. The deal generated USD 493 million at a valuation of USD 2.4 billion and the proceeds were to be used to support expansions in North America and Europe.