ChargePoint closes major investment round

The charging infrastructure operator ChargePoint comes to a new financing of 232 million US dollars. A few weeks ago, there were still rumours of dwindling liquidity in the company's balance sheets.

ChargePoint says it is raising additional capital through the sale of shares. The company has received commitments from institutional investors to purchase $175 million worth of new ordinary shares. In addition, ChargePoint raised $57 million in additional funding through its existing ATM facility, for a total of $232 million, or about €218 million.

“We are pleased to secure $232M in funding this quarter, which supports our stated goal of adjusted EBITDA profitability in the fourth fiscal quarter of next year,” said Rex Jackson, CFO of ChargePoint. “These raises and our recently announced $150M revolving credit facility are consistent with our announced capital strategy to bolster our balance sheet. We have no further plans to access the ATM.”

Jackson’s reference to targeted profitability is likely addressed to all those who have seen ChargePoint stumble recently. In September, Automotive News reported that ChargePoint and Blink Charging, two of the largest public charging networks for electric cars in the US, were in financial trouble. ChargePoint subsequently denied this.


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