8/5, 2:34 PM (Source: TeleTrader)
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ChargePoint raises $127M for platform expansion

Electric vehicle charging network ChargePoint said on Wednesday that it raised $127 million in funds for its platform expansion in North America and Europe. Among the prominent investors are American Electric Power, Chevron Technology Ventures, Clearvision and Quantum Energy Partners.

The strict government regulations on emissions and increase in passenger electric cars from motor companies like GM, Ford, Nissan, Volvo led to an electric vehicle market expansion. The company's CEO Pasquale Romano stated, "The shift to electric drive is intensifying for mainstream businesses and fleet operators, a transition poised to be one of the most significant transformations in modern history. The additional $127 million in funding provides capital to expand our investment as the market grows, underscoring investor confidence in the unprecedented potential of electric mobility as well as ChargePoint’s leadership across continents."

The company is best known for its public and semi-public charging electric vehicle spots. Currently on the global level ChargePoint has more than 114,000 charging stations.

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