Electric Vehicle giant ChargePoint brings on Daimler as an investor in $240m funding round

California-based electric vehicle charging network Chargepoint has secured $240m (£188m) in its largest-ever Series H funding round, bringing on new investors such as Quantum Energy Partners, which led the round, and Daimler.

Other investors in the round include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision and Government of Singapore Investment Corporation.

They add to the likes of BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens, which already count themselves as investors.

Quantum's energy partner Jeffrey Harris will also join the ChargePoint board of directors.

ChargePoint president and CEO Pasquale Romano said: “The broader energy and mobility ecosystem has recognised that we are at a tipping point in the generational shift to transportation electrification. Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate.

So far ChargePoint has raised £500m in funding. The new round comes a year after the Series G round that allowed it to propel into Europe.

ChargePoint owns more than 57,000 public and semi-public charging spots in the regions in which it operates. With its latest funding round it hopes to expand further in Europe and North America.