Financing to Fuel Growth of ChargePoint Network for Charging Electric Vehicles
Campbell, Calif. – (September 8, 2010) – Coulomb Technologies, a leader in electric vehicle (EV) charging station infrastructure, today announced that it has secured $15 million in Series C funding. Coulomb will use the funds to help accelerate product development of the ChargePoint® Network, enhance customer support and drive sales. The ChargePoint Network is used by EV drivers worldwide looking to quickly and safely fuel their electric vehicles. Joining existing investors Rho Ventures, Voyager Capital, Siemens Venture Capital GmbH, and Hartford Ventures, a strategic investment division of The Hartford Financial Services Group, Inc. (NYSE: HIG) are new investors Harbor Pacific Capital and LS Cable Ltd., and LS Industrial Systems Co., Ltd.
In 2008, Coulomb was the first company to introduce networked charging stations for electric vehicles. Coulomb’s ChargePoint® Networked Charging Stations are now installed in countries worldwide. Since 2009 Coulomb has shipped more than 850 stations to more than 200 customers. In 2010 Coulomb announced strategic partnerships with Leviton, Siemens and Aker Wade to significantly expand the ChargePoint Network. Each of the Coulomb partners will market and distribute their own brand of home and/or public electric vehicle supply equipment (EVSE) built specifically for the ChargePoint Network. Additionally, Coulomb via their Department of Energy funded ChargePoint America program is providing 4600 free home and public ChargePoint stations in nine regions of the United States.
“Coulomb sales have increased dramatically in 2010,” said Richard Lowenthal CEO of Coulomb Technologies. “This significant growth has given us an opportunity to further expand our operations and superior technology of the ChargePoint Network to meet the worldwide demand of networked infrastructure for electric vehicles. We are proud to welcome our new investors Harbor Pacific Capital and LS to our company. We are also pleased our existing investors Rho Ventures, Siemens Venture Capital, Voyager Capital and Hartford Ventures have furthered their investment in Coulomb.”
“Coulomb continues to make great strides as an emerging leader in the EV infrastructure space. They are quickly expanding their footprint and building a compelling, sustainable business,” said Mark Leschly, Managing Partner of Rho Ventures.
Cities worldwide including New York City, Orlando, Detroit, Amsterdam, Sydney and Dublin, now have Coulomb's charging systems installed for consumer and fleet use. The foundation for these accomplishments is the ChargePoint Network powered by Coulomb's advanced networking technology and applications software. This network of charging stations is open to all drivers of plug-in vehicles and provides authentication, management, and real-time control through multiple web-based portals for hosts, fleet managers, drivers and utilities.
Coulomb’s ChargePoint America program will provide 4,600 charging stations to program participants in nine regions in the United States: Austin, Texas, Detroit, Los Angeles, New York, Orlando, Fla., Sacramento, Calif., the San Jose/San Francisco Bay Area, Bellevue/Redmond, Wash., and Washington DC and is a strategic partnership between Coulomb and three leading automobile makers: Ford, Chevrolet and Smart USA. Installation of the ChargePoint charging stations is underway now in all nine regions.
About Rho Ventures
Rho Ventures has a multi-stage investing strategy focused on high-growth companies in large markets. Rho Ventures’ investments span new media, healthcare, IT, communications, energy technology and other disruptive technologies. Rho Ventures brings nearly 30 years of venture experience, combined with its partners’ deep sector expertise and its far-reaching network to assist each portfolio company. This approach has allowed Rho to participate in the growth of some of today’s most innovative and successful companies, including Active Power, Capstone Turbine, Ciena, Compaq Computer, Gloucester Pharmaceuticals, Human Genome Sciences, iVillage, MedImmune, ReachLocal, Shire Pharmaceuticals and Tacoda. Rho Ventures is currently investing from Rho Ventures VI, a $510 million fund. The firm has offices in Palo Alto, New York and Montreal, with investments across the globe. www.rho.com
About Voyager Capital
Voyager Capital is a leading West Coast information technology venture firm, providing entrepreneurs with the resources, experience, and connections to build successful companies. Voyager invests primarily in early stage digital media, software, wireless, clean IT, and web infrastructure companies, where the firm's domain expertise and “Go-to-Market” and “High Performance Team-Building” resources help build market-leading companies. Voyager Capital has offices in Seattle, Washington; Menlo Park, California; and Portland, Oregon. For more information please visit: www.voyagercapital.com.
About Siemens Venture Capital (SVC)
The central venture capital organization within Siemens, invests in early-stage technology companies and established growth companies, focusing on the energy, industry and healthcare sectors. In this way, SVC identifies innovative solutions from which Siemens can profit and plays a key role in Siemens' global innovation network. To date, the company has invested in more than 150 companies and 40 venture capital funds. In addition, SVC advises the German Siemens pension funds on their private equity allocation. It is in this context that SVC has launched the venture capital fund of funds Siemens Global Innovation Partners I. Siemens Venture Capital is represented in Europe, Asia and the US and is part of Siemens Financial Services.
About Hartford Ventures
Hartford Ventures is a strategic investment division of The Hartford Financial Services Group, Inc. (NYSE: HIG). Through its relationships, experience and support, Hartford Ventures seeks to accelerate the growth of early stage companies. Hartford Ventures provides its portfolio companies and co-investors with unique insights into the insurance industry. Hartford Ventures serves as a relationship liaison between its portfolio companies and internal Hartford businesses, providing top level access to potential customers, partners and external investors. For more information, visit www.thehartford.com/ventures.
About Harbor Pacific Capital
Harbor Pacific Capital provides early to growth stage capital for emerging technology companies in both the United States and the Asia Pacific region. Based in Silicon Valley, we focus our investments in digital media, consumer, and clean technology companies. We strive to be the partner of choice for entrepreneurs and top-tier investment funds seeking to build market-leading companies that benefit not only from our capital but also from our extensive network of partners, businesses, and relationships in Asia.
LS Industrial Systems The No. 1 supplier of electrical power equipments, power transmission and distribution facilities and automation solutions in Korea. LS Industrial Systems is leading the EV Charging infrastructure and Smart Grid in Asia. LS Cable :LS Cable is a leading wire and cable manufacturer with headquarters located in Korea. With operations all over the world, LS Cable provides a wide range of energy and telecom cable solutions for the power infrastructure, construction, automotive, railway, telecommunication and electronic industries. LS Cable is growing its business in submarine and extra high voltage superconducting cables.
About Coulomb Technologies, Inc.
Coulomb Technologies is the leader in electric vehicle charging systems and application services, with the ChargePoint Network now operating in 14 countries, and Network Operations Centers in the U.S., London, and Hong Kong. Coulomb provides a vehicle-charging infrastructure, with an open system driver network: the ChargePoint Network provides multiple web-based portals for Hosts, Fleet managers, Drivers, and Utilities, and ChargePoint Networked Charging Stations ranging in capability from 120 Volt to 240 Volt AC charging and up to 500 Volt DC charging. For more information, follow Coulomb on Twitter at twitter.com/coulombevi. To request a charging station in your area, visit www.mychargepoint.net/request-station.php. To download the ChargePoint iPhone App, click here.