Constellation Invests in ChargePoint
Company will expand energy management services and DC fast charger network
Campbell, Calif. – ChargePoint – the largest and most open electric vehicle (EV) charging network, announced today a new investor: Constellation Technology Ventures, the venture capital arm of Exelon Corporation. Constellation has joined existing investors Kleiner Perkins Caufield & Byers (KPCB), Braemar Energy Ventures, Siemens Venture Capital GmbH, Voyager Capital, BMW and Rho Ventures. In total, ChargePoint has raised nearly $114 million.
“It is clear with rapid sales growth and increased adoption the EV market is reaching a tipping point and as it continues to grow, demand on the grid will increase,” said Pasquale Romano, ChargePoint’s CEO. “This investment and partnership with Constellation will help ChargePoint develop a long term energy management solution while continuing to build on our robust EV charging network.”
Currently, ChargePoint’s advanced technology allows station owners to manage load by centrally and dynamically adjusting energy flow to stations. ChargePoint can also see precisely where on the grid EV charging electricity is being drawn to gather data for grid management. With flexible pricing, station owners can also incent drivers to plug in during off-hours and discourage excessive use during peak hours in order to reach optimal load.
“ChargePoint continues to expand the electric vehicle market and has maintained a leading position in this rapidly growing market,” said Michael Smith, Constellation vice president and head of Constellation Technology Ventures. “By investing in ChargePoint, we are able to leverage customer relationships, explore new financing mechanisms and jointly develop a strategy to meaningfully engage with the utility sector.”
ChargePoint’s network reaches across the nation with over 18,000 level 2 and DC fast charging locations. ChargePoint’s stations are independently owned, giving station owners flexible pricing and access control. Companies often provide charging to attract and retain customers and employees, while attaining sustainability goals. Through ChargePoint, businesses can realize the financial, employee satisfaction and environmental benefits of offering EV charging. ChargePoint’s real-time network information, including the availability of charging locations throughout the nation, is available through the ChargePoint mobile app, online and via the navigation systems in top-selling EVs.
ChargePoint is the largest and most open electric vehicle (EV) charging network in the world, with more than 18,000 charging locations. Ranked #1 by leading independent research firm, Navigant Research, ChargePoint makes advanced hardware and best-in-class cloud based software. ChargePoint’s open network is utilized by many leading EV hardware makers and encourages all EV charging manufacturers to join.
ChargePoint’s real-time network information including the availability of charging locations throughout the nation is available through the ChargePoint mobile app, online and via the navigation systems in top-selling EVs including the new BMW i3 and the Nissan LEAF. A driver connects to a ChargePoint station every 8 seconds and by initiating over 5 million charging sessions, ChargePoint drivers have saved over 4.6 million gallons of gasoline and driven over 110 million gas free miles.
For more information about ChargePoint, visit www.chargepoint.com or on Twitter @ChargePointnet
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation’s family of retail businesses serves more than 100,#44;000 business and public sector customers, including more than two-thirds of the Fortune 100, and nearly 1 million residential customers. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider, with 2013 revenues of approximately $24.9 billion, and more than 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.