Charge-money millionaires: ChargePoint gets $50M funding to expand network

The company is looking to grow its reach inside the US while simultaneously reaching out to other, untapped markets.

ChargePoint Charger

It's unclear just how many new chargers can come from that $50 million.

ChargePoint

If you've been to a Walgreens or other pharmacy-type establishment lately, you've likely seen one or two electric-vehicle chargers in the parking lot. ChargePoint is a network of EV chargers that reaches across the US, and it's about to expand even more as it secured $50 million in funding to do exactly that.

ChargePoint has received $164 million in funding to date, according to Reuters. Linse Capital led the latest round of funding for the EV-charging company, which currently operates in the US, Canada, Australia and New Zealand. While it operates the chargers, Reuters notes that ChargePoint does not actually own them.

The company is looking to expand into Europe or Asia as EV demand grows. It's not growing as fast as it could be, thanks to factors such as cheap gas prices and the American proclivity for large trucks and crossovers, but with new models on the horizon, such as Tesla's Model 3, it's looking like a good time to grow the charger network.

After all, a more fleshed-out infrastructure will attract range-anxious buyers who might still be on the fence about buying an electric car. Once the average EV range rises and gas once again gets a little expensive, ChargePoint should be in a pretty good place.

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