Pension funds, governments and fossil fuel companies have invested $240m (£189m) in electric vehicle (EV) charging infrastructure company Chargepoint.
The company plans to spend the money building out its charging network in Europe and the US – and increase its focus on fleets and commercial vehicles as well as cars.
In the UK, the company recently entered into a partnership with French energy company Total Gas & Power to bundle energy sales and EV infrastructure to industrial and commercial companies.
Investors in the latest funding round include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision, Daimler Trucks & Buses, Government of Singapore Investment Corporation (GIC), and Quantum Energy Partners.
Given the risk averse nature of governments and pension funds, Chargepoint president and CEO, Pasquale Romano, said the willingness of these investors to put big money into EVs suggests the market is at “a tipping point in the generational shift to transportation electrification”.
The company has some 57,000 charging stations around the world. It aims to have 2.5 million ports within seven years.