ChargePoint, a company that builds electric vehicle (EV) charging infrastructure for cities around the world, has raised $127 million to build a “comprehensive global EV charging platform” for businesses and fleets. The company didn’t reveal a valuation at this round, but it has now raised north of $660 million since its inception nearly 15 years ago.
Although EVs represent a small percentage of new car sales overall, there is evidence to suggest that habits are changing — particularly in some markets. Just 2% of new car sales in the U.S. last year were electric, but that figure rises to 56% in Norway, while Deloitte forecasts that a third of all vehicle sales globally will be electric by the end of the decade. When you consider that automakers such as Volvo now only make cars with electric or hybrid engines, Ford is finally embracing long-range electric cars, and Tesla’s shares are riding on the crest of a wave, it’s clear EVs are no longer a fad.