Momentum milestones accelerate the pace of vehicle electrification across Europe
ChargePoint Holdings, Inc. (NYSE:CHPT), a leading electric vehicle (EV) charging network operating in North America and Europe, today announced significant milestones, including the closing of its previously announced acquisition of leading European electric mobility platform has·to·be.
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Initiating a charge with the ChargePoint app on a CP4300 (Photo: Business Wire)
“Today we announce our accelerating leadership position in the European EV charging market with the closing of our acquisition of has·to·be, which combined with our acquisition of ViriCiti and our existing broad portfolio of charging infrastructure solutions position ChargePoint well in commercial and fleet segments. With these acquisitions, we grew our talent pool across and have state-of-the-art research and development centers across Europe,” said Pasquale Romano, CEO of ChargePoint. “These key milestones further strengthen our commitment to the European EV charging market, to complement our position as a leader in EV charging in North America.”
ChargePoint completed the acquisition of has·to·be, the provider of be.ENERGISED, a leading cloud- based e-mobility EV charging and enterprise software platform. has·to·be’s expansive software platform addresses the complexity and fragmentation of today’s European charging landscape and is compatible with widely deployed European charging stations and e-mobility services. ChargePoint’s acquisition of has·to·be will further accelerate its position in Europe's charging ecosystem.
In August 2021, ChargePoint announced its acquisition of ViriCiti, a leading provider of electrification solutions for eBus and commercial fleets with a customer base in Europe and North America. With the combined acquisitions of has·to·be and ViriCiti, ChargePoint now has the most complete set of solutions for electrified fleets in Europe and North America. From concept to scale, ChargePoint’s fleet solution portfolio includes everything fleets need to electrify and optimize fueling as they grow. The fleet management solution, AC and DC fast charging solutions, along with the telematics capabilities brought by ViriCiti, balance charging costs with operational readiness for fleets of all sizes, making ChargePoint a key partner in the efficient and rapid electrification of any fleet.
Driving a Sustainable Future
ChargePoint is now one of the largest charging networks in North America and Europe with more than 150,000 charging ports accessible on its own network. ChargePoint works with the industry to enable drivers to roam across networks in North America and Europe with more than 200,000 roaming ports accessible to EV drivers. ChargePoint is also proud to highlight three billion electric miles have been driven on the network and drivers have avoided more than 120 million gallons of gas, avoiding over 450,000 metric tons of greenhouse gas (GHG) emissions.
Visionary Talent and Leading R&D Facilities
ChargePoint continues to create job opportunities and has more than doubled its talent over the past year in Europe. ChargePoint also has state-of-the-art research and development facilities in Amsterdam, the Netherlands, Radstadt, Austria and Reading, England for testing and evaluation of ChargePoint’s EV charging products.
With the has·to·be and ViriCiti acquisitions now complete, ChargePoint is home to the one of the largest collections of EV charging talent in Europe, including roles in engineering, operations, marketing, sales, finance, legal and human resources.
Today, ChargePoint is commercially active in 16 European countries. Demonstrating the company’s commitment to a superior charging experience and the expansion of electric mobility across the continent, ChargePoint also now provides around-the-clock support to drivers and station owners in multiple languages.
Improved Driver Experience
ChargePoint has long been dedicated to accelerating electric mobility across Europe by enabling a seamless charging experience for drivers, fleets, businesses and municipalities. ChargePoint has advanced and employed fee-free roaming agreements and integrations with many popular in-dash infotainment systems, as well as Apple CarPlay and Android Auto. These industry innovations empower drivers to easily find stations, initiate fueling and pay for charging effortlessly right from the ChargePoint app or the vehicle display.
As a founding member and leader of the trade association ChargeUp Europe, ChargePoint has helped further the rights of EV drivers across the continent. The organization has made great strides in helping lead the industry as one voice on the future of easy roaming and payment solutions, as well as helping to guide the European Commission in the negotiations around the Alternative Fuels Infrastructure Directive and “Fit for 55” legislation package, supporting its commitment to reduce net GHG emissions by at least 55 percent by 2030.
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 98 million charging sessions have been delivered, with drivers plugging into the ChargePoint network every two seconds or less. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or Investor Relations.
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding the expected benefits of our acquisitions of has·to·be and ViriCiti to us, our leadership and market position, our customers, the expected impact of the acquisitions on our product offerings, our successful product and workforce integration efforts, our continued investment in, expectations for growth, and expanded charging networks in Europe and North America, our commitment to the fleet and commercial segments, our expected benefits from and continued involvement in trade associations and industry forums for the purpose of EV charging and the strength of our European operations and expanded research and development capabilities, including our Reading, England facility. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: developments and changes in the general market; the continuing impact of COVID-19, including in our business and those of our customers and suppliers; adverse political, economic, and business conditions; our limited operating history as a public company; our ability to successfully integrate has·to·be and ViriCiti, including their respective product offerings, technology and workforces, and to acquire and integrate other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales of charging stations for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions; our ability to continue our expansion in North America and Europe, including our research and development facility in Reading, England; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our quarterly report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on September 10, 2021, which is available on our website at investors.chargepoint.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.