Chargepoint pledges 2.5 million EV charging spots by 2025
September 19, 2018
Electric vehicle charging network ChargePoint has committed to creating 2.5 million EV charging spots by 2025. The company made the commitment at the Global Climate Action Summit in California. The Silicon Valley based company said its commitment will allow drivers to avoid nearly two million tons of greenhouse gas emissions in line with the Summit’s mission to inspire climate action.
“Our commitment to deploy 2.5 million charging spots by 2025 comes as the company embarks on the most significant period of growth in our history and in the midst of a revolution in transportation,” said Pasquale Romano, president and CEO, ChargePoint. “The time for transformative change is now, and broadly distributed, substantial and immediate investments in charging infrastructure are necessary to usher in the future of e-mobility. One hundred percent of what we do is focused on developing technology that enables cleaner transportation, and ChargePoint is proud to play a critical role in facilitating the transition to electric mobility, and supporting the Summit’s mission to reduce greenhouse gas emissions worldwide.”
EVs and charging infrastructure are critical to efforts to fight global climate change, grow the clean energy economy, and bring innovative technology solutions to market that accelerate the adoption of zero emission vehicles worldwide.
ChargePoint says its commitment underscores the company’s mission to enable an electric mobility future, which will include passenger cars, buses, trucks, fleets, and beyond. According to the company, a transition to e-mobility on a global scale "will result in an immense reduction in harmful greenhouse gas emissions that are crippling communities and threatening the health of millions around the world".
“The Climate Group is delighted that ChargePoint has chosen to announce their significant commitment as part of the #ZEVchallenge at The Global Climate Action Summit. Charging infrastructure is a key part of the zero carbon vehicle eco-system and the number of chargers committed by ChargePoint will really go a long way to support the continued growth of ZEVs,” said Helen Clarkson, CEO, The Climate Group.
By 2040, it is anticipated that EVs will account for more than half of new vehicles sold around the world, according to a report by Bloomberg. ChargePoint’s 2.5 million charging spots is designed to support a forecasted 20 million electric vehicles that will be on the road in North America and Europe by 2025. According to research by Morgan Stanley, electric vehicles will drive a combined 384 billion electric miles per year in North America and Europe by 2025.
Of the 2.5 million charging spots on ChargePoint’s network by 2025, the majority will be evenly split between Europe and North America, with smaller percentages in Oceania (Australia and New Zealand).
ChargePoint’s was recognised by the United Nations as a “Momentum for Change” award winner at the Conference of the Parties (COP) 21 in 2015. The company has grown its network to more than 53,000 globally. According to the company, its network has helped drivers avoid more than 42 million gallons of gas and 134 million kilograms of greenhouse gas emissions.
In 2017, the company, which is part owned by German companies BMW, Daimler and Siemens, expanded into Europe.
The company has raised nearly $300 million to support its expansion of networked EV charging worldwide. $125 million has been earmarked for its expansion in Europe. The company has announced that it might go public in 2022.
Chargepoint is one amongst a number of companies seeking to become dominant in the emerging EV charging market. Other companies include the French firm Engie, German firms Innogy and E.ON and Scandinavian companies Fortum and Vattenfall.