Campbell, CA-based electric vehicle (EV) charging network operator ChargePoint Holdings, Inc., recently achieved a significant milestone in advancing its commercial growth.
The company announced securing a credit line totaling $150 million from four major global banking partners, including J.P. Morgan Chase Bank, HSBC Innovation Banking, Citi, and Goldman Sachs.
This newly established revolving credit facility, led by J.P. Morgan Chase Bank as Administrative Agent and Joint Lead Arranger, enhances ChargePoint’s ability to seize market opportunities and strengthens its standing with capital sources.
With this credit facility, ChargePoint aims to expand its presence in North America and Europe, solidifying its position as a prominent provider of EV charging solutions for corporate customers.
Empowering Growth with a Strong Financial Foundation
Despite the credit line being undrawn, ChargePoint’s Chief Financial Officer, Rex Jackson, emphasized its importance in fueling the company’s growth strategy.
“This $150 million credit facility with four global banking partners strengthens our ability to grow with our market opportunities and is consistent with our corporate financing strategy,” said Jackson.
He further stated that ChargePoint remains committed to maintaining a solid balance sheet as it pursues its goals of generating positive adjusted EBITDA and cash flow by the end of the calendar year 2024.
Expanding EV Charging Solutions Worldwide
ChargePoint has been expanding since its inception in 2007, aiming to create a new fueling network to move people and goods using electricity. The company boasts a comprehensive portfolio of charging solutions, paired with one of the largest EV charging networks, making it easier for businesses and drivers to embrace electric mobility.
The ChargePoint cloud subscription platform and software-defined charging hardware cater to diverse charging scenarios, including home, multifamily, workplace, parking, hospitality, retail, and various transport fleets in North America and Europe.
A key highlight of ChargePoint’s recent activities is its collaboration with ALD Automotive (now ALD Leaseplan) in Europe, where the company aims to become a leading provider of EV charging solutions for corporate clients.
Additionally, ChargePoint’s expansion efforts extend to European acquisitions, with the successful integration of the Austrian eMobility software specialist, has-to-be, and the electric bus and commercial vehicle management provider, ViriCiti, in the summer of 2021.
Embracing Innovation and Partnerships
ChargePoint has showcased its commitment to providing cutting-edge charging solutions by promptly announcing its readiness to retrofit existing charging stations with Tesla’s NACS fast charging system.
This move came after several significant carmakers decided to integrate Tesla’s charging system into their future electric vehicles for North America.
While ChargePoint aims to achieve break-even by 2024, the company acknowledges the uncertainties inherent in forward-looking statements.
“There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release,” ChargePoint noted in the footnote to the announcement.
Leading the Global EV Charging Landscape
With over 172 million charging sessions delivered to date and drivers connecting to the ChargePoint network approximately every second, the company plays a pivotal role in shaping the electric vehicle charging landscape worldwide.
ChargePoint’s commitment to sustainable and convenient electric mobility solutions remains unwavering as they capitalize on this newfound credit facility to expand its charging network further and enhance its market position.
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