ChargePoint Acquires Viriciti: Expanding Electric Fleet Solutions

ChargePoint Expands Fleet Solutions with ViriCiti Acquisition

ChargePoint, following its public listing in March, has announced its second acquisition, securing European electric fleet management firm ViriCiti for a cash sum of €75 million (equivalent to $88 million). This development arrives shortly after the EV charging network operator finalized the purchase of European charging software provider has·to·be.

Strengthening Fleet Capabilities

Similar to the has·to·be acquisition, this strategic move is designed to enhance ChargePoint’s range of hardware and software solutions tailored for electric fleet management. The integration will also expand the network by an additional 2,500 networked ports and connect 3,500 more vehicles.

ViriCiti’s existing clientele includes prominent organizations such as the Chicago Transit Authority, San Francisco Municipal Transportation Authority, Arriva (a British public transport operator), and Berliner Verkehrsbetriebe, Berlin’s primary public transportation service.

Expanding Software Offerings

ChargePoint CEO Pasquale Romano explained to TechCrunch that acquiring ViriCiti will grant the company access to a broader suite of software features. These features extend beyond ChargePoint’s current core services of charger management and vehicle charging scheduling.

Specifically, the acquisition introduces capabilities like battery health monitoring, detailed vehicle operational data, and advanced vehicle telematics functionality.

Commitment to Fleet Electrification

“Our primary goal is to simplify the process of fleet electrification,” Romano stated. “This acquisition reinforces our commitment to providing the most comprehensive solutions available to fleets.”

ChargePoint’s Network and Platform

ChargePoint currently operates the largest vehicle charging network in North America, boasting over 112,000 charging points worldwide. This includes more than 3,500 DC fast chargers.

Furthermore, the company provides access to an additional 175,000 public charging locations through roaming agreements with other networks.

While widely recognized for its extensive branded network, ChargePoint also offers a robust cloud subscription platform and a significant commercial and fleet division. The company became publicly traded in March through a merger with Switchback Energy Acquisition Corporation.

Potential for Residential Applications

Certain ViriCiti services, such as battery health monitoring, could also prove valuable for residential customers or fleet operators allowing employees to utilize company vehicles for personal use.

“For vehicles driven by employees to and from home, the home charging infrastructure should logically integrate with the depot infrastructure,” Romano noted. “We are finding considerable relevance across both commercial and residential sectors.”

Integrating ViriCiti’s Expertise

A key aspect of the acquisition is the inclusion of ViriCiti’s workforce, comprising over 50 employees, primarily software engineers. These professionals will contribute their expertise to ChargePoint.

“The composition of the staff in both acquisitions – a majority of engineers specializing in software – clearly demonstrates our investment priorities,” Romano emphasized.

A correction has been made to accurately reflect the number of ChargePoint charging points and those accessible through network roaming agreements.