ChargePoint to Acquire European Charging Software Startup for $295M

ChargePoint Acquires has·to·be to Expand European Footprint

ChargePoint has finalized an agreement to acquire has·to·be, a European charging software firm, for €250 million, equivalent to $295 million. The transaction involves both cash and stock, marking ChargePoint’s first acquisition since becoming a publicly listed company.

Expanding Market Reach and Capabilities

This acquisition provides ChargePoint with access to over 125 employees and has·to·be’s core operating software. The software currently manages more than 40,000 networked charging ports throughout Europe.

The move is strategically aimed at bolstering ChargePoint’s market share outside of North America. It also solidifies a continued partnership with the Volkswagen Group.

Strategic Partnerships and Operational Expansion

VW Group had previously invested in has·to·be, founded in 2013, and will maintain its relationship with ChargePoint. Other key customers of the software company, including Ionity, Audi, Porsche, BP, Total, Lidl, and GP Joule, will also continue to be supported.

ChargePoint will integrate has·to·be’s offices located in Munich, Salzburg, and Vienna into its existing operations.

ChargePoint’s Comprehensive EV Solutions

ChargePoint specializes in the design, development, and manufacturing of both hardware and software solutions for electric vehicles. They also offer a cloud-based subscription platform.

The company is widely recognized for its publicly accessible and semi-public charging stations used by individual EV owners. Additionally, ChargePoint provides home charging solutions.

A significant portion of ChargePoint’s business focuses on commercial applications. They supply hardware and software to assist fleet operators in managing their electric vans, buses, and cars.

Global Charging Network

Currently, ChargePoint operates a network exceeding 115,000 charging spots worldwide.

Furthermore, the company facilitates access to an additional 133,000 public charging locations through roaming integrations across both North America and Europe.

Leadership Perspective

Pasquale Romano, ChargePoint’s president and CEO, emphasized the importance of continued investment in Europe to the company’s overall growth strategy. He stated that the combined resources “should position us to accelerate our leadership as electrification continues to take hold across continents.”

Recent Financial Developments

In September, ChargePoint entered into a merger agreement with Switchback Energy Acquisition Corporation, a special-purpose acquisition company. This merger resulted in a market valuation of $2.4 billion.

The company successfully raised $225 million in private investment through a PIPE (Private Investment in Public Equity) round. Key investors included Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors.

Future Growth Plans

ChargePoint intends to utilize the newly acquired capital to expand its presence in North America and Europe. Improvements to its technology portfolio and significant scaling of its commercial, fleet, and residential businesses are also planned.