ChargePoint targets 2.5 million EV charging stations

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ChargePoint aims to operate 2.5 million charging station networks for electric vehicles (EV) by 2025 against around 53,000 currently, Reuters reported.

German companies BMW, Daimler and Siemens hold stakes in ChargePoint.

The Silicon Valley-based group supplies charging hardware and software. It does not own re-charging stations of its own but works like an Airbnb or Uber to create a network of locations and schedule bookings at available charge points.

“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,” ChargePoint chief executive Pasquale Romano said.

Romano said the commitment was linked to the assumption that there will be about 20 million electric vehicles in the markets that the company caters to, which include the United States and Europe.

The group has raised $125 million to expand in Europe.

Electric and hybrid vehicles are expected to account for nearly a third of the global auto market by 2030, according to metals consultants CRU, up from 4 percent of the 86 million vehicles sold last year.

French utility Engie, Germany’s Innogy, and E.ON, as well as Nordic power firms Fortum and Vattenfall are aiming to take control of the market for EV infrastructure.