ChargePoint receives $150 million credit line
The charging network operator ChargePoint has secured a credit line totalling 150 million US dollars from four banks (JP Morgan, HSBC, Citi and Goldman Sachs). ChargePoint intends to use the funds to accelerate its commercial growth.
As ChargePoint itself reports, no funds from the credit line have yet been drawn down. On the one hand, ChargePoint wants to expand its charging network, but has also announced investments in its existing charging network in North America: When several major carmakers decided a few weeks ago to install Tesla’s NACS fast charging system in their electric cars for North America in the future, ChargePoint was one of the first charging providers to announce that it would not only offer an additional NACS cable for new charging stations, but would also retrofit the connection to existing ones.
“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 Rex Jackson, ChargePoint CFO. “This facility reinforces ChargePoint’s strong standing with capital sources, and our dedication to maintaining a solid balance sheet while we pursue our stated goals of generating positive adjusted EBITDA and positive cash flow by the end of calendar 2024.”
ChargePoint is also active in Europe and also wants to establish itself as a provider of EV charging solutions for corporate customers through a cooperation with ALD Automotive (now ALD Leaseplan). In the summer of 2021, ChargePoint also acquired two European eMobility companies within a few weeks: first, the Austrian eMobility software specialist has-to-be, then the electric bus and commercial vehicle management provider ViriCiti.
The company aims to break even by the end of 2024, according to Jackson. However, ChargePoint (as usual) again covers the forward-looking statements somewhat in the footnote to the release: “There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release.”
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