Electric vehicle charging infrastructure operator, ChargePoint, has successfully raised $232 million through the sale of shares, reaffirming its financial stability and commitment to achieving profitability in the near future. The funding comes after recent speculations about the company’s financial health, underscoring its strategic efforts to fortify its balance sheet.
The funds were secured by selling shares, with institutional investors committing to purchase $175 million worth of new ordinary shares. An additional $57 million was obtained through ChargePoint’s existing “at the market” (ATM) facility.
“We are pleased to secure $232 million in funding this quarter, which supports our stated goal of adjusted EBITDA profitability in the fourth fiscal quarter of next year,” explained Rex Jackson, ChargePoint’s CFO. ”These raises, and our recently announced $150 million revolving credit facility, are consistent with our announced capital strategy to bolster our balance sheet. We have no further plans to access the ATM.”