Workrise raises $300 million in Series E Funding led by Baillie GiffordMay 20, 2021 - Austin, TX
- New investor Franklin Templeton joins existing investors Founders Fund, Bedrock Capital, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, Brookfield Growth Partners, and others
- Workrise will use the latest investment to accelerate product development, and expand into markets
- As it expands its footprint, Workrise is retraining skilled workers for energy and infrastructure jobs on the rise
Austin, TX – May 20, 2021 – Workrise, the leading workforce management platform for the skilled trades, has raised a $300 million Series E round led by Baillie Gifford, with new investor Franklin Templeton joining existing investors including Founders Fund, Bedrock Capital, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth Partners.
Workrise connects skilled laborers with infrastructure and energy companies looking to staff and manage projects efficiently. The company’s online platform matches workers with more than 500 companies in its network, manages payroll and benefits, and provides access to training.
Founded in 2014 as a platform to match skilled laborers with companies in the oil and gas industry, Workrise has since broadened its business to serve companies and trade workers in the solar, wind, commercial construction, and defense industries. The company will use the latest investment to continue to expand into new markets served by its platform.
“The shift to clean energy and a redoubling of investment in infrastructure are opening up jobs that are desperately in need of filling,” said Xuan Yong, Workrise co-founder and CEO. “Our platform makes it easier for skilled workers to find work and for companies to hire in-demand workers. We are grateful to everyone who has backed our vision for bringing infrastructure and energy staffing into the future.”
“Workrise’s online management platform is disrupting a sector that’s so far been slow to adopt new technologies,” says Dave Bujnowski, investment manager at Baillie Gifford. “What’s particularly inspiring is that it’s helping job seekers develop the skills required to succeed in an industry that is changing significantly.”
The latest funding follows a decision by the company earlier this year to change its name from RigUp to mark the broadening of its business and comes amid plans by Workrise to expand its corporate offices in Austin, Texas.
Workrise now serves more than 70 metro areas in the U.S., including Atlanta, where the company is matching trade workers with commercial construction companies, and in Broomfield, CO where the company trains and matches workers to jobs across the U.S. wind industry.
As it enlarges its footprint, Workrise offers trade workers access to training that equips them for energy and infrastructure jobs on the rise. Last year, Workrise placed more than 4,500 workers, or nearly a third of all its workers placed in 2020, in renewable-energy jobs.
The company has committed to fill the skilled labor gap by placing 100,000 workers in jobs by the end of 2023, and 1 million by the end of 2030.
Workrise is the leading workforce management solution for the skilled trades. We make it easier for skilled laborers to find work and for companies to find in-demand, trained workers. Workrise operates across the solar, wind, construction, defense, and oil and gas industries. Through people and technology, we provide the staffing, training, and professional services to empower the people who get hard work done. For more information visit workrise.com.
Investment will enable Orennia to rapidly grow its team, while continuing to support the most sophisticated renewable power investors in the world.
CALGARY, AB, May 18, 2021 /CNW/ – Orennia, a technology company focused on the renewable power sector, today announced the closing of their Series A funding. Quantum Energy Partners, Global Reserve Group, NGP Energy Technology Partners III, and Stronghold Resource Partners were all significant investors. The financing will enable Orennia to scale rapidly as it provides highly innovative analytics in the renewable and zero-carbon power sector.
Orennia provides trusted commercial analytics to help inform investment and capital allocation decisions for investors taking advantage of this generational opportunity in renewable energy. Orennia’s unique approach to objective insights begins with the aggregating and cleansing of massive amounts of commercial, engineering, pricing, transmission facilities and demand data. Our insights, curated by highly experienced industry experts, help investors in the renewable power sector accelerate their time-to-value and make confident investment decisions.
“The energy transition represents the most prolific investment opportunity of our lifetime. Orennia’s high quality analytics and insights help teams uncover and execute investment decisions, build accurate valuation models, and develop new insights,” said Brook Papau, chief executive officer of Orennia. “We are thrilled with the support of our investors as well as our visionary early-adopter clients, both of which represent the most sophisticated investors in the space today.”
“With trillions of dollars of future investment around the world supporting sustainability and renewable energy, Orennia is well-positioned to support operators, developers, investors, lenders, and regulators,” said Jeffrey Harris, founder of Global Reserve Group. “Orennia’s strategy to provide consultative advice to its clients underpinned by comprehensive data and leading-edge analytics will make it a required resource for those participating in this space.”
“Orennia fills a critical market gap between thematic macro-level energy transition research and high-frequency power trading data to help capital allocators make better informed decisions,” said James Wallis, Partner at NGP Energy Capital Management. “We are thrilled to partner with Orennia and look forward to collaborating with Brook and team to build the preeminent provider of clean data and advanced analytics to the renewable power industry and its capital providers.”
Joe Bob Perkins, former CEO and chairman of Targa Resources, now chairs Orennia’s board of directors. Prior to Targa, Joe Bob was a senior executive at Reliant Energy. Additionally, Orennia’s board consists of industry veterans with unparalleled expertise in private equity, energy data and technology, and independent power production.
founded in 1998, is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. To learn more, visit www.quantumep.com.
was established in 2012 by Jeffrey Harris following a 29-year career at Warburg Pincus. As a senior partner at Warburg Pincus he had a long history of successful investing in technology and energy-oriented companies. Orennia represents the ninth venture investment supporting innovative technology and data analytics companies serving the energy and sustainability ecosystem that GRG has made in partnership with Quantum Energy Partners, including ChargePoint, workrise, and Dragos. To learn more, visit www.globalreservegroup.com.
invests in innovative technology companies with products, services or technologies serving the renewable energy, power, energy storage, energy efficiency, environmental, and transportation sectors. NGP ETP III is affiliated with NGP Energy Capital Management (“NGP”). Founded in 1988, NGP is a premier investment franchise in the energy industry, with over $20 billion in cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. NGP’s 32-year history gives it unique insight into the drivers of value creation in all facets of the energy industry. For more information visit www.ngpenergycapital.com.
provides trusted commercial analytics to help inform investment and capital allocation decisions for renewable and zero-carbon energy. Orennia’s insights, curated by highly experienced industry experts, help investors in the renewable power sector accelerate their time-to-value and make confident investment decisions. To learn more, visit www.orennia.com.
PROJECT CANARY RECEIVES SERIES A FUNDING FROM LEADING VENTURE CAPITAL FIRMSby | | Press
Quantum Energy Partners (QEP), Global Reserve Group (GRG) and Energy Impact Partners (EIP) have invested $10 million in Project Canary, a Denver-based B-Corp (approval pending), focused on delivering independent, trusted, continuous emissions monitoring and environmental, social, governance (ESG) data across the energy, manufacturing, and waste management sectors.
“This Series A investment injects the capital our team needs to keep up with rapidly accelerating market demand for our independent data,” said . “Our ability to precisely measure emissions in real-time, combined with an independent operational assessment, provides the tools customers need to make conscious ESG decisions. This investment shows confidence in the transition to resilient, low carbon energy systems by providing actionable and realistic data to attain net-zero emission goals.”
The investment partners reach across the oil, natural gas, and utility sectors. Together, these firms bring deep experience with innovative startups focused on delivering technologies that are enabling the net-zero paradigm evolving among buyers and sellers seeking to reduce greenhouse gas emissions across the energy value chain.
“Natural gas will continue to play an important role in the domestic and global energy mix for many decades, so it must be produced, transported, and used in the cleanest, most efficient manner to have the greatest impact on reducing GHGs to fight climate change,” said . “Project Canary offers a superior emissions monitoring technology that is crucial to the long-term viability of the oil and gas industry and provides essential and actionable ESG data for our portfolio companies as well as numerous other public and private oil and gas companies.”
The investment comes amid growing momentum for Project Canary’s trusted, independent ESG solutions. Driven by natural gas customer demand and broader ESG trends, the company is working with nearly one hundred partners, in various stages of contracting, across the energy sector. Partners include investors, oil and natural gas producers, pipeline operators, utilities, and LNG providers.
, who will join Project Canary’s board, said, “Project Canary brings together strong management and leading-edge technology solutions to address the significant issues around unwanted emissions. The company’s ability to provide and attest to independent, inexpensive, accurate, real-time measurements provides the transparency desired by an increasing number of constituencies including natural gas producers, transporters, utilities, lenders, investors and regulators.”
Project Canary’s continuous, on-site, real-time emissions monitoring technology and TrustWell™ certification process enables trusted, independent responsibly sourced gas (RSG) verification which, if achieved, indicates the operator has utilized the highest standards and practices in all phases of their operations. Project Canary has provided TrustWell™ certification to over 5,000 wells in the U.S. and has over 1,500 additional wells in its current sales pipeline. Trustwell™ certification has been involved in over 85 percent of RSG transactions that have taken place, to date, in the U.S.
“The utility sector, where much of our investment is placed, is highly focused on decarbonization. Project Canary and their partners are helping to deliver emissions reductions across the supply chain. We are proud to amplify and accelerate their work in driving the clean energy transition,” said . “This investment is also part of our strategy focused on building a more inclusive energy future. Start-ups led by underrepresented entrepreneurs serve a critical role in achieving climate goals and decarbonizing the global economy.”
Project Canary is an alumnus of the Techstars Alabama EnergyTech Accelerator, a program focused on innovative electrical and utility solutions, and is the first of the 2020 class to raise a Series A. “We were initially drawn to Project Canary for their mission as a B-Corp tackling climate change and as entrepreneurs taking on a massive business opportunity,” said . “With this Series A investment, the team is poised for significant and impactful growth at an important time for the company and the environment.”
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an International Environmental Standards company based in Denver, Colorado, is a mission-driven B-Corporation (approval pending) accountable to a double bottom line of profit and the social good. Project Canary believes it is possible to create a financially successful, self-sustaining business that “does well and does good.” Project Canary’s goal is to mitigate climate change by helping the energy value chain operate on a cleaner, more efficient, more sustainable basis. Its proven solutions provide real-time emissions monitoring and rigorous independent certification of oil and gas well sites for responsible operations. Project Canary helps organizations collect, manage, operationalize, and benefit from real-time, trusted, and independent environmental data. Project Canary also partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring. To learn more, visit www.projectcanary.com.
founded in 1998, is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. To learn more, visit www.quantumep.com.
was established in 2012 by Jeffrey Harris following a 29-year career at Warburg Pincus. As a senior partner at Warburg Pincus he had a long history of successful investing in technology and energy-oriented companies. Project Canary represents the eighth venture investment supporting innovative companies serving the energy ecosystem that GRG has made in partnership with Quantum Energy Partners. To learn more, visit www.globalreservegroup.com.
is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure. To learn more, visit www.energyimpactpartners.com.
is a startup accelerator focused on innovations in energy and clean technology located in Birmingham, Alabama, run in partnership with Alabama Power, a subsidiary of Southern Company. The accelerator is part of global accelerator operator Techstars, which operates 44 programs arounds the world. Techstars has invested in more than 2,400 companies with a combined market cap of more than $204 billion. To learn more, visit www.techstars.com/accelerators/alabama-power.
FigBytes Closes Funding Round to Advance Sustainability and ESG Data Management Solutions
Q-GRG Ventures funds ESG management platform as the demand for reporting, transparency and insights grows.
GATINEAU, QUEBEC, April 27, 2021 – Q-GRG Ventures, a partnership between Quantum Energy Partners (QEP) and Global Reserve Group (GRG), has completed a significant Series-A investment in FigBytes, an environmental, social, governance (ESG) and sustainability software company focused on connecting business leaders with the data and insights they need to report on corporate sustainability goals.
The software-as-a-service platform from FigBytes enables customers to quantify sustainability and ESG impacts and embed these metrics into their performance, strategy and brand. FigBytes’ fully-integrated suite of solutions includes sustainability data collection, impact calculations, ESG reporting and the ability to create unique content to communicate sustainability performance and improvement against strategic initiatives.
“As the pressure to address key corporate commitments, including net-zero and diversity, equity and inclusion goals, increases, corporations need to demonstrate results supported by investor-grade ESG data,” said FigBytes founder and CEO Ted Dhillon. “This investment allows us to scale operations, expand the capabilities of our software, and support our growing list of enterprise customers. With Q-GRG, we have found investors who understand the increasing market need for accurate ESG and sustainability reporting and align with our approach to address it.”
In response to the expanding group of stakeholders that require transparent ESG and sustainability reporting against an evolving set of requirements, FigBytes provides the only software solution that combines tactical management of ESG and sustainability data and tasks with communication tools that connect results to strategic vision.
“At Quantum, we believe thoughtful management of ESG issues is not just the right thing to do but the smart thing to do,”said QEP founder and CEO Wil VanLoh. “For companies such as ours seeking to progress ESG and sustainability initiatives, leveraging the power of technology and data can result in faster, more material outcomes. We believe FigBytes is well positioned to be the ESG software solutions provider to the companies that will lead us into a more sustainable future.”
GRG founder Jeffrey Harris, who will join FigBytes’ board, said, “We were attracted to FigBytes by the power and ease of use of its software platform. The company’s rapid growth reflects increasing demand for clarity and completeness across many ESG dimensions where corporations, government entities and non-profits are running hard to meet their ESG goals. Ted Dhillon and his team’s deep understanding of customer data needs and the company’s ability to translate that into a cloud-based product with powerful analytics positions FigBytes for continued growth.”
FigBytes Inc. is an integrated sustainability and ESG management platform that empowers organizations in every sector and industry to deliver on strategic purpose, environmental sustainability and corporate social responsibility (CSR) goals. Our cloud-based technology integrates high-level strategy with enterprise-wide sustainability and ESG data, supports regulatory and voluntary reporting and enables data-driven storytelling to communicate progress to all stakeholders from customers to employees to investors. To learn more, visit www.figbytes.com.
Quantum Energy Partners, founded in 1998, is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. To learn more, visit www.quantumep.com.
Global Reserve Group was established in 2012 by Jeffrey Harris following a 29-year career at Warburg Pincus. As a senior partner at Warburg Pincus he had a long history of successful investing in technology and energy-oriented companies. FigBytes represents the eighth venture investment supporting innovative technology and data analytics companies serving the energy and sustainability ecosystem that GRG has made in partnership with Quantum Energy Partners, including ChargePoint, workrise, and Dragos. To learn more, visit www.globalreservegroup.com.
Quantum Energy Partners
ChargePoint, Inc. to Become Public Company,
Advancing EV Charging Network’s Reach Across
North America and Europe
September 24, 2020
Business Combination with Switchback Energy Acquisition Corporation Valued at $2.4 Billion
- Public listing milestone broadens market leadership and builds on over a decade of innovation with more than 4,000 businesses and organizations participating in ChargePoint’s new fueling network
- Approximately $493 million in net proceeds will advance ChargePoint, Inc.’s commercial, fleet and residential businesses
- Transaction includes $225 million upsized PIPE at $10.00 per share anchored by institutional investors, including Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors
- ChargePoint President and CEO Pasquale Romano and existing leadership team to lead combined company
- Investor call scheduled for Thursday, September 24, 2020 at 8:30am ET
“For thirteen years we have been singularly focused on our vision to move all people and goods on electricity, and that has never been more relevant than it is today,” said Pasquale Romano, President and CEO, ChargePoint. “We’ve pioneered networked charging and are resolute in our aim to usher in the transition to mass EV adoption by electrifying one parking spot at a time. Today, we are a charging market leader thanks to a winning business model, a complete portfolio and thousands of brands that have realized that EV charging is essential, good for business and aligned with their corporate and sustainability goals. Our technology charges all EVs – from passenger vehicles to delivery fleets – so there is no need to choose winners in electric mobility. We see ourselves as an index for the entire category.”
Scott McNeill, CEO, CFO and Director of Switchback said, “The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 20301. As a first mover in the space, ChargePoint has distinguished itself as the number one EV charging network and is well positioned to deliver mission-critical charging infrastructure as the expected transition to electric mobility accelerates. ChargePoint has a proven and capital-light business model that combines hardware and high-margin, recurring software subscriptions and services with extensive and strong customer relationships. As a result, we believe ChargePoint will continue to grow its strong market position as the EV industry evolves. Switchback and our investors are excited to partner with the talented ChargePoint team to advance their vision.”
Founded in 2007, ChargePoint is a category creator in EV charging, helping to make the mass adoption of electric mobility a reality. It operates in every segment, from commercial to fleet to residential. ChargePoint has created one of the world’s largest charging networks with a capital-light model by selling individual organizations and businesses, known as site hosts, everything they need to electrify their parking spaces – networked charging hardware, software subscriptions and associated support services. Charging is matched to parking duration, from energy-managed AC level 2 to DC fast charging. The parking spaces owned by ChargePoint’s site hosts are seamlessly integrated into one network available to the driver in a top-rated mobile app. ChargePoint’s winning operating model and high-quality solutions foster loyal site hosts who expand their charging footprint as EV penetration rises, creating a virtuous loop of brand awareness, satisfied drivers, organic networked charging hardware and recurring SaaS revenue.
ChargePoint serves customers through its software-defined hardware portfolio, comprehensive suite of software solutions and robust network and services designed for a wide range of use cases. ChargePoint’s offerings have attracted a growing customer base of more than 4,000 organizations and businesses, building a network of more than 115,000 public and private places to charge. ChargePoint also offers access to an additional 133,000 public places to charge through network roaming integrations across North America and Europe. Drivers plug into the ChargePoint network approximately every two seconds and have completed more than 82 million charging sessions to date.
Upon the transaction closing, ChargePoint will continue to be led by President and CEO, Pasquale Romano and the existing management team. Romano brings more than 30 years of executive leadership experience with technology companies including 2Wire, Inc. and Polycom, Inc. During Romano’s nearly ten-year tenure at ChargePoint, it has emerged as a leading EV charging network.
For a brief video on ChargePoint, please click here.
The business combination values ChargePoint at an implied $2.4 billion enterprise value. Upon transaction closing, and assuming no redemptions by Switchback stockholders, ChargePoint will have approximately $683 million in cash, resulting in a total pro forma equity value of approximately $3.0 billion. Cash proceeds raised in the transaction will be used to repay debt, fund operations, support growth and for general corporate purposes. The proceeds will be funded through a combination of Switchback’s approximately $317 million cash in trust, assuming no redemptions by Switchback stockholders, and a $225 million PIPE of common stock valued at $10.00 per share led by institutional investors including Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors. In addition, Switchback’s sponsor and certain other of its founder stockholders have agreed that a portion of their equity will vest only if following the closing the share price of ChargePoint exceeds $12.00 per share for any ten trading days within any twenty consecutive trading day period prior to the fifth anniversary of the closing of the transaction.
Upon the transaction closing, the combined company will be named ChargePoint Holdings, Inc. and will be listed on the New York Stock Exchange (the “NYSE”).
The boards of directors of both Switchback and ChargePoint have unanimously approved the proposed transaction. The closing is subject to the approval of ChargePoint’s stockholders and Switchback’s stockholders and other customary closing conditions, including Switchback’s registration statement being declared effective by the Securities and Exchange Commission (the “SEC”) and the expiration of the HSR Act waiting period. It is currently anticipated that the transaction will close, assuming satisfaction of such closing conditions, by the end of the fourth quarter of 2020.
Quantum Energy Partners and Global Reserve
Group Lead $11 million Financing Round of
Datagration Solutions, Inc.
Sep 16, 2020, 09:37 ET
HOUSTON, Sept.16, 2020 /PRNewswire/ -- Quantum Energy Partners and Global Reserve Group have led an $11 millionequity financing to support the growth of Datagration Solutions, Inc. ("Datagration™"). Datagration currently delivers PetroVisor™, an open architecture software platform that improves the profitability of upstream operators by aggregating and integrating data from disparate systems into one cloud-based (or on-premise) platform with built-in workflow solutions to complete real-time analytics.
Datagration™ has assembled an experienced executive management team with a proven record of successfully growing and selling global enterprise software. Energy company software industry veterans Peter Bernard, Jorge Machnizh, and Ike Epley lead Datagration's founding senior management team.
The PetroVisor™ platform automates numerous operational workflows such as portfolio management, asset development, well productivity enhancement, and machine learning. Super-majors, national oil companies, and independents worldwide can easily leverage their data from all incumbent legacy systems in a collaborative approach, ultimately optimizing processes, operating costs, and capital expenditures while improving the efficiency of existing personnel. Utilizing the platform ecosystem approach eliminates legacy data logic dependency and breaks down existing organizational silos to deliver data excellence and continuous operational improvement. Datagration will use a portion of its new funding to build upon the PetroVisor platform by adding value-enhancing workflow automation solutions for upstream operators.
Datagration is a member of the Microsoft "One Commercial Partner Program" and is currently in many worldwide co-sell opportunities with Microsoft Energy. Datagration is also in Amazon's AWS Partner Network.
"PetroVisor has already delivered game-changing financial results for many E&P companies and is ready to scale globally. The platform increases returns out of legacy brownfield and greenfield reservoirs, and gives engineers more time to make engineering decisions that will improve profitability," said Executive Chairman Peter Bernard. "We are very pleased to welcome Quantum and Global Reserve Group to the team."
"Datagration is the sixth energy technology venture capital investment that Global Reserve Group has made in partnership with Quantum. We were drawn to this opportunity by the strength of the management team and the quality of PetroVisor, as we saw it as a tremendously easy to implement solution for E&P companies that could meaningfully and quickly enhance their operational results and cash flow," said Jeffrey Harris, founder of Global Reserve Group.
"The next step change innovation for the oil & gas sector is to properly harness the power of data. Datagration's PetroVisor platform will help upstream companies realize the potential of advanced data analytics and workflow automation," said Wil VanLoh, founder and CEO of Quantum Energy Partners.
ABOUT DATAGRATION SOLUTIONS
Formerly named Oilsphere, Inc., management decided to change the name of the company to reflect more closely what the company delivers. Datagration delivers an easy to implement, open, and collaborative ecosystem of domain-specific platforms that create solutions for E&P organizations by aggregating and integrating data from disparate legacy systems, databases, and unstructured documents into a unified cloud-based or on-premise environment. Combined with advanced AI / ML analytics, Datagration provides organizations with enhanced decision-making opportunities to maximize value creation. For more information on Datagration, please visit www.datagration.com.
ABOUT QUANTUM ENERGY PARTNERS
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com or contact Michael Dalton at (713) 452-2110.
ABOUT GLOBAL RESERVE GROUP
Jeffrey Harris established Global Reserve Group in 2012 following a 29-year career at Warburg Pincus. As a senior partner at Warburg Pincus, he had a long history of successful investing in technology and energy companies. He was instrumental in creating and building the firm's global energy practice and directly overseeing several billion dollars of equity investment in numerous successful oil and gas-related ventures. For more information on Global Reserve Group, please visit www.globalreservegroup.com.
ChargePoint Secures Additional $127 Million in Funding
New investment positions ChargePoint for record growth with $660 million in total funding, enabling the most comprehensive global EV charging platform for businesses and fleets
Campbell, Calif. – August 5, 2020 – ChargePoint, the world’s leading electric vehicle (EV) charging network, today announced that it has closed $127 million in incremental equity financing. The funds will accelerate the expansion of ChargePoint’s global commercial and fleet businesses, supporting the world’s transition to electric mobility. In spite of the global pandemic, interest in transportation electrification continues to increase as growing expectations for climate change mitigation, improved transportation economics and on-demand delivery drive more investment.
“The shift to electric drive is intensifying for mainstream businesses and fleet operators, a transition poised to be one of the most significant transformations in modern history. The additional $127 million in funding provides capital to expand our investment as the market grows, underscoring investor confidence in the unprecedented potential of electric mobility as well as ChargePoint’s leadership across continents. With more than a decade of category leadership, ChargePoint is well positioned to continue the buildout of 21st century mobility infrastructure that will pave the way to the mass adoption of EVs,” said Pasquale Romano, President and CEO, ChargePoint.
The latest funding mirrors unprecedented interest in the EV market and underscores ChargePoint’s position as the provider with the most comprehensive portfolio of solutions in the industry. Continued investor commitment to ChargePoint reinforces the tremendous investment potential afforded by electrifying the movement of people and goods. ChargePoint will use the latest funding to expand its commercial and fleet portfolio in North America and Europe and continue to scale policy, marketing and sales efforts.
ChargePoint has been committed to making it easy for businesses and drivers to go electric since 2007, with the largest EV charging network and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware is designed internally and includes options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and fleets of all types. To date, ChargePoint’s network has grown to more than 114,000 places to charge and 80 million charging sessions, with drivers plugging in approximately every two seconds. ChargePoint is creating the new fueling network to move all people and goods on electricity. For more information, visit the ChargePoint pressroomor contact the North American press office or European press office.
ChargePoint Secures $240 Million in Series H Funding as Electric Mobility Revolution AcceleratesEV charging leader announces largest fundraise to date, to scale up for increased passenger vehicle charging and mobility’s transition to electric fleets
Campbell, Calif. – November 28, 2018 – ChargePoint, the world’s leading electric vehicle (EV) charging network, today announced that it has secured $240 million in Series H funding, the largest in its history. The investors reflect a diverse set of participants, from early market to institutional investors across the energy, financial, venture capital, oil and gas, utility, manufacturing, technology and automotive sectors. The latest fundraising effort comes during the company’s most aggressive growth period in its history, powered by a broad solution portfolio that is accelerating the mass adoption of electric mobility for drivers and businesses.
New investors in the round include American Electric Power, Canada Pension Plan Investment Board, Chevron Technology Ventures, Clearvision, Daimler Trucks & Buses, GIC, and Quantum Energy Partners (lead investor). Existing investors include BMW i Ventures, Braemar Energy Ventures, Linse Capital, and Siemens. Jeffrey Harris, a Venture Partner at Quantum Energy Partners, will join the ChargePoint board of directors.
“The broader energy and mobility ecosystem has recognized that we are at a tipping point in the generational shift to transportation electrification. Leading investors from automotive, utilities, oil and gas, and financial institutions are coming together to support ChargePoint’s vision of an all-electric future as the mass adoption of electric mobility and the transition to electric fleets accelerate,” said Pasquale Romano, President and CEO, ChargePoint.
Investor excitement in ChargePoint’s future underscores the need for comprehensive charging solutions required to power electric mobility of all forms including electric buses, trucks, and beyond. With recent executive appointments, ChargePoint has expanded its portfolio to facilitate the global transition to electric fleets, which are an essential component of enabling a sustainable and efficient mobility future, as they will drastically reduce traffic congestion and greenhouse gas emissions, enhancing transportation efficiency and greatly contributing to the clean energy economy. ChargePoint will use the latest funding in part to further expand its network, continue to build its footprint in Europe and North America, improve the experience for EV drivers, and expand solutions for fleets as the market quickly approaches the mass adoption of electrified transportation.
To date, ChargePoint has raised more than half a billion in funding to enable the most comprehensive smart EV charging network around the world. The company’s latest fundraise comes just over a year from the Series G funding round that fueled ChargePoint’s introduction in Europe. In just 18 months, ChargePoint has established a team to support pan-European expansion. In addition, ChargePoint now offers a comprehensive suite of charging solutions that are being deployed across the region.
Quantum Energy Partners and Global Reserve Group Lead $15.8 Million Funding to Support Next Phase of RigUp's Growth
PRESS RELEASE UPDATED: FEB 5, 2018 15:48 CST
AUSTIN, Texas, February 5, 2018 (Newswire.com) - RigUp, the energy industry’s predominant marketplace for on-demand services and labor, has raised a $15.8 million Series B round, including follow-on participation from Founders Fund and existing investors. The company has also secured a $30mn credit facility from Silicon Valley Bank to support its growing revenue stream. RigUp intends to use the capital raised in the equity financing to strengthen its product with enhanced mobile features and streamlined payment solutions and to continue to build the product and sales teams.
Using their proprietary software, RigUp has built a powerful digital platform where buyers and service providers can easily connect and transact on a full range of oil field services. Hailed as “the emergent Uber of the oilfields” by Forbes magazine in 2017, RigUp has seen rapid adoption from operators across the country who are relying on the company’s services to complete projects on time and under budget with reduced administrative tasks.
RigUp’s oilfield network platform — which has quickly grown into the largest of its kind — enables buyers across the United States to streamline transactions and efficiently scale on demand by providing them access to 22,000+ service providers across 100+ service categories. Service providers spend less time looking for their next job and more time working projects, taking home up to 20 percent more pay and getting paid more quickly.
The power of RigUp's technology and their creative business model stands out in the current environment where E&P companies are showing increased enthusiasm and adoption of digital solutions.
“Everything we’re doing is to help our service providers get more work and make more money,” said CEO and co-founder Xuan Yong. “Our service model continues to grow nicely every month. We’re excited to reach this milestone as a company and have Jeffrey Harris and the team at Quantum Energy Partners join us as investors. We are also pleased to welcome Napoleon Ta from Founders Fund to our board.”
“RigUp has identified an extremely attractive segment of the oilfield service market providing energy companies and their independent contractors a modern platform for coordinating their needs,” said Jeffrey Harris. “The power of RigUp’s technology and their creative business model stands out in the current environment where E&P companies are showing increased enthusiasm and adoption of digital solutions. We expect that the experience, network and resources of Quantum and Global Reserve should help accelerate the company’s growth.”
RigUp empowers the men and women who power the world. Founded in Austin, Texas, in 2014, RigUp’s marketplace is transforming the energy industry by seamlessly connecting service providers with buyers to get the job done — whenever, wherever. For more information on RigUp, please visit rigup.com.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $15 billion in equity commitments since inception. For more information on Quantum, please visit quantumep.com.
About Global Reserve Group
Global Reserve Group is led by Jeffrey Harris who established the advisory and investment firm in 2012 following a 29-year career at Warburg Pincus. As a senior partner at Warburg Pincus he had a long history of successful investing in technology companies and was also instrumental in creating and building the firm’s global energy practice and directly overseeing several billion dollars of equity investment in numerous successful oil and gas-related ventures such as Antero Resources, Bill Barrett Corp., Electromagnetic GeoServices A/S, Kosmos Energy, Laredo Petroleum, and Spinnaker Exploration. For more information on Global Reserve Group, please visit globalreservegroup.com.