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EV Charging Ports' Explosive Growth

EV Charging Ports' Explosive Growth
June 16, 2020

The global electric vehicle charging infrastructure market was valued at USD $11.74B in 2019 and is expected to register a CAGR of 32.0% from 2020 to 2027. The growth is fueled by the rising focus of government agencies to provide funds to Original Equipment Manufacturers (OEMs) for the development of charging stations. For instance, in December 2016, the California Energy Commission (CEC) provided funding worth $4M to ChargePoint, Inc. for the installation of charging stations across highways in California.

The major automotive manufacturers are also heavily investing resources in developing and introducing new charging stations. The manufacturers are working on developing new technologies, such as lithium-ion batteries, autonomous park-and-charge, ultra-fast DC charging networks, and wireless charging to increase the adoption of EVs. Lower operating costs, reduced maintenance, and rising consumer awareness regarding the environmental benefits are further attracting consumers towards EVs, which in turn, drives demand for electric vehicle charging stations.

The number of publicly-accessible charging points for electric vehicles jumped 60% in 2019 to reach 862,118, according to the IEA's annual Global EV Outlook. Fast chargers accounted for 31% of the total, reflecting efforts to build critical infrastructure ahead of an expected boom for EVs, which accounted for just 1% of all vehicle sales last year. Along with Tesla, there are other charge point providers like Shell, Engie, Volkswagen, and ChargePoint.

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Fast Charging Electric Vehicle Ports:

EFACEC Power Solutions is the largest Portuguese corporation in the field of energy, engineering, and mobility, with many subsidiaries in different international markets. Overall, EFACEC group is the worldwide leader in the fast-charging infrastructure market for electric vehicles.

Australian fast-charging station manufacturer Tritium has launched its Plug and Charge solution. The technology leverages the ISO15118 standard and enables an electric vehicle and charger to communicate. Payments are authorized directly from the driver’s account without the need for a card or RFID tag.

Schneider Electric is a European multinational company providing energy and automation digital solutions for efficiency and sustainability. It addresses homes, buildings, data centers, infrastructure and industries, by combining energy technologies, real-time automation, software, and services.

ChargePoint is an electric vehicle infrastructure company based in Campbell, California. ChargePoint operates the largest online network of independently owned EV charging stations, distributed in 14 countries.

Funding & Deal Highlights:

DoorDash is close to getting more funding that would value it at over $15B pre-money, according to The Wall Street Journal. The meal delivery company reportedly plans to sell equity to existing backers T. Rowe Price, Fidelity and others. SoftBank's Vision Fund is also reportedly weighing whether to participate. DoorDash filed for an IPO in February before the coronavirus pandemic shook the financial markets.

Pinwheel is the API platform for income verification that every fintech and neobank needs.

MycoTechnology, which transforms mycelia into functional ingredients like alternate protein, announces this week that it has raised a $39M Series D round of funding. Food Navigator first reported the news and wrote that the round was co-led by Greenleaf Foods, SPC, S2G Ventures, and Evolution Partners, with Tyson Ventures, Kellogg’s Eighteen94 Capital, and others participating. This round brings the total amount raised by MycoTechnology to $121M.

Reata Pharmaceuticals is readying its lead drug, a potential treatment for a rare, genetic form of chronic kidney disease called Alport syndrome, for an FDA filing this year. New York private equity giant Blackstone Group, via its newly flush life sciences investment arm, is betting $350M that the treatment will be a big seller for Alport and related indications.

TeleVet provides boost to veterinary telemedicine with $5M Series A.

Origin, a 1-year-old San Francisco-based company led by Matt Watson, is among the newest entrants to make the case for personal finance tech. Freshly backed by $12M in funding led by Felicis Ventures, with participation from General Catalyst, Founders Fund and early Stripe employee Lachy Groom, among others, Origin wants to become the place where employees can track financial milestones, get professional advice from licensed financial planners, and take action on their personal P&L, whether paying down student debt, building emergency savings, or finding the right home and automotive insurance.

Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, announces the sale of its client, Aftersort, Inc. to FMH Conveyors (a Duravant Company). The acquisition closed June 1, 2020, and details were not disclosed.

Semiconductor design company Synopsys acquires analytics company Qualtera, which focuses on analysis of semiconductor design and manufacturing. Terms of the deal were not disclosed, but Synopsys said the transaction was not material to its financials.

Based in New York City, Kinderhook Industries LLC announces the recapitalization of Axis, Alabama-based EcoSouth Services of Mobile LLC in partnership with EcoSouth CEO Jeff Claunch, a waste industry veteran with more than 30 years of experience. EcoSouth represents Kinderhook’s 10th environmental services platform since inception and 47th transaction in the space. Financial terms of the transaction were not disclosed.

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