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Electric vehicle charging network ChargePoint has announced that is has closed $127 million (£97M) 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.

Pasquale Romano, President and CEO, ChargePoint says, “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.”

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.

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.