ChargePoint Buys Public Transit Fleet Management Co For $88M

Drivers of electric vehicles used for public transit and business could gain easier access to electric vehicle charging networks with the Wednesday (Aug. 11) announcement that ChargePoint Holdings, Inc. has purchased ViriCiti, a software platform providing access to public transit electric vehicle charging stations throughout the U.S. and Europe. ChargePoint purchased the 9-year-old company for 75 million euros, or about $88 million.

With the acquisition, ViriCiti will bolster the ChargePoint fleet solution by incorporating information sources to step up fleet operations, including charging station monitoring, vehicle maintenance and vehicle operations data, the company said in a blog post. The joint platform will help fleets to identify which routes provide electric vehicle charging stations, as well as insight on fueling to ensure the most optimal and efficient vehicle performance. ViriCiti serves roughly 150 fleet operators, 3,500 connected vehicles and 2,500 networked ports, including Chicago Transit Authority, Metropolitan Transit Authority and Toronto Transit Commission.

Wednesday’s announcement comes on the heels of a global push to deliver more electric vehicles, as PYMNTS reported previously. President Joe Biden last week announced an executive order which calls for electric vehicles accounting for 50 percent of all new vehicle sales by 2030. The order encourages U.S. automakers and government officials to support legislation and the adoption of electric vehicles, including a goal of zero emission vehicles. The effort has received backing from General Motors, Ford and Stellantis.

Read more: Biden: EV Should Be Half Of Auto Sales By 2030

“The future of fleets is electric and integrating charging solutions with the many business systems already in place in today’s depots is essential to successful electrification,” ChargePoint president and CEO Pasquale Romano said. “The combined solution underscores the importance of software to EV charging and will ensure operational readiness at low cost as fleets of all types across North America and Europe continue to electrify.”