ChargePoint to buy VW-backed charging software firm for US$295 million

ChargePoint, a global leader and provider of electric vehicle charging infrastructure, has finalized a deal that would see it taking over the entire operations of operating software firm Has.to.be. 

The 250 million euros (US$295 million) deal was closed on Tuesday and is expected to help ChargePoint further broaden its reach in Europe, a key market for EVs and related operations.

Launched in 2013, Has.to.be boasts of notable backers, including Volkswagen. The firm has a team of 125 persons in Austria and Germany. Its software is currently used for the operation of over 40,000 charging points in Europe, with access to an additional 250,000 through roaming agreements.

“As an established leader in North America, our continued investment in Europe is critical to our stated growth strategy. Our combined assets should position us to accelerate our leadership as electrification continues to take hold across continents,” said ChargePoint CEO Pasquale Romano.

Has.to.be’s more than 1,000 customers include BP, Volkswagen units Audi and Porsche as well as charging joint venture Ionity, whose shareholders include Daimler, BMW, Ford, and Hyundai.

ChargePoint’s acquisition comes a week after the European Union unveiled a policy package to combat climate change and bring down emissions, with spending on charging infrastructure expected to be 80-120 billion euros by 2040.