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Illustration: Lazaro Gamio/Axios

ChargePoint, one of the world's biggest players in electric vehicle charging, said Wednesday that it has raised another $240 million dollars — an amount that approaches the nearly $300 million previously raised during its 11-year history.

Why it matters: The money — and who it's from — signal investor and corporate confidence that EVs are an important growth market, even though today they're a tiny share of the global auto market.

New investors include Chevron, utility giant American Electric Power, and Singapore's sovereign wealth fund GIC.

  • Other investors in the latest round include the Canada Pension Plan Investment Board and Quantum Energy Partners.
  • Existing investors include BMW, Daimler, Siemens and power company Exelon.

What they're saying: I chatted yesterday with CEO Pasquale Romano, who made the case that money from major institutional investors helps tell the story of where EVs are heading the market.

  • “These are big funds,” Romano says. “They may lean into an emerging technology, but they are not going to lean into a speculative technology.”
  • Romano emphasized how a number of automakers are readying to introduce new electric models.

The intrigue: I don't know how much of the $240 million is coming from Chevron Technology Ventures as ChargePoint didn't provide a breakdown.

  • But the involvement of the U.S.-based multinational oil giant at all is interesting. Thus far big European majors including Shell and BP have been getting into the EV charging space, but this marks Chevron's first foray.

The big picture: The California-based ChargePoint has a big share of the U.S. charging market and last year announced its expansion into Europe.

  • The company says it has over 57,000 independently owned public and semi-public charging spots, with customers spanning businesses, cities and more.
  • The latest funding round includes Daimler's truck and bus division, signaling how vehicle electrification is moving beyond passenger cars.

Go deeper:

Go deeper

Rahm Emanuel questioned on murder of Laquan McDonald in confirmation hearing

Rahm Emanuel during a Senate Foreign Relations Committee confirmation hearing on Oct. 20. Photo: Sarah Silbiger/Bloomberg via Getty Images

Former Chicago Mayor Rahm Emanuel spoke about the murder of Laquan McDonald during his Senate confirmation hearing Wednesday to become the U.S. ambassador to Japan, saying that "there's not a day or a week that has gone by in the last seven years I haven't thought about this."

Catch up quick: McDonald was a Black teenager who was fatally shot 16 times by Chicago police during Emanuel's tenure as the city's mayor. The shooting triggered massive protests, both because of its nature and the fact that the officers' body-cam footage was concealed for years.

2 hours ago - World

Biden's ambassador nominee: "China is not an Olympian power"

Nick Burns testifying before the Senate Foreign Relations Committee. Photo: Sarah Silbiger/Bloomberg via Getty Images

President Biden's nominee to serve as ambassador to China delivered a stark assessment of the challenges the U.S. faces in confronting Beijing, but stressed that the rising superpower is "not all-powerful" and the West retains "substantial" advantages.

The big picture: Nicholas Burns, a retired career diplomat and former U.S. ambassador to NATO, used his confirmation hearing Wednesday to echo the growing bipartisan consensus that China poses "the greatest threat to the security of our country and the democratic world" in the 21st century.

Scoop: U.S. and Israel to form team to solve consulate dispute

Secretary of State Antony Blinken (left) and Israeli Foreign Minister Yair Lapid (right) meet in Washington. Photo: Andrew Harnik/Pool/AFP via Getty Images

The U.S. and Israel are planning to form a joint team to hold discreet negotiations on the reopening of the U.S. Consulate in Jerusalem, Israeli officials say.

Why it matters: The consulate handled relations with the Palestinians for 25 years before being shut down by then President Donald Trump in 2019. Senior officials in Israeli Prime Minister Naftali Bennett's government see the consulate issue as a political hot potato that could destabilize their unwieldy coalition.