CAMPBELL, Calif.--(BUSINESS WIRE)--Aug 8, 2023--

ChargePoint (NYSE: CHPT), a leading provider of solutions for charging electric vehicles (EVs), today announced a significant investment in the application of technology from the networking and information security worlds, which aims to deliver charging station reliability of nearly 100%, once fully implemented. This technology will be combined with natural language processing, enhanced driver communications and a class-leading training certification to ensure ChargePoint stays ahead of the EV adoption curve as a global leader in the charging space.

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ChargePoint is making a significant investment in technology, enhanced driver communications and a class-leading training certification with the aim delivering charging station reliability of nearly 100%. (Photo: Business Wire)

The Network Operations Center (NOC) will implement 24/7 proactive station monitoring, predictive analytics and leverage applied machine learning to more rapidly detect station downtime, in turn improving charger uptime and ensuring faster incident response. The NOC has been designed for rapid scale alongside the ChargePoint network which already surpassed 243,000 active charging ports plus roaming partners. Additionally, ChargePoint will introduce a comprehensive training program to certify electrical contractors that install EV charging infrastructure -- a first in the EV charging industry. A summary of the new reliability initiatives can be found below.

While uptime is a key measure of charging reliability, the EV charging industry has not yet adopted a standard measurement for uptime. ChargePoint generally measures station uptime as the portion of time each individual charging port can dispense energy, as a driver pulling in for a charge would expect, not averaged across a bank of charging stations at a single address. Today, ChargePoint delivers approximately 96% uptime on average across its entire public network in North America and Europe, and for ChargePoint Assure customers, ChargePoint provides a 98% annual station uptime guarantee.

“Accessible, reliable EV charging plays a critical role in the ongoing shift to electric mobility, and our Network Operations Center is prepared to ensure reliability at scale in support of EV adoption.” said Rick Wilmer, Chief Operating Officer at ChargePoint. “We believe that our methodology of calculating uptime is the most transparent in the industry, and the most relevant to drivers which provides us with the necessary benchmark to build upon. We are improving the charging experience across the entire ecosystem – network, installer, site host, and app user – to ensure every driver who needs a charge has the best possible charging experience.”

Summary of Initiatives:

1. With the introduction of the NOC, which went live late in July of 2023, ChargePoint will deliver 24/7 proactive monitoring to ensure almost any charging station issue can be instantly and remotely identified across more than 243,000 active ports under management on the ChargePoint network. ChargePoint designs and develops integrated hardware and software as an ecosystem, enabling constant communication between charging stations and the NOC. As a result of these rapid notifications, ChargePoint is able to alert station owners in the event of a charging station issue and enables ChargePoint to accelerate maintenance and repairs on their behalf.
2. The NOC’s machine learning and Natural Language Processing capabilities will automatically process big data feeds, and social media mentions, to pinpoint individual charging stations with issues. The rapid identification and diagnosis of these issues will in turn enable 24-hour response and subsequent remediation action for ChargePoint Assure Pro customers. The net effect is that charging station hardware issues can be diagnosed remotely and remediated quickly. This, combined with the integration of predictive analytics, will make it possible to resolve certain issues before a charging station owner even notices an issue.
3. ChargePoint is developing a comprehensive training and certification program for electrical contractors who work with EV charging infrastructure, which ChargePoint expects will be the most comprehensive in the EV charging industry, with the aim of reducing reliability issues by ensuring proper installation of charging stations from day one and ensuring effective repairs when required. ChargePoint expects its training and certification programs to go live early in 2024.

ChargePoint designs, develops, and delivers integrated hardware and software solutions as an ecosystem. Through continuous upgrades, and testing at every touchpoint, ChargePoint ensures every charging station can service every EV. The new reliability initiatives build on ChargePoint’s investments in R&D, which totaled more than $194 million in its fiscal year 2023. To learn more about ChargePoint’s commitment to reliability, please visit: https://www.chargepoint.com/blog/taking-responsibility-great-charging-experience.

About ChargePointHoldings, Inc.

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail, and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. To date, more than 172 million charging sessions have been delivered, with drivers plugging into the ChargePoint network on average every second. For more information, visit theChargePoint pressroom, theChargePoint Investor Relationssite, or contact the ChargePoint North American or European press offices or Investor Relations.

Forward Looking Statements

This release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, the expected benefits ChargePoint, EV drivers or charging station owners may derive from the NOC and ChargePoint’s electrical contractor training and certification program, including the achievement of expected or anticipated uptime benefits or increases, such as achievement of uptime availability of nearly 100% on a per charging station port basis; successfully deploying or utilizing machine learning for the purpose of identifying charging station issues or increasing uptime availability; establishing successful predictive analytics; increasing the speed with which ChargePoint may identify and resolve performance, charging or related issues associated with charging stations; reducing reliability issues associated with charging stations; or the timing of the release and implementation of its electrical contractor training and certification program. Forward-looking statements include statements regarding ChargePoint’s expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. These forward-looking statements involve risks, uncertainties, and assumptions, including risks and uncertainties included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in ChargePoint’s Form 10-Q filed with the SEC on June 8, 2023, which is available on ChargePoint’s website at investors.chargepoint.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that ChargePoint makes with the SEC from time to time. Forward-looking statements are not guarantees of future performance and actual results could differ materially from those expressed or implied by the statements made herein. All forward-looking statements in this press release are based on information available as of the date hereof and ChargePoint assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

CHPT-IR

View source version on businesswire.com:https://www.businesswire.com/news/home/20230807696470/en/

CONTACT: ChargePoint

John Paolo Canton

PST, California

Vice President, Communications

JP.Canton@chargepoint.comAJ Gosselin

EST, Boston

Director, Corporate Communications

AJ.Gosselin@chargepoint.com

media@chargepoint.comPatrick Hamer

Vice President, Capital Markets and Investor Relations

Patrick.Hamer@chargepoint.com

investors@chargepoint.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SOFTWARE PERFORMANCE & SPECIAL INTEREST EV/ELECTRIC VEHICLES OTHER ENERGY DATA MANAGEMENT ALTERNATIVE ENERGY ENERGY GENERAL AUTOMOTIVE TECHNOLOGY AUTOMOTIVE PUBLIC RELATIONS/INVESTOR RELATIONS COMMUNICATIONS

SOURCE: ChargePoint

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PUB: 08/08/2023 08:00 AM/DISC: 08/08/2023 08:01 AM

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