EV charging network ChargePoint acquires ViriCiti for $87.9 million

U.S. electric vehicle charging company ChargePoint said on Wednesday it has acquired ViriCiti, a provider of electrification solutions for eBus and commercial fleets, for about 75 million euros ($87.9 million) to expand its operations into Europe.

Amsterdam-based ViriCiti is ChargePoint's second acquisition in the European market, and comes less than a month after it agreed to acquire the operating software firm has.to.be.

"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," said ChargePoint CEO Pasquale Romano.

With EV sales getting a boost, companies like ChargePoint are investing more to expand their footholds into new markets.

Earlier in July, 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.

The current $1 trillion bipartisan infrastructure bill under consideration has $7.5 billion in EV charging infrastructure funding. U.S. President Joe Biden in March also called for $174 billion in total spending on electric vehicles, including $100 billion in consumer incentives and $15 billion to build 500,000 EV charging stations.

Founded in 2012, ViriCiti has more than 50 employees in the Netherlands and United States, while its customers include Berlin's municipal transport service Berliner Verkehrsbetriebe, U.S.-based bus maker Gillig and Deutsche Bahn-owned transportation company Arriva.