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ChargePoint Rises on Mercedes Collaboration

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By Christiana Sciaudone

Investing.com -- ChargePoint Holdings Inc (NYSE:CHPT) jumped almost 5% after announcing a partnership with Mercedes-Benz.

The electric vehicle charging network is launching a collaboration with the German brand called Mercedes me Charge, to be launched with the new EQS all-electric luxury sedan and available in all EQ future mobility products from Mercedes-EQ.

The collaboration allows for access to EV charging from ChargePoint and other networks.

ChargePoint offers multiple charging network operators so drivers don't have to have multiple charging network accounts, subscriptions or charging cards. Drivers with a Mercedes me Charge account will have access to nearly 60,000 public places to charge on both ChargePoint and other EV charging networks, as well as more than 60,000 additional semi-public places to charge on the ChargePoint network, such as those located at workplaces, shopping malls, hotels, and multifamily residences.

Drivers will have the option to use Plug&Charge on DC stations on the ChargePoint network and others.

ChargePoint’s growing network offers drivers the choice to charge using level 2 or DC fast charging.

ChargePoint is still a money-losing operation with revenue of about $40 million in the most recent quarter. The company went public earlier this year via a special purpose acquisition company.

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