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					</table><p>Electric vehicle (EV) charging solution provider <a href="https://investors.chargepoint.com/overview/default.aspx" target="_blank" rel="noopener">ChargePoint</a>’s net loss widened to $78 million for the fourth quarter (Q4) of the financial year (FY) 2022 from $60 million in Q4 2021.</p>
<p>The company attributed the higher loss to a higher stock-based compensation expense in the current quarter.</p>
<p>ChargePoint’s total operating expenses increased by 15% year-over-year (YoY) to $111.2 million for the October-December quarter.</p>
<p>The company posted a 93% YoY increase in its revenue at $152.8 million, primarily driven by higher sales of network charging systems worth $122.3 million.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-50413 size-full" src="https://mercomindia.com/wp-content/uploads/2023/03/Picture1-5.png" alt="" width="1504" height="806" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-768x412.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-650x348.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-624x334.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-600x322.png 600w" sizes="(max-width: 1504px) 100vw, 1504px" /></p>
<p>The company said Q4 billings percentages were 69% for commercial, 19% for fleet, 11 % for residential, and others at less than 1%. From a geographic perspective, revenue from North America was 86%, and 14% from Europe. In the fourth quarter, Europe delivered $22 million in revenue, growing 129% YoY.</p>
<p>President and CEO of ChargePoint Pasquale Romano said, “ChargePoint delivered its largest sequential revenue growth to date and another record quarter, although below our guidance range as supply challenges for our DC solutions and quarter-end shipment challenges at this growth rate persisted. We continued to extend our technology and market leadership position across North America and Europe this year while driving 94% year-over-year growth and delivering improving gross margin and better operating expense leverage as we progress toward profitability.”</p>
<p><strong>Full Year 2022</strong></p>
<p>ChargePoint’s net loss for 2022 increased to $344.4 million from $132.2 million for FY 2021.</p>
<p>The company recorded an increase of 94% in its revenue at $468 million in 2022 compared to $241 million in 2021. Revenue rose due to $363.6 million worth of network charging system sales, up 109% from $174 million in the previous year.</p>
<p>The company <a href="https://mercomindia.com/ev-charging-chargepoints-revenue-90-yoy-q4-2022/" target="_blank" rel="noopener">recorded</a> revenue of $125.3 million during the third quarter of 2022, up by 93% YoY from $65 million. However, the cost of revenue more than doubled to $102.7 million during the August-October period.</p>
<p>ChargePoint’s revenue for the first quarter <a href="https://mercomindia.com/chargepoints-revenue-leaps-102-yoy-in-q1-2022/" target="_blank" rel="noopener">stood</a> at $86 million, a YoY growth of 102% from $40.5 million in the first quarter of 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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EV Charging Company ChargePoint Posts 93% Revenue Increase YoY in Q4


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><a href="https://www.vestas.in/en-in" target="_blank" rel="noopener"><strong>Vestas</strong></a><strong> announced that it had dispatched one of India&#8217;s largest 3.6 MW Nacelle from its factory in Chennai for Vibrant Energy&#8217;s 54 MW wind project in Maharashtra.</strong> Vibrant Energy signed the contract for this project with Vestas in the first quarter of 2022. With this dispatch, Vestas would move closer to completing the installation of its first 3.6 MW turbine in India by the end of November 2022. The project comprises 15 V155-3.6MW turbines and is expected to be commissioned in the first quarter of 2023. The project totaling 54 MW, is expected to produce 178 GWh of power annually for the next 20 years.</p>
<p><a href="https://www.epsilonam.com/" target="_blank" rel="noopener"><strong>Epsilon Advanced Materials</strong></a><strong> signed a memorandum of understanding with the government of Karnataka to invest around ₹90 billion (~$1.1 billion) to establish battery manufacturing plants </strong>in the state over ten years. The project will focus on manufacturing graphite anode material for the Li-ion batteries in line with the &#8216;Make in Karnataka&#8217; vision, enabling the company to cater to 10 million EVs. The facility would employ 75% of local people to support economic development in the region.</p>
<p><strong>LONGi <a href="https://www.prnewswire.com/news-releases/longi-introduces-its-new-hi-mo-6-modules-to-the-worldwide-dg-market-301665753.html" target="_blank" rel="noopener">introduced</a> the Hi-MO 6, its first module designed exclusively for the global distributed consumer market.</strong> Using LONGi&#8217;s high-efficiency Hybrid Passivated Back Contact (HPBC) cell technology, Hi-MO 6 achieved a maximum efficiency of 22.8% in mass production.  HPBC is a new high-efficiency solar cell technology unique in its front-side busbar-free design. It can considerably improve the cell&#8217;s light absorption and photoelectric conversion capabilities by adjusting its internal structure, thus effectively increasing the module&#8217;s output power.</p>
<p><a href="https://www.bharatpetroleum.in/" target="_blank" rel="noopener"><strong>Bharat Petroleum Corporation</strong></a><strong> awarded Electric Vehicle (EV) charging solutions manufacturer Servotech Power Systems an order to supply and install 800 DC fast EV chargers</strong> at different locations across the country in the next four months. The project execution, which involves supplying a series of EV chargers, has already been initiated from Delhi and is worth ₹462 million (~$5.61 million). It is expected to be completed by the end of March next year. The project will span across the country, equipping petrol pumps in major Indian cities with EV charging capabilities on its course.</p>
<p><strong>The </strong><a href="https://powermin.gov.in/" target="_blank" rel="noopener"><strong>Ministry of Power</strong></a><strong> has proposed a draft amendment in Electricity Rules 2022 related to captive generation projects, stating that consumption by a subsidiary of a captive power user company can also be termed as captive consumption. </strong>The rules offer to add a proviso to explain the term captive user under Explanation (1) (b) of Rule 3. The detailed provision states, &#8220;Provided that the consumption by a subsidiary company as defined in clause 87 of Section 2 of the Companies Act, 2013, of a company which is an existing captive user shall also be admissible as captive consumption by the captive user.&#8221; The ministry has invited comments from stakeholders on the amendment, which will be open till December 1, 2022.</p>
<p><strong>Institutional investors advised by J.P. Morgan Asset Management&#8217;s Global Transportation Group have invested in </strong><a href="https://www.50five.com/nl-nl" target="_blank" rel="noopener"><strong>50five Group</strong></a>, a full-service charging infrastructure provider for EVs in Belgium, The Netherlands, Luxemburg, and the United Kingdom. 50five sought a partner to continue its growth in 50five&#8217;s home markets and to accelerate geographical expansion; its current growth rate is 160% year-on-year. 50five Group was founded in 2016 with its sole shareholder ENGIE SA to manage the e-mobility for their customers from A to Z, including charging infrastructure installation, maintenance &amp; repair, charge point operator solutions, e-mobility services, financing, and energy management.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Daily News Wrap-Up: Vestas Supplies to Vibrant Energy’s 54 MW Wind Project

<p>Electric vehicle (EV) charging solutions provider <a href="https://wallbox.com/" target="_blank" rel="noopener">Wallbox</a> Chargers and Kensington Capital Acquisition Corp. II, a special purpose acquisition company (SPAC), have agreed to combine their businesses, converting Wallbox into a publicly listed company.</p>
<p>The new company will retain the name Wallbox and be listed on the New York Stock Exchange for trading under the new ticker symbol ‘WBX’.</p>
<p>Wallbox designs and manufactures EV charging solutions for residential, semi-public, and public use, and its products are sold in 67 countries. Its products are currently manufactured in Spain and China, with plans to add a U.S. manufacturing facility in 2022. The company employs over 500 people in Europe, Asia, and the Americas.</p>
<p>Earlier this month, <strong>Iberdrola </strong><strong><a href="https://mercomindia.com/funding-and-ma-roundup-next-energy-funding/" target="_blank" rel="noopener">acquired</a></strong><strong> the first Supernova fast chargers from Wallbox.</strong> Iberdrola will install these globally in the markets in which it operates.</p>
<p>Meanwhile, Kensington is a SPAC formed to effect a merger, stock purchase, or similar business combinations with a business in the automotive and automotive-related sectors.</p>
<p>With the merger, Wallbox’s pro forma enterprise value is at an implied $1.5 billion. The board of directors of both Kensington and Wallbox has approved the proposed transaction, which would be completed in the third quarter of 2021.</p>
<p>The transaction will raise around $330 million for Wallbox, including a $100 million fully committed private investment in public equity, anchored by Janus Henderson Investors, Luxor Capital, Cathay Innovation, and Kensington Capital Partners.</p>
<p>Enric Asunción, Co-founder and Chief Executive Officer of Wallbox, said, “This transaction with Kensington will allow us to significantly increase our product development and manufacturing capacity as we expand sales globally to enhance the global transition to EVs.”</p>
<p>Justin Mirro, chairman and CEO of Kensington, added, “We are incredibly excited to announce our business combination with Wallbox and to provide the company with significant capital and automotive industry experience to accelerate its global business plan.”</p>
<p>SPACs are designed to take companies public without going through the lengthy IPO process. With the uncertainty resulting from the pandemic in public markets, there is a rising number of SPACs.</p>
<p>There have been a couple of transactions in the EV charging space particularly. Earlier in March 2021, U.S.-based electric vehicle charging network company <a href="https://www.chargepoint.com/" target="_blank" rel="noopener">ChargePoint</a>’s shares began <a href="https://mercomindia.com/chargepoint-completes-spac-deal/" target="_blank" rel="noopener">trading</a> on the New York Stock Exchange on March 1, 2021, following its business combination with <a href="https://switchback-energy.com/" target="_blank" rel="noopener">Switchback Energy Acquisition Corporation</a>, a publicly-traded SPAC.</p>
<p>Similarly, <a href="https://www.evgo.com/" target="_blank" rel="noopener">EVgo Services</a>,  a wholly-owned subsidiary of LS Power and electric vehicle charging infrastructure provider, has <a href="https://mercomindia.com/evgo-services-go-public-spac/">signed</a> a definitive agreement for a business combination with Climate Change Crisis Real Impact I Acquisition Corporation (<a href="https://www.climaterealimpactsolutions.com/" target="_blank" rel="noopener">CRIS</a>), a SPAC, resulting in EVgo becoming a public company.</p>
<p>According to Mercom Capital Group’s latest report, <a href="https://mercomcapital.com/product/q1-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">Q1 2021 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, smart charging companies raised $256 million in seven deals in Q1 2021 compared to no deals in this category in Q4 2020. During the quarter, Wallbox had <a href="https://mercomindia.com/corporate-funding-battery-storage-4-7-billion-q1-2021/" target="_blank" rel="noopener">secured</a> $40 million in funding from Cathay Innovation, Wind Ventures, Iberdrola, and Seaya Ventures.</p>
<p>Image credit: Wallbox</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rahul-nair/" class="vcard author" rel="author"><span class="fn">Rahul Nair</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. <a href="https://mercomindia.com/author/rahul-nair/" rel="noopener noreferrer">More articles from Rahul Nair.</a></p>
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EV Charging Firm Wallbox to Go Public in a $1.5 Billion SPAC Deal with Kensington Capital

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