Canada Pension Plan Investment Board Deepens Commitment to Energy Technology with New Investment in ChargePoint
TORONTO, Nov. 28, 2018 (GLOBE NEWSWIRE) — Canada Pension Plan Investment Board (CPPIB) announced today that it is broadening its Energy & Resources portfolio through a new Innovation, Technology and Services investment strategy focused on emerging technologies poised to become large and critical segments of the energy value chain.
CPPIB’s initial investment in this strategy is a preferred share investment in ChargePoint as part of a US$240 million funding round led by Quantum Energy Partners. This investment was jointly made with CPPIB’s Thematic Investing group which focuses on both public company and earlier-stage investments across a number of themes including transformative innovations in the transportation industry such as electrification, autonomy and mobility as a service.
ChargePoint is the leading electric vehicle charging network in the world, with charging solutions to support drivers at home, work, around town and on the road. As ChargePoint continues to expand its network, this strategic investment will enable the company to continue to innovate in the electric passenger vehicle space, while accelerating its expansion into electric buses, trucks, fleets and beyond.
“ChargePoint provides an attractive opportunity to invest in a market-leading business with room for expansion that aligns with our growing focus on the energy transition,” said Avik Dey, Managing Director, Head of Energy & Resources, CPPIB.
CPPIB’s Energy & Resources’ new Innovation, Technology and Services strategy focuses on earlier-stage companies that are creating and improving existing processes and technologies in the energy sector. This adds to the group’s focus on direct private investments in industries such as oil and gas, merchant power and LNG, refining and petrochemicals, energy midstream and mining.
“ChargePoint’s business is also exposed to a number of long-term structural growth trends that our Thematic Investing group looks for, including the secular movement toward electric vehicles,” said Deborah Orida, Senior Managing Director, Global Head of Active Equities, CPPIB. The Thematic Investing group is part of the Active Equities department. “This is a great example of the impact creative collaboration can have on CPPIB’s ability to source and execute on innovative investment opportunities,” Ms. Orida said.
Thematic Investing seeks to invest in companies that are exposed to long-horizon structural changes and compelling growth drivers. Thematic Investing’s investment process is comprised of in-depth research that begins with a top-down approach to identify the most compelling long-horizon themes such as disruptive innovations and demographic shifts, and selects the best investment opportunities within those themes.
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits in the best interests of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At Sept 30, 2018, the CPP Fund totalled C$368.3 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn, Facebook or Twitter.
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