ChargePoint Announces Three Megawatt Charging Architecture to Electrify the Future of the Trucking Industry

Rhea-AI Summary

ChargePoint (NYSE: CHPT) has introduced the Megawatt Charging System (MCS), a groundbreaking addition to its DC fast charging lineup.

This system is capable of delivering up to 1.2 megawatts initially, and up to 3 megawatts in the future, supporting the electrification of commercial trucking, marine, and aviation industries. The MCS will be showcased at the ACT Expo in Las Vegas from May 20-23, 2024. This innovation aims to reduce emissions from the transportation sector, which contributes over 400 million metric tons of greenhouse gases annually in the USA. ChargePoint's MCS will enable bi-directional charging and is integrated with the Power Link 2000 stations, part of their Express Plus DC fast charging platform.

This move aligns with global climate goals and positions ChargePoint as a leader in providing comprehensive EV charging solutions.

Positive

• Introduction of Megawatt Charging System (MCS) adds to ChargePoint's DC fast charging lineup.
• MCS initially delivers up to 1.2 megawatts, future potential of 3 megawatts.
• Supports electrification of commercial trucking, marine, and aviation industries.
• MCS enables bi-directional charging.
• ChargePoint’s infrastructure helps reduce emissions from the largest polluting transportation segment.
• The system is integrated with Power Link 2000 stations, part of the Express Plus DC fast charging platform.
• MCS will be showcased at the ACT Expo, increasing visibility and potential investor interest.
• ChargePoint is positioned as a leader in EV charging solutions, supporting global climate goals.

Negative

• No specific timelines provided for the rollout of full 3 megawatt capability.
• Potential high costs associated with deploying and maintaining MCS infrastructure.
• Dependence on the readiness and adoption of electric trucks to leverage this technology.
• Commercial success relies on the widespread market acceptance of electric trucks and other electric vehicles.

Insights

Tech Expert

The announcement by ChargePoint of the Megawatt Charging System (MCS) marks a significant leap for the electrification of commercial trucking. The capabilities of the MCS, particularly its capacity to deliver up to 1.2 megawatts initially and up to 3 megawatts in the future, highlight the potential to revolutionize heavy-duty truck charging. This level of power means that electric trucks can achieve charge times comparable to fueling traditional diesel trucks, effectively mitigating one of the major barriers to adoption. Additionally, the inclusion of bi-directional charging capabilities allows energy to be fed back into the grid, paving the way for more advanced energy management systems. The broad applicability of this technology beyond trucking, including marine and aviation sectors, further underscores the versatility and forward-thinking approach of ChargePoint. 1

Environmental Analyst

The introduction of the Megawatt Charging System is poised to make a considerable impact on greenhouse gas emissions. By targeting the trucking industry, which is responsible for over 400 million metric tons of emissions annually in the USA alone, this technology could lead to substantial reductions in pollution. The shift from diesel to electric trucks offers a tangible path toward achieving global climate goals. However, the real-world impact will depend on the speed and scale of infrastructure rollout and the adoption rate of electric trucks. The industry's transition to electric must also consider the source of electricity, emphasizing the need for it to be from renewable sources to maximize environmental benefits. 1

Market Research Analyst

ChargePoint's Megawatt Charging System announcement is a strategic move in the EV charging market. The company's focus on commercial trucking aligns with broader trends toward vehicle electrification and could position ChargePoint as a key player in a rapidly expanding segment. The potential for bi-directional charging also offers a unique selling point, potentially setting ChargePoint apart from competitors. Investors should note that while this technology is promising, the company's success will hinge on effective implementation and partnerships with electric truck manufacturers. Additionally, the market's reception of this technology and its adoption rate will be critical determinants of ChargePoint's future market position. 1

Megawatt Charging represents the first step towards the electrification of large-scale trucking

CAMPBELL, Calif.--(BUSINESS WIRE)-- ChargePoint (NYSE: CHPT), a leading provider of networked charging solutions for electric vehicles (EVs), today announced its support for the Megawatt Charging System (MCS), the latest addition to ChargePoint’s leading DC fast charging lineup. The system is estimated to be capable of dispensing enough energy to power approximately 1000 homes, so the immense rate of charge will help enable the electrification of commercial trucking.

ChargePoint announces support for the Megawatt Charging System (MCS), the latest addition to ChargePoint’s leading DC fast charging lineup, to enable the electrification of commercial trucking. (Photo: Business Wire)

“Megawatt technology is the first step toward electrifying the commercial trucking industry,” said Hossein Kazemi, CTO for Hardware at ChargePoint. “Megawatt charging solves one half of the electrification equation for trucking. The companies developing electric trucks can now leverage this infrastructure to test and enable their vehicles until they meet – or even exceed – the distances covered by internal combustion trucks.”

The greatest benefit of an electrified trucking sector is the reduction of emissions, as transportation represents the largest polluting segment. The industry is currently responsible for an annual 400+ million metric tons of greenhouse gas emissions in the USA alone. The electrification of these vehicles will represent a significant step towards achieving global climate goals, but first the megawatt charging infrastructure must go into place to charge them.

The MCS cable and connector will be available on ChargePoint’s Power Link 2000 stations, part of the modular Express Plus DC fast charging platform. Initially, MCS will deliver up to 1.2 megawatts. The Megawatt Charging System supports bi-directional charging and will enable output of up to 3 megawatts in the future before vehicles capable of accepting such charge come. The system is also designed for charging in marine and aviation applications.

ChargePoint enables its customers to meet their electrification needs. Partners planning on megawatt charging can begin ChargePoint interoperability testing now to ensure a seamless deployment. ChargePoint’s Megawatt Charging System will be on display at the ACT Expo taking place May 20-23 in Las Vegas, NV. For more information, please visit the ChargePoint booth #3733 at the Las Vegas Convention Center West Hall, or online at: https://info.chargepoint.com/request-a-quote.html?product=homepage.

About ChargePoint Holdings, 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. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the ChargePoint North American or European press offices or Investor Relations.

CHPT-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515902357/en/

ChargePoint

John Paolo Canton

Vice President, Communications

JP.Canton@chargepoint.com

AJ Gosselin

Director, Corporate Communications

AJ.Gosselin@chargepoint.com

media@chargepoint.com

Patrick Hamer

Vice President, Capital Markets and Investor Relations

Patrick.Hamer@chargepoint.com

investors@chargepoint.com

Source: ChargePoint Holdings, Inc.

FAQ

What is ChargePoint's latest addition to its charging lineup?

ChargePoint's latest addition is the Megawatt Charging System (MCS).

What is the initial and future potential output of the Megawatt Charging System?

The MCS initially delivers up to 1.2 megawatts and has a future potential output of up to 3 megawatts.

Which industries will benefit from ChargePoint's Megawatt Charging System?

The commercial trucking, marine, and aviation industries will benefit from the MCS.

How does the Megawatt Charging System support environmental goals?

The MCS reduces emissions from the transportation sector, which emits over 400 million metric tons of greenhouse gases annually in the USA.

When and where will ChargePoint showcase the Megawatt Charging System?

ChargePoint will showcase the MCS at the ACT Expo in Las Vegas from May 20-23, 2024.

What platform is the Megawatt Charging System integrated with?

The MCS is integrated with the Power Link 2000 stations, part of the Express Plus DC fast charging platform.