ChargePoint Extends Leadership in NEVI Funded EV Fast Charging Awards

Rhea-AI Summary

ChargePoint (NYSE: CHPT) has announced its continued leadership in enabling DC fast charging at National Electric Vehicle Infrastructure (NEVI) program funded locations. The company has been selected for awards at more than 125 sites, totaling $75 million in proposed grant funding and representing nearly 600 fast charging ports across 20 U.S. states. ChargePoint's Express Plus charging stations, capable of delivering charge speeds up to 500kWh, are featured at all NEVI sites awarded to the company's customers or partners.

Rhode Island has become the first state to complete Phase 1 of the NEVI program, with two newly opened ChargePoint sites along Interstate 95. The NEVI program, part of the Infrastructure Investment and Jobs Act, aims to make ultra-fast charging accessible and reliable across U.S. highways with a $5 billion investment in EV infrastructure.

Positive

• ChargePoint leads in NEVI-funded fast-charging site awards, with 40% of U.S. states announcing awards to date
• Selected for awards at over 125 sites, totaling $75 million in proposed grant funding
• Nearly 600 fast charging ports across 20 U.S. states
• Express Plus charging stations capable of delivering charge speeds up to 500kWh
• First state (Rhode Island) to complete Phase 1 of NEVI program using ChargePoint sites

Negative

• None.

Insights

Financial Analyst

ChargePoint's participation in the NEVI program showcases its strong position in the EV charging infrastructure sector. With $75 million in proposed grant funding and implementations spanning 40% of U.S. states, the company is clearly leveraging public funding to expand its network. From a financial perspective, this is a positive indicator of growth potential. However, investors should consider the sustainability of these grants and whether ChargePoint can maintain its growth trajectory once public funding diminishes.

Understanding the NEVI program is crucial. It is part of the $5 billion Infrastructure Investment and Jobs Act aimed at making EV charging more accessible across the U.S. highways. This means ChargePoint is not only benefiting from direct financial support but is also positioning itself as a key player in the future of transportation infrastructure.

Short-term, the influx of grant money could improve financials, increasing revenue and possibly enhancing stock performance. Long-term, the established infrastructure could create recurring revenue streams through service and maintenance contracts. Investors should watch for ChargePoint's financial reports to see how these grants are being capitalized and managed.

Market Research Analyst

ChargePoint's strong positioning within the NEVI program indicates significant market penetration in the EV fast charging sector. With the completion of Phase 1 in Rhode Island, the company strengthens its market leadership. The statement by Rhode Island's Governor highlights the importance of public-private partnerships in achieving climate goals, which can translate to a favorable public perception and potentially higher adoption rates.

The modularity and flexibility of the ChargePoint Express Plus platform are key differentiators in the market. Capable of delivering up to 500kWh charge speeds and supporting both CCS and NACS connectors, it can serve a broad range of EVs, including popular models like Tesla. This makes ChargePoint's offering adaptable and future-proof, which is a valuable asset in a rapidly evolving industry.

However, market dynamics are competitive. Other companies are also vying for NEVI funds and building their networks. Investors should monitor how ChargePoint's market share evolves and whether it can maintain its leadership position amid increasing competition.

CAMPBELL, Calif.--(BUSINESS WIRE)-- ChargePoint (NYSE: CHPT), a leading provider of networked charging solutions for electric vehicles (EVs), today announced continued leadership in enabling DC fast charging at National Electric Vehicle Infrastructure (NEVI) program funded locations. Two newly opened ChargePoint sites along Interstate 95 in Rhode Island make it the first state in the nation to complete Phase 1 of the NEVI program.

ChargePoint and its partners continue to lead the industry in enabling NEVI-funded fast-charging sites along major highways across the United States. (Photo: Business Wire)

NEVI is the Infrastructure Investment and Jobs Act’s (IIJA) $5 billion electric vehicle infrastructure bill, designed to make ultra-fast charging accessible and reliable across U.S. highways. ChargePoint continues to be an EV charging industry leader in receipt of NEVI awards, with 40% of U.S. states announcing their awards to date. The Company and its partners have been selected for awards at more than 125 sites. These sites total $75 million in proposed grant funding and represent nearly 600 fast charging ports across 20 U.S. states that have announced NEVI awards to date.

“ChargePoint and its partners continue to lead the industry by enabling the most NEVI-funded fast charging locations along major U.S. highways,” said Anne Smart, Vice President, Public Policy at ChargePoint. “Together with our partners, we are enabling accessible, reliable fast charging solutions across the U.S., ensuring all EV drivers can access charging when and where they need it.”

"The completion of NEVI Phase 1 marks a milestone moment in Rhode Island's commitment to a greener and more sustainable future," said Governor Dan McKee. "By creating the infrastructure for cleaner transportation alternatives, we're not only working towards our Act on Climate goals but leading the charge to decrease our carbon footprint. I'm grateful to the private and public partners who came together on this project that demonstrates our state’s continued commitment to enhancing our state’s EV charging infrastructure and the green economy."

All of the NEVI sites awarded to ChargePoint customers or partners feature ChargePoint Express Plus charging stations, a modular DC fast charging platform capable of delivering charge speeds up to 500kWh. Express Plus configurations include cable options for the most prevalent CCS connector, and the NACS connector more commonly associated with Tesla vehicles. Express Plus combines with ChargePoint’s innovative software to charge every make and model of electric vehicle available today. The charging platform can simultaneously ultra-fast charge two vehicles from the same charging station, and uses a proprietary technology to sustain peak charging speeds, enabling an EV driver to charge and go without unanticipated delays.

Forward Looking Statement

This release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, the total number and value of NEVI grants awarded to ChargePoint and its partners. Forward-looking statements include statements regarding ChargePoint’s expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “proposed,” “will” and “would” or similar words. These forward-looking statements involve risks, uncertainties, and assumptions, including risks associated with program implementation that may be associated with construction, permitting, site development, and electrical installation delays, the ongoing availability or potential expiration of the IIJA due to regulatory or legislative policy, or ongoing program participation by ChargePoint partners and charging sites. Additional risks and uncertainties are included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in ChargePoint’s Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on June 6, 2024, which is available on ChargePoint’s website at investors.chargepoint.com and on the SEC’s website at www.sec.gov. Forward-looking statements are not guarantees of future performance and actual results could differ materially from those expressed or implied by the statements made herein. All forward-looking statements in this press release are based on information available as of the date hereof and ChargePoint assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

About ChargePoint Holdings, Inc.

ChargePoint has been an innovator of all things EV charging since 2007, before the first mass market electric vehicle was on the road. ChargePoint offers solutions for the entire EV ecosystem including drivers, charging station owners, vehicle manufacturers and others. Accessible and reliable, ChargePoint’s portfolio of software, hardware, and services enables a seamless experience for drivers across North America and Europe. With ChargePoint, every driver who needs to charge can do so, accessing more than 1 million places to charge globally. ChargePoint has powered more than 10 billion electric miles and will continue to innovate as part of a mission to lower global emissions while improving the future of transportation. 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/20240717761690/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

How many NEVI-funded sites has ChargePoint (CHPT) been awarded?

ChargePoint and its partners have been selected for awards at more than 125 NEVI-funded sites across 20 U.S. states that have announced awards to date.

What is the total proposed grant funding for ChargePoint's (CHPT) NEVI-funded sites?

The total proposed grant funding for ChargePoint's NEVI-funded sites is $75 million.

How many fast charging ports will ChargePoint (CHPT) install through NEVI funding?

ChargePoint will install nearly 600 fast charging ports across 20 U.S. states through NEVI funding.

What is the maximum charging speed of ChargePoint's (CHPT) Express Plus charging stations?

ChargePoint's Express Plus charging stations are capable of delivering charge speeds up to 500kWh.

Which state became the first to complete Phase 1 of the NEVI program using ChargePoint (CHPT) sites?

Rhode Island became the first state to complete Phase 1 of the NEVI program, with two newly opened ChargePoint sites along Interstate 95.