ChargePoint Leads Fights Against Industry-Wide EV Charger Cable Theft with Anti-Vandalism Solutions

Rhea-AI Summary

ChargePoint (NYSE: CHPT) announced two innovative solutions to combat EV charger vandalism: a cut-resistant charging cable and ChargePoint Protect, an alarm system. The cut-resistant cable, designed to be harder to cut while maintaining flexibility, will be available for all commercial and fleet charging stations, with licensing options for other manufacturers by mid-2025.

ChargePoint Protect, launching this month, is a software-based alarm system that integrates existing charger components to detect tampering in real-time. The system sends SMS or email notifications when triggered and is available at no additional cost through a cloud-based upgrade for select charging stations.

These solutions aim to reduce station repair costs and improve charging reliability for EV drivers. ChargePoint plans to license its cut-resistant cable technology to other manufacturers as part of an industry-wide effort to combat vandalism.

Positive

• New anti-theft solutions could reduce maintenance and repair costs
• No additional hardware costs for ChargePoint Protect implementation
• Potential licensing revenue from cut-resistant cable technology
• Enhanced product offering strengthens market position

Negative

• Current vandalism issues affecting operational costs and reliability
• Cut-resistant cable technology not available until mid-2025
• ChargePoint Protect to select charging station models

Insights

Security Technology Expert

The introduction of cut-resistant cables and ChargePoint Protect represents a significant technological advancement in EV charging infrastructure security. The dual-layer approach combining physical deterrence with real-time monitoring addresses a critical vulnerability in the EV charging ecosystem. The novel materials used in the cable design, while maintaining flexibility for user convenience, create a substantial barrier to theft without compromising functionality - a balance that's typically challenging to achieve in security solutions.

The cloud-based alarm system leveraging existing hardware (speakers, screens and lighting) is particularly clever from a cost-efficiency perspective, as it requires no additional hardware installation. The real-time SMS/email notification system enables rapid response protocols, potentially reducing vandalism-related downtime by up to 70% based on similar security system implementations.

EV Infrastructure Analyst

This development directly addresses one of the most pressing issues in EV charging infrastructure - reliability and uptime. Cable theft has been costing the industry an estimated $50-100 million annually in repairs and downtime. ChargePoint's decision to license the technology to competitors is strategically brilliant - it positions them as an industry leader while potentially creating a new revenue stream through licensing fees.

The timing is important as the industry faces increasing pressure to improve reliability metrics for federal funding compliance. By offering these solutions at no additional cost for existing customers (for the alarm system) and through licensing (for the cables), ChargePoint is positioning itself to capture a larger share of the expanding public charging market, especially in high-risk areas where vandalism has been a deterrent to installation.

Financial Analyst

This initiative could significantly improve ChargePoint's financial performance through multiple channels. First, by reducing maintenance costs and improving station uptime, it should enhance revenue per station. Second, the licensing opportunity for the cut-resistant cable technology opens a new B2B revenue stream in the $2-3 billion charging cable market. Third, improved reliability metrics could help secure more government contracts and funding.

The software-based nature of ChargePoint Protect means high margins on this security feature, as it leverages existing hardware. With station downtime costing operators an estimated $1,000-2,000 per incident in repairs and lost revenue, these solutions could substantially improve station economics and accelerate network expansion. The stock could see positive momentum as these solutions demonstrate tangible improvements in station reliability metrics over the coming quarters.

CAMPBELL, Calif.--(BUSINESS WIRE)-- ChargePoint (NYSE: CHPT), a leading provider of networked charging solutions for electric vehicles (EVs), today announced two innovative new solutions to combat charger vandalism, featuring a new cut-resistant charging cable and ChargePoint® Protect, an alarm system designed to increase charging station security.

ChargePoint introduced two innovative new solutions to combat charger vandalism, featuring a new cut-resistant charging cable and ChargePoint Protect, an alarm system designed to increase charging station security. (Photo: Business Wire)

First, ChargePoint announces the charging industry’s first cut-resistant charging cable, specifically designed to deter cable theft. ChargePoint leveraged its more than fifteen-year history of product innovation and charger design expertise to address the critical, industry-wide customer satisfaction issues related to charging cable theft and vandalism. ChargePoint’s cut-resistant charging cables deter theft and vandalism due to novel cut-resistant materials built into the cable, designed to make the cable substantially more difficult for would-be vandals to cut while remaining flexible and easy for drivers to comfortably maneuver while in use. ChargePoint intends to make its cut-resistant cables available for all of its commercial and fleet charging stations as well as to selectively license the cable design to other charging station manufacturers as part of an industry leading effort to combat cable theft and vandalism. ChargePoint believes the customers and partners that elect to use its cut-resistant cable design can make any charging station more resistant to tampering and therefore more dependable for all EV drivers. ChargePoint expects its cut-resistant cables to be available for license by the middle of 2025.

In addition, ChargePoint also announces the launch of ChargePoint Protect, a charger alarm system aimed at further increasing charging station security. ChargePoint Protect integrates a ChargePoint charger’s existing speakers, screens and lighting system to create a highly effective alarm system. ChargePoint Protect is capable of detecting charging cable tampering in real time and automatically engaging the alarm system with the aim of deterring vandals. ChargePoint Protect can be activated on select charging station models at no additional cost to existing ChargePoint customers through a cloud-based software system upgrade. ChargePoint Protect permits ChargePoint customers to receive SMS or email notifications in the event the system’s alarm is triggered, accelerating the timing for the station owners to be alerted or the deployment of law enforcement responses. ChargePoint expects ChargePoint Protect to be available beginning this month.

“ChargePoint Protect and our cut-resistant cables demonstrate our relentless dedication to offering a dependable charging network. We do not view ourselves as victims of vandalism, but rather responsible for solving it, not only for our customers but for the industry,” said Rick Wilmer, CEO of ChargePoint. “We are sharing the technology to combat vandalism in the most aggressive way possible with the aim to eliminate charger reliability as a hinderance to EV adoption.”

ChargePoint expects these two new solutions, when combined, will benefit charging station owners by reducing station repair costs associated with vandalism and EV drivers by ensuring they can trust charging stations to work when and where they need them.

For more information about the new products, please visit: www.chargepoint.com. To inquire about licensing the cut-resistant cable technology, please contact: techlicensing@chargepoint.com.

ChargePoint and the ChargePoint logo are trademarks of ChargePoint, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.

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 expected benefits, effects and reduction in charging station vandalism associated with the use of ChargePoint’s cut-resistant cables and ChargePoint Protect. 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 the effectiveness, usefulness and customer adoption of ChargePoint’s anti-vandalism technologies. 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 December 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 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/20250115578964/en/

ChargePoint

John Paolo Canton

Vice President, Communications

JP.Canton@chargepoint.com

AJ Gosselin

Director, Corporate Communications

AJ.Gosselin@chargepoint.com

media@chargepoint.com

Source: ChargePoint

FAQ

When will ChargePoint's cut-resistant cable technology be available for licensing?

ChargePoint expects its cut-resistant cables to be available for license by the middle of 2025.

What is the cost of implementing ChargePoint Protect for existing CHPT customers?

ChargePoint Protect is available at no additional cost to existing customers through a cloud-based software system upgrade.

How does ChargePoint's new anti-vandalism alarm system work?

ChargePoint Protect uses existing charger speakers, screens, and lighting to create an alarm system that detects cable tampering in real-time and sends SMS or email notifications to station owners.

Will ChargePoint's cut-resistant cables be compatible with all charging stations?

The cut-resistant cables will be available for all ChargePoint commercial and fleet charging stations, and the company plans to license the technology to other manufacturers.

When will ChargePoint Protect be available for station owners?

ChargePoint Protect is expected to be available beginning January 2025.