ChargePoint Reaches Milestone of Providing More Than One Million Places for EV Drivers to Charge

Rhea-AI Summary

ChargePoint (NYSE: CHPT), a leading provider of networked EV charging solutions, has reached a significant milestone. The company now offers drivers access to over one million charging places across North America and Europe, including public, private, and roaming ports. Additionally, ChargePoint's network has enabled more than 10 billion electric miles to date, with about 4 billion of those miles driven in the last year alone.

Through its mobile app, ChargePoint allows drivers to find, use, and pay for charging at relevant stations. The company estimates that drivers on its network have avoided over 410 million gallons of gasoline and more than 2.2 million metric tons of greenhouse gas emissions. This achievement underscores ChargePoint's commitment to delivering a seamless charging experience and supporting the growing demand for EV charging infrastructure.

Positive

• Reached milestone of over 1 million charging places across North America and Europe
• Enabled more than 10 billion electric miles on its network
• 4 billion electric miles driven in the last year alone, indicating rapid growth
• Estimated 410 million gallons of gasoline avoided by network users
• Prevented over 2.2 million metric tons of greenhouse gas emissions

Negative

• None.

Insights

Electric Vehicle Industry Analyst

ChargePoint's milestone of providing access to over one million charging places is a significant achievement in the EV charging infrastructure landscape. This expansion demonstrates the company's commitment to addressing the growing demand for EV charging solutions as electric vehicle adoption continues to rise.

The network's enablement of 10 billion electric miles, with 4 billion of those occurring in the last year alone, indicates a rapid acceleration in EV usage. This trend aligns with the broader shift towards electrification in the automotive industry and suggests a positive outlook for ChargePoint's future growth potential.

From an environmental perspective, the company's estimate of avoiding 410 million gallons of gasoline and 2.2 million metric tons of greenhouse gas emissions highlights the tangible impact of their services on sustainability goals. This could potentially attract environmentally conscious investors and partners.

However, it's important to note that while these milestones are impressive, the EV charging market is becoming increasingly competitive. ChargePoint will need to continue innovating and expanding to maintain its market position against both established players and new entrants in the space.

Overall, this news indicates positive momentum for ChargePoint, but investors should also consider factors such as profitability, market share and technological advancements when evaluating the company's long-term prospects in the rapidly evolving EV ecosystem.

Financial Analyst

While ChargePoint's achievement of one million charging places and 10 billion electric miles enabled are impressive metrics, it's important to analyze how these translate into financial performance. The company's rapid expansion and increasing usage of its network suggest potential for revenue growth, but profitability remains a key concern for investors.

The acceleration of miles enabled, with 40% of the total occurring in the last year, indicates a steep growth curve. This could lead to increased transaction revenues and potentially higher utilization rates of ChargePoint's infrastructure, which are positive indicators for the company's financial health.

However, the EV charging industry is capital-intensive, requiring significant investments in infrastructure. Investors should closely monitor ChargePoint's capital expenditures, cash burn rate and path to profitability. The company's ability to monetize its growing network effectively will be important for long-term financial success.

Additionally, as the EV market matures, we may see increased price competition and potential margin pressure. ChargePoint's strategy to diversify its revenue streams across hardware, software and services could provide some insulation against these pressures, but execution will be key.

In conclusion, while the operational milestones are encouraging, they need to be viewed in conjunction with financial metrics such as revenue growth, gross margins and progress towards profitability in upcoming earnings reports to fully assess the company's financial trajectory.

CAMPBELL, Calif.--(BUSINESS WIRE)-- ChargePoint (NYSE: CHPT), a leading provider of networked charging solutions for electric vehicles (EVs), now enables drivers access to charge at more than one million places across public, private and roaming ports in North America and Europe. Additionally, more than 10 billion electric miles have been enabled by the ChargePoint network to-date.

ChargePoint now enables drivers access to charge at more than one million places across public, private and roaming ports in North America and Europe. (Photo: Business Wire)

As EV sales continue to grow, more drivers will need places to charge. Via the ChargePoint mobile app, ChargePoint enables drivers to find, use, and pay for charging at their relevant charging stations. With more than one million places to charge, ChargePoint is delivering a seamless charging experience anywhere its drivers live, work, and play.

"With more EVs on the road, ensuring drivers have access to reliable charging everywhere they need it is imperative,” said Rick Wilmer, CEO of ChargePoint. “Enabling access to more than one million ports, on a network that has enabled more than ten billion electric miles to be driven, underscores ChargePoint’s commitment to delivering a world-class driver experience.”

The ten billion electric miles ChargePoint has enabled is the equivalent of driving around the world more than 400,000 times. Further, the network has enabled around four billion of those miles in the last year alone, a proof point that demand for EV charging continues to scale.

ChargePoint believes that the electrification of transportation, and delivering a world-class driver experience, is simultaneously good for the planet and good for business. The company estimates that drivers on its network have avoided more than 410 million gallons of gasoline, and more than 2.2 million metric tons of greenhouse gas emissions as a result.

For more information, please visit: www.chargepoint.com.

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/20240724603064/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 charging places does ChargePoint (CHPT) now offer access to?

ChargePoint now offers access to more than one million charging places across public, private, and roaming ports in North America and Europe.

How many electric miles has ChargePoint (CHPT) enabled to date?

ChargePoint has enabled more than 10 billion electric miles on its network to date, with about 4 billion of those miles driven in the last year alone.

What environmental impact has ChargePoint (CHPT) reported from its network usage?

ChargePoint estimates that drivers on its network have avoided over 410 million gallons of gasoline and more than 2.2 million metric tons of greenhouse gas emissions.

What services does ChargePoint (CHPT) offer through its mobile app?

Through its mobile app, ChargePoint allows drivers to find, use, and pay for charging at relevant charging stations, providing a seamless charging experience.