ChargePoint Receives NEVI Award Funding to Proliferate EV Charging on California Highways

Rhea-AI Summary

ChargePoint (NYSE: CHPT), a leading provider of networked EV charging solutions, has been awarded over $19 million through its partners to deploy 248 DC fast charging ports at 45 sites along California highways. This funding, approved by the California Energy Commission and Department of Transportation, is part of the state's first tranche of National Electric Vehicle Infrastructure (NEVI) program funds.

The new charging stations will be located along heavily traveled highways, addressing EV-charger congestion. ChargePoint has now been allocated nearly $90 million in NEVI funding for about 150 sites, representing around 700 fast charging ports across 21 U.S. states. Most awarded sites will feature ChargePoint Express Plus charging stations, capable of charging speeds up to 500kW and simultaneously charging two vehicles.

Positive

• Received over $19 million in NEVI funding for 248 DC fast charging ports in California
• Allocated nearly $90 million in total NEVI funding for about 150 sites across 21 U.S. states
• Expanding charging infrastructure along heavily traveled highways to address EV-charger congestion
• Deploying advanced Express Plus charging stations with speeds up to 500kW

Negative

• None.

Insights

Electric Vehicle Infrastructure Analyst

The $19 million NEVI award for ChargePoint to deploy 248 DC fast charging ports across 45 sites in California is a significant development for the EV charging landscape. This expansion addresses a critical need, particularly along congested highways like I-5, connecting major cities and rural areas. The strategic placement of these chargers will likely alleviate range anxiety and boost EV adoption rates in the state.

ChargePoint's Express Plus charging stations, capable of up to 500kW charging speeds, represent a substantial upgrade in charging infrastructure. This technology, combined with the ability to charge two vehicles simultaneously, could significantly reduce waiting times at charging stations. The sustained high-speed charging capability is particularly noteworthy, as it addresses one of the main concerns of long-distance EV travel.

With ChargePoint securing nearly $90 million in NEVI funding across 21 states, the company is positioning itself as a major player in the national EV infrastructure buildout. This expansion could lead to increased market share and revenue growth for ChargePoint in the coming years.

Market Research Analyst

This NEVI award signifies a strong government commitment to EV infrastructure development, which could accelerate EV adoption rates. The $19 million California investment is part of a larger $90 million funding across 21 states, indicating a nationwide push for EV charging solutions. This trend is likely to benefit not just ChargePoint, but the entire EV ecosystem, including automakers and component suppliers.

ChargePoint's success in securing these funds demonstrates its competitive advantage in the EV charging market. The company's ability to deploy advanced charging technology at scale could lead to increased market share and potentially higher stock valuations. However, investors should also consider the competitive landscape, as other players may secure similar funding in future rounds.

The focus on high-traffic routes and the ability to address charging congestion could lead to higher utilization rates for ChargePoint's network, potentially boosting the company's revenue per charging station. This strategic deployment might also create a network effect, attracting more EV drivers to ChargePoint's ecosystem.

CAMPBELL, Calif.--(BUSINESS WIRE)-- ChargePoint (NYSE: CHPT), a leading provider of networked charging solutions for electric vehicles (EVs), has received awards, through its partners, of more than $19 million to deploy 248 DC fast charging ports at 45 sites along California highways. The awards were approved last week by the California Energy Commission (CEC) and California Department of Transportation as part of the state’s first tranche of National Electric Vehicle Infrastructure (NEVI) program funds.

ChargePoint, through its partners, has received NEVI awards of more than $19 million to deploy 248 DC fast charging ports at 45 sites along California highways. (Photo: Business Wire)

The new ChargePoint charging stations will be located along some of California’s most travelled highways, many of which have EV-charger congestion. Expansion of DC fast charging across the state’s interstate highways like I-5 is much needed to connect many of state’s largest cities, and every community in between, with accessible, reliable charging solutions.

“ChargePoint remains committed to delivering world-class solutions for every charging scenario, at-home and on the go,” said Rick Wilmer, President and CEO of ChargePoint. “With the latest awards from California, ChargePoint and its partners continue to open NEVI-funded fast charging locations across the United States, ensuring all EV drivers can access charging when and where they need it via the ChargePoint mobile app.”

ChargePoint continues to be a leader in the EV charging industry in the receipt of NEVI awards. The company, through its partners, has been allocated almost $90 million in funding for nearly 150 sites. These sites represent around 700 fast charging ports across 21 of the U.S. states that have awarded funding to date. The NEVI program aims to drive the development of accessible, reliable DC fast charging solutions across U.S. highways.

Most awarded sites will feature ChargePoint Express Plus charging stations, a modular DC fast charging platform with fast charging speeds up to 500kW. Express Plus combines with ChargePoint’s innovative software to charge every make and model of electric vehicle available today. Express Plus can simultaneously charge two vehicles at one time from the same charging station. Express Plus uses a proprietary cooling architecture to deliver peak charging speeds for sustained periods of time, meaning an EV driver can charge and go without any unexpected 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 expected funding amounts, timing, benefits and implementation of the NEVI awards granted by the CEC and California Department of Transportation (“CDT”). 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,” “will” and “would” or similar words. These forward-looking statements involve risks, uncertainties, and assumptions, including the risks that implementation of the NEVI awards granted by the CEC and CDT fail to materialize or fail to materialize on the timeline as required under the grants; ChargePoint’s partners fail to satisfy or fulfill any grant or program requirements; implementation of the grant programs or site development are delayed due to design, permitting, building, construction, utility connects and associated implementation requirements; and ChargePoint fails to realize the full benefits of all awarded grant funding opportunities to its partners. 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 September 9, 2024, which is available on ChargePoint’s website at investors.chargepoint.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that ChargePoint makes with the SEC from time to time. 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/20240919700291/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 Holdings, Inc.

FAQ

How many DC fast charging ports will ChargePoint deploy in California with the NEVI funding?

ChargePoint will deploy 248 DC fast charging ports at 45 sites along California highways with the NEVI funding of over $19 million.

What is the total NEVI funding allocated to ChargePoint across the United States?

ChargePoint has been allocated nearly $90 million in NEVI funding for about 150 sites, representing around 700 fast charging ports across 21 U.S. states.

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

ChargePoint's Express Plus charging stations are capable of fast charging speeds up to 500kW.

How many vehicles can ChargePoint's Express Plus charging station charge simultaneously?

ChargePoint's Express Plus charging station can simultaneously charge two vehicles at one time from the same charging station.