ChargePoint and Airbnb Partner to Enable Seamless EV Charging

Rhea-AI Summary

ChargePoint (NYSE: CHPT) has partnered with Airbnb (NASDAQ: ABNB) to facilitate easy installation of EV chargers for Airbnb hosts in the U.S. This collaboration aims to meet the increasing demand for EV charging among Airbnb guests. Effective immediately, Airbnb hosts can purchase and install ChargePoint chargers through a dedicated website, featuring hardware, software, and support services. This initiative is expected to enhance the appeal of Airbnb listings, as data shows that listings with EV chargers are booked more frequently and generate higher income. Additionally, the ChargePoint network includes over 917,000 charging locations. Airbnb searches for listings with EV chargers increased by over 80% from 2022 to 2023, and ChargePoint's North American drivers logged more than 79 million hours of residential charging in 2023.

Positive

• Partnership with Airbnb could increase ChargePoint's market reach and user base.
• Airbnb hosts can install EV chargers easily, potentially increasing their listing bookings and income.
• ChargePoint's network of over 917,000 charging locations enhances service accessibility.
• EV charger searches on Airbnb surged by more than 80% from 2022 to 2023.
• ChargePoint's North American users logged 79 million hours of residential charging in 2023.

Negative

• No immediate financial impact or revenue projections provided.
• Potential challenges in the seamless integration of services across diverse Airbnb listings.

Financial Analyst

The partnership between ChargePoint and Airbnb has the potential to significantly impact both companies' financial outlooks. For ChargePoint, this collaboration may lead to an increase in hardware sales and service subscriptions, given the projected rise in demand for EV chargers by Airbnb hosts. Revenue growth from these new installations could be substantial, potentially improving ChargePoint's top-line figures. Additionally, Airbnb properties with EV chargers have shown increased booking rates, translating into higher revenue per property, thus making Airbnb listings more attractive and competitive.

From a financial perspective, investors should monitor the uptake rate of these EV chargers among Airbnb hosts and the subsequent impact on ChargePoint's quarterly earnings. Additionally, evaluating Airbnb's enhanced property value proposition could provide insights into potential boosts in platform-wide revenue and customer satisfaction.

Tech Expert

This partnership reflects a strategic move in the EV charging industry, aiming to integrate charging solutions more deeply into everyday settings. The seamless integration of ChargePoint's charging infrastructure with Airbnb’s platform leverages both companies' strengths in technology and reach. The use of ChargePoint's cloud subscription platform and software ensures streamlined management and user-friendly experiences for both hosts and guests. This could set a precedent for similar partnerships across different sectors, showcasing a model where technology facilitates sustainable living.

For ChargePoint, the ability to offer a holistic solution—including hardware, software and support—demonstrates its market leadership and could lead to enhanced user engagement and retention. Tech-driven innovations like these contribute to ChargePoint's competitive edge in a rapidly evolving market.

Market Research Analyst

The collaboration between ChargePoint and Airbnb signals a growing recognition of EV charging as a critical amenity for travelers. The data indicating an 80% increase in searches for Airbnb listings with EV chargers from 2022 to 2023 underscores a clear shift in consumer preferences towards sustainable travel options. This trend is likely to continue as EV adoption rates rise, making such amenities not just desirable but necessary.

Investors should note that this partnership caters to a niche but rapidly expanding market segment. By making EV chargers more accessible and affordable for Airbnb hosts, ChargePoint and Airbnb are likely to see increased customer loyalty and market share. Tracking the market's response and adoption rates over the next few quarters will be vital to understanding the long-term benefits of this collaboration.

CAMPBELL, Calif.--(BUSINESS WIRE)-- ChargePoint (NYSE: CHPT), a leading provider of networked charging solutions for electric vehicles (EVs), and Airbnb Inc. (NASDAQ: ABNB) today announced a partnership to meet a growing demand in EV charging from Airbnb guests. The partnership aims to make it easier for Airbnb hosts in the United States to install EV chargers at their listings and expand access to EV chargers across the U.S.

ChargePoint and Airbnb partner to make it easier for Airbnb hosts in the US to install EV chargers at their listings to meet a growing demand in EV charging from Airbnb guests. (Photo: Business Wire)

“With Airbnb, we are enabling more EV charging for drivers where they need it and helping Airbnb hosts appeal to more travelers by delivering a frictionless charging experience for their guests,” said Rick Wilmer, CEO at ChargePoint. “Through this partnership, we have created an innovative model to deliver integrated charging solutions and services.”

Effective immediately, ChargePoint will enable Airbnb hosts in the U.S. to purchase and install EV charging in a hassle-free, affordable manner. The package, exclusively offered to Airbnb hosts, includes a dedicated website offering ChargePoint hardware, charger management software, installation, and support services. For Airbnb guests, the arrangement will allow them to seamlessly charge their vehicle using the ChargePoint app, while staying at an Airbnb listing with a ChargePoint charger or at any of the more than 917,000 places to charge accessible through the ChargePoint network and roaming partners.

As EV adoption continues to scale, charging has evolved from a perk to a coveted amenity for the Airbnb community. According to Airbnb data, listings that offer an EV charger are booked for more nights and generate more income on average, when compared to listings without an EV charger.¹ Airbnb searches for listings with EV chargers grew more than 80 percent from 2022 to 2023. Similarly, ChargePoint data shows that its North American drivers spent more than 79 million hours charging in residential settings in 2023.

“We are thrilled to join forces with ChargePoint to help Hosts meet growing demand for electric vehicle chargers from guests. By making it more affordable for Hosts to install EV chargers, we are empowering them to take more sustainable actions and appeal to guests who are interested in this amenity,” said Ameet Konkar, Airbnb’s Director of Sustainability.

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.

About Airbnb

Airbnb was born in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown to over 5 million hosts who have welcomed over 1.5 billion guest arrivals in almost every country across the globe. Every day, hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.

¹According to internal Airbnb data from 2022 - 2023 indicating that EV charger adoption adds an average of two incremental nights booked.

CHPT-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521977122/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

FAQ

What is the partnership between ChargePoint and Airbnb about?

ChargePoint and Airbnb have partnered to enable Airbnb hosts in the U.S. to install EV chargers easily, meeting the growing demand for EV charging among guests.

Does the partnership between ChargePoint and Airbnb offer any exclusive services?

Yes, Airbnb hosts can access a dedicated website to purchase ChargePoint hardware and services, including installation and support.

How will the partnership between ChargePoint and Airbnb affect Airbnb listings?

Listings with EV chargers are expected to be booked more frequently and generate higher income, enhancing their appeal.

How many charging locations are available in the ChargePoint network?

The ChargePoint network includes over 917,000 charging locations accessible through various partners.

Did the demand for Airbnb listings with EV chargers change recently?

Yes, searches for Airbnb listings with EV chargers increased by more than 80% from 2022 to 2023.

How much time did ChargePoint's North American drivers spend on residential charging in 2023?

ChargePoint's North American drivers spent more than 79 million hours charging in residential settings in 2023.