STOCK TITAN

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

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags

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.

ChargePoint (NYSE: CHPT), un fornitore leader di soluzioni di ricarica EV connesse, ha ricevuto oltre 19 milioni di dollari dai suoi partner per installare 248 punti di ricarica rapida DC in 45 siti lungo le autostrade della California. Questo finanziamento, approvato dalla California Energy Commission e dal Dipartimento dei Trasporti, fa parte della prima tranche di fondi del programma National Electric Vehicle Infrastructure (NEVI) dello stato.

Le nuove stazioni di ricarica saranno posizionate lungo autostrade molto trafficate, affrontando la congestione dei caricabatterie per EV. ChargePoint ha ricevuto quasi 90 milioni di dollari in fondi NEVI per circa 150 siti, rappresentando circa 700 punti di ricarica rapida in 21 stati americani. La maggior parte dei siti premiati presenterà stazioni di ricarica ChargePoint Express Plus, in grado di offrire velocità di ricarica fino a 500kW e di caricare simultaneamente due veicoli.

ChargePoint (NYSE: CHPT), un proveedor líder de soluciones de carga de vehículos eléctricos en red, ha sido galardonado con más de 19 millones de dólares a través de sus socios para desplegar 248 puertos de carga rápida de CC en 45 sitios a lo largo de las autopistas de California. Este financiamiento, aprobado por la Comisión de Energía de California y el Departamento de Transporte, es parte del primer tramo de fondos del programa National Electric Vehicle Infrastructure (NEVI) del estado.

Las nuevas estaciones de carga se ubicarán a lo largo de carreteras muy transitadas, abordando la congestión de cargadores de EV. ChargePoint ha recibido casi 90 millones de dólares en financiamiento NEVI para aproximadamente 150 sitios, representando alrededor de 700 puertos de carga rápida en 21 estados de EE. UU.. La mayoría de los sitios adjudicados contará con estaciones de carga ChargePoint Express Plus, capaces de alcanzar velocidades de carga de hasta 500kW y de cargar simultáneamente dos vehículos.

ChargePoint (NYSE: CHPT)는 네트워크형 전기차(EV) 충전 솔루션의 선도 제공업체로, 캘리포니아 고속도로의 45개 지점248개 DC 급속 충전 포트를 설치하기 위해 파트너를 통해 1900만 달러 이상의 자금을 지원받았습니다. 이 자금은 캘리포니아 에너지 위원회와 교통부의 승인을 받아 National Electric Vehicle Infrastructure (NEVI) 프로그램 자금의 첫 번째 트랜치에 해당합니다.

새로운 충전소는 차량 통행량이 많은 고속도로를 따라 설치되어 EV 충전기 혼잡 문제를 해결할 것입니다. ChargePoint는 현재 약 9000만 달러의 NEVI 자금을 거의 150개 사이트에 할당받아 21개 미국 주에서 약 700개 급속 충전 포트를 운영하고 있습니다. 대부분의 수여된 사이트는 500kW의 충전 속도로 동시에 두 대의 차량을 충전할 수 있는 ChargePoint Express Plus 충전소를 갖추게 될 것입니다.

ChargePoint (NYSE: CHPT), fournisseur leader de solutions de recharge pour véhicules électriques (EV) en réseau, a reçu plus de 19 millions de dollars par le biais de ses partenaires pour déployer 248 ports de recharge rapide CC à 45 sites le long des autoroutes californiennes. Ce financement, approuvé par la California Energy Commission et le Département des Transports, fait partie de la première tranche des fonds du programme National Electric Vehicle Infrastructure (NEVI) de l'État.

Les nouvelles stations de recharge seront situées le long des autoroutes très fréquentées, afin de résoudre le problème de congestion des chargeurs EV. ChargePoint a maintenant été alloué près de 90 millions de dollars dans le financement NEVI pour environ 150 sites, représentant environ 700 ports de recharge rapide dans 21 États américains. La plupart des sites attribués seront équipés de stations de recharge ChargePoint Express Plus, capables de fournir des vitesses de charge allant jusqu'à 500 kW et de charger simultanément deux véhicules.

ChargePoint (NYSE: CHPT), ein führender Anbieter von vernetzten Ladeinfrastrukturlösungen für Elektrofahrzeuge (EV), hat über 19 Millionen Dollar durch seine Partner erhalten, um 248 DC-Schnellladeanschlüsse an 45 Standorten entlang der Straßen Kaliforniens bereitzustellen. Diese Finanzierung wurde von der California Energy Commission und dem Department of Transportation genehmigt und ist Teil des ersten Tranches von National Electric Vehicle Infrastructure (NEVI) Programmmitteln des Staates.

Die neuen Ladestationen werden an stark frequentierten Straßen stehen und damit die Überlastung von EV-Ladegeräten angehen. ChargePoint hat nun fast 90 Millionen Dollar an NEVI-Finanzierung für etwa 150 Standorte erhalten, was rund 700 Schnellladeanschlüsse in 21 US-Bundesstaaten entspricht. Die meisten genehmigten Standorte werden mit ChargePoint Express Plus-Ladestationen ausgestattet sein, die Ladegeschwindigkeiten von bis zu 500 kW bieten und zwei Fahrzeuge gleichzeitig laden können.

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

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.

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 <money>$19 million</money> to deploy 248 DC fast charging ports at 45 sites along California highways. (Photo: Business Wire)

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

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.

ChargePoint Holdings, Inc.

NYSE:CHPT

CHPT Rankings

CHPT Latest News

CHPT Stock Data

582.63M
392.02M
1.93%
51.26%
30.04%
Specialty Retail
Miscellaneous Transportation Equipment
Link
United States of America
CAMPBELL