Source: Streetwise Reports 03/31/2021
Shares of ChargePoint Holdings Inc. rose 22% after the firm advised that in collaboration with NATSO it is aggressively working to deploy EV charging stations to greater than 4,000 travel plazas serving interstate highways and rural communities.
Late yesterday afternoon, electric vehicle charging network company ChargePoint Holdings Inc. (CHPT:NYSE) and the National Association of Truck Stop Operators (NATSO), which is a trade association representing more than 2,000 travel plazas and truckstops across the U.S., announced “significant progress in the first year of the National Highway Charging Collaborative (NHCC), an initiative that will leverage $1 billion in public and private capital to deploy charging at more than 4,000 travel plazas and fuel stops serving highway travelers and rural communities nationwide by 2030.”
The report noted that in its first year of operations, the NHCC has already funded greater than 150 DC fast charging spots. The group additionally provides access for consumers to over 1,500 publicly available DC fast charging spots on ChargePoint’s network.
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ChargePoint advised that with the expected arrival of dozens of new EV models on the market the collaborative is proceeding with its aggressive scaling efforts and expects that by 2030 it will reach its goal of investing $1 billion in EV fueling related projects and infrastructure. The company stated that the NHCC is highly focused on increasing access to EV charging along highways and in rural North America to fill infrastructure gaps within the National Highway System and to build out alternative fuel corridors as designated by the U.S. Federal Highway Administration.
The firm reported that the program has attracted high levels of interest and support from some of the nation’s largest convenience store, travel plaza and truckstop brands including Donna’s Travel Plaza, Kum & Go, Love’s Travel Stops and others.
The company’s Chief Marketing Officer Colleen Jansen stated, “ChargePoint’s ongoing effort to significantly expand access to charging across cities, rural communities, and along highways is core to our mission and the collaboration with NATSO is already making significant progress toward that goal…The National Highway Collaborative is poised to be one of the nation’s foremost examples of how partnerships can be designed to scale vital charging infrastructure. The progress to date has created the foundation for the scaling of fast charging to support long distance electric travel and enable fast charging in urban and rural communities as a complement to the buildout of level 2 charging nationwide. The buildout of charging is expected to increase in the coming years in line with dozens of new EV models anticipated to hit North American roads as the shift to electrification takes hold.”
NATSO President and CEO Lisa Mullings remarked, “Together with ChargePoint, we are harnessing the nation’s vast fuel retailing network to ensure that drivers of electric vehicles have a reliable place to fuel…In order for consumers to move to EVs, they need to be confident that they will be able to refuel as reliably as they do today. With thousands of established locations crisscrossing the nation, the private sector will ensure that drivers of electric-powered cars will not suffer from range anxiety. We are well suited to efficiently meet customer demand for electricity while providing the amenities and safe experience that they have come to expect as they refuel.”
As outlined a little more than one year ago in a memorandum of understanding, ChargePoint and NATSO agreed that by 2030, the NHCC will deploy charging infrastructure at 4,000 travel centers and fuel stops, leveraging $1 billion in capital.
The group’s goals include providing charging infrastructure at fueling locations throughout the U.S. placing a priority on connecting rural communities. Another major objective is to expand charging infrastructure to connect existing Federal Highway Administration-designated FAST Act corridors.
The NHCC additionally advocates for public policies that encourage and incentivize off-highway fuel retailers to invest in EV charging infrastructure, thus expanding the EV charging ecosphere.
ChargePoint stated that since 2007 it has been engaged in imagining and building a new fueling network that utilizes electrical power to move all people and goods. The firm advised that it has created “one of the largest EV charging networks and most complete portfolio of charging solutions available today.” The company noted that “to date, more than 90 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds.”
NATSO is headquartered outside of Washington, D.C., and is described as being “the only national trade association representing the travel plaza and truckstop industry.” The association was formed around 60 years ago and was established to advance the success and interests of truckstop and travel plaza members by addressing challenges, safety and public policy issues unique to members owning and operating truckstops and travel plazas. NATSO also is active in matters pertaining to the industry’s interests on related transportation and highway issues such as commerce, tolling, truck parking along with energy and environmental issues.
ChargePoint began the day with a market capitalization of around $6.2 billion with approximately 277.8 million shares outstanding and a short interest of about 3.4%. CHPT shares opened 9% higher today at $24.54 (+2.08, +9.23%) over yesterday’s $22.46 closing price. The stock has traded today between $23.60 and $27.80 per share and is currently trading at $27.39 (+$4.93, +21.95%).
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