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More charging stations are coming to California. And they’re being installed by a publicly traded company.
What’s happening:
- ChargePoint (NYSE: CHPT) has been awarded $19M USD to build out new electric vehicle charging stations from the California Energy Commission and California Department of Transportation as part of the state’s National Electric Vehicle Infrastructure funding initiative
Why it matters:
- Building out widely accessible electric vehicle charging infrastructure remains one of the biggest issues with transitioning away from fossil fuel powered vehicles and getting closer to significantly decarbonizing transportation
- ChargePoint has built out one of the most expansive networks of electric vehicle charging stations across North America and Europe of any publicly traded company in the world
By the numbers:
- The new funding for ChargePoint from the California government will support the installation of 248 charging ports in 45 separate sites located near major highways
- Since inception ChargePoint has been awarded $90M USD in cumulative government funding which have led to charging stations being built in 21 different states
Going deeper:
- EVgo (NASDAQ: EVGO) and General Motors (NYSE: GM) also recently partnered up to roll out a new type of flagship electric vehicle charging station design that is aiming to be architecturally similar to traditional gas stations
