ChargePoint Holdings, Inc. (CHPT) has announced the receipt of over $19 million in funding, secured through partnerships, for the deployment of 248 DC fast charging ports at 45 sites along California highways. This expansion aims to address the growing need for reliable and accessible charging infrastructure in the state. The California Energy Commission (CEC) and California Department of Transportation approved these awards as part of the state’s initial allocation of National Electric Vehicle Infrastructure (NEVI) program funds. The NEVI program, a federal initiative, is dedicated to promoting the development of accessible and reliable DC fast charging solutions along U.S. highways.
These new ChargePoint charging stations will be strategically located along California’s busiest highways, addressing the frequent congestion experienced by EV drivers seeking charging points. The expansion of DC fast charging along critical interstate routes, like I-5, will be crucial for connecting the state’s largest cities and surrounding communities with readily available and dependable charging options. The company emphasizes its position as a leading player in the EV charging sector, having secured nearly $90 million in NEVI awards for approximately 150 sites through its partnerships across 21 U.S. states. These locations will feature approximately 700 fast charging ports, ensuring that EV drivers have access to convenient and reliable charging across the country.
Rick Wilmer, President and CEO of ChargePoint, expressed the company’s commitment to providing seamless charging experiences: “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.” This expansion signifies a positive step forward in addressing the growing demand for EV charging infrastructure, particularly as electric vehicle adoption continues to increase.
While ChargePoint’s stock has faced challenges in the past year, experiencing a decline of over 73%, the company’s commitment to expanding its charging network and securing significant funding through the NEVI program suggests continued growth potential in the EV charging market. These initiatives are crucial for supporting the widespread adoption of electric vehicles and reducing dependence on fossil fuels.
