3 electric vehicle charging stocks to watch in the stock market today | News

By Joey J. Garrison On Apr 9, 2022

Top 3 electric vehicle charging stocks to watch in April 2022

Electric vehicle (EV) charging stocks are gaining popularity among global investors stock Exchange during the last years. As the adoption of electric vehicles continues to grow across the world, the demand for electric vehicle charging infrastructure would keep pace. The growth of the industry is also supported by various government programs in many countries. However, as with many growth stocks, EV charging stocks have been under pressure for most of the past year, but are showing signs of recovery lately. Would this be the right time to monitor these actions?

Now, being a growing industry, there are often exciting new developments. For example, flashing charging (NASDAQ: BLNK) announced a partnership with Virginia Clean Cities on Tuesday. It will deploy 6 charging ports along Route 81 at the Hampton Inn Woodstock. The move is part of a massive effort in the region by the two companies to make electric vehicle charging infrastructure more accessible along travel corridors.

Somewhere else, Volta (NYSE: VLTA) also announced a partnership with Tangier Factory Outlet Centers (NYSE: SKT) in March. Together, the companies plan to install Volta dynamic charging stations at Tangier sites in nine markets across the United States. This will unlock two new geographies for Volta and expand its reach into new markets. With all that said and done, the upward trends in electric vehicles would likely benefit the electric vehicle charging industry in the long run. So here are some of the best electric vehicle charging stocks on the stock market today.

Electric vehicle charging stocks to watch now

Evgo

EVgo is a company that owns and operates the public DC fast charging network. Its network is supplied with renewable electricity through renewable energy certificates. Therefore, EVgo caters to the electric vehicle industry by providing electric vehicle charging infrastructure to consumers and businesses. Impressively, EVGO stock has been steadily rising year-to-date. The stock rose more than 20% during the period.

There is now a renewed focus on the stock as Chase announced this week that it had chosen EVgo to pilot its public electric vehicle fast charging stations at 50 of its US bank branches this summer. These fast chargers will give thousands of drivers access to 100kW and 350kW chargers capable of charging vehicles up to 80% in 15 to 45 minutes. Naturally, this is also in addition to Chase’s efforts to promote environmental sustainability at its outlets.

Not to mention, EVgo was recently shortlisted for proposed awards for two California Energy Commission (CEC) Charging Access Grants for Reliable On-Demand Transportation Services to directly support its partnership with Uber. It will use the funds to develop twinned public fast-charging sites comprising 72 charging stations. As part of the program, its four new charging sites will offer fast charging up to 350 kW. Ultimately, this will help both companies achieve their shared mission of electrifying the ride-sharing industry and providing improved access to public EV fast-charging infrastructure. So would you buy EVGO stock right now?

Charging point

Another leading electric vehicle charging company right now would be Charging point. For the uninitiated, it is a company that develops and markets networked electric vehicle charging system infrastructure while providing cloud-based services. As part of its networked charging systems, it provides an open platform that integrates with system hardware from various companies and electric vehicle manufacturers. Thus, it can provide real-time information about charging sessions. Some may consider these features a luxury, but they may well become a necessity as soon as the world becomes increasingly dependent on technology.

Last month, ChargePoint and autonomous logistics company Gatik announced a strategic partnership to develop an electric ecosystem for autonomous vehicles (AVs). The collaboration aims to maximize sustainability, operational efficiency and economy for both companies’ customers across North America. In addition, it will also play an important role in helping decarbonize the B2B short sea logistics sector and provide a seamless solution to achieve corporate sustainability goals.

In addition to this, the company has also recently entered into a partnership with Goldman Sachs Renewable Power. The two companies will work together to introduce a new bespoke financing solution as part of the ChargePoint-as-a-Service family of products. This would lower the barrier of entry for companies that want to adopt clean energy but are held back due to financial issues. Overall, these are positive developments that would strengthen ChargePoint’s position within the EV charging ecosystem. With that in mind, should investors keep a close eye on CHPT shares?

Overall beam

Similar to previous entries, Beam is a company that focuses on creating products for electric vehicle charging infrastructure. In addition to this, it also creates outdoor media advertising, energy security and disaster preparedness. The company’s autonomous renewable electric vehicle charger (EV ARC) generates and stores its energy and supports DC fast charging. Sentiment around BEEM stock has been relatively bullish of late, with the stock rising more than 45% in the past month. Although some investors remain puzzled, there are valid reasons for this momentum.

For starters, Beam announced in March that the town of Costa Mesa, Orange County, Calif., had rolled out its ARC EV charging system. It will charge the Senior Center’s electric shuttle and other electric vehicles in the City’s fleet. In addition to this, DENSO, a leading mobility provider, has also deployed five ARC EVs at its location in Maryville, Tennessee. Therefore, making these charging systems available to all DENSO employees with battery electric vehicles and plug-in hybrids. The growing adoption of the company’s products and services is important to Beam’s long-term growth.

Financially, the company also fired on all cylinders. For fiscal 2021, the company reported record revenue of $9.0 million, up 45.1% year-over-year. Meanwhile, Beam saw 134% growth in new orders and 67% growth in system shipments year-over-year. Overall, 2021 was a year where Beam broke record after record. Rising spending on electric vehicles and its infrastructure in the U.S. and internationally will put the company in a strong position for growth in 2022. Given these factors, would you jump on the bandwagon by performance of BEEM shares?

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