Top 3 EV Charging Stocks To Watch In April 2022
Electric Vehicle (EV) charging stocks have been gaining popularity among investors in the stock market in recent years. As EV adoption continues to expand across the world, the demand for EV charging infrastructure would go hand-in-hand. The growth of the industry is also supported by various government programs in many countries. Nevertheless, like with many growth stocks, EV charging stocks have been under pressure for most of the past year, but are showing signs of recovery lately. Could this be an opportune time to watch these stocks?
Now, being an actively growing industry, there are often new exciting developments. For instance, Blink Charging (NASDAQ: BLNK) announced a partnership with Virginia Clean Cities on Tuesday. It will be deploying 6 charging ports along Route 81 at the Hampton Inn Woodstock. The move is part of an extensive effort in the region by both companies to make EV charging infrastructure more accessible along travel corridors.
Elsewhere, Volta (NYSE: VLTA) also announced a partnership with Tanger Factory Outlet Centers (NYSE: SKT) in March. Together, the companies plan to install dynamic Volta charging stations at Tanger locations in nine markets throughout the U.S. This will unlock two new geographies for Volta and expand its reach into new markets. With all said and done, the rising trends of EVs would likely benefit the EV charging industry in the long run. So, here are some of the top EV charging stocks in the stock market today.
Electric Vehicle Charging Stocks To Watch Right Now
EVgo is a company that owns and operates the public direct current fast-charging network. Its network is powered by renewable electricity using renewable energy certificates. Therefore, EVgo caters to the EV industry by providing EV charging infrastructure to consumers and businesses. Impressively, EVGO stock has been on a steady upward climb since the start of the year. The stock has climbed more than 20% within the period.
There is now a renewed focus on the stock as Chase announced this week that it has chosen EVgo to pilot its public fast EV charging stations across 50 of its U.S. bank branches this summer. These fast chargers will offer thousands of drivers access to 100kW and 350kW chargers that can charge vehicles as much as 80% in 15 to 45 minutes. Naturally, it also adds to Chase’s efforts to promote environmental sustainability in its retail locations.
Not to mention, EVgo was recently selected for proposed awards for two California Energy Commission (CEC) Charging Access for Reliable On-Demand Transportation Services grants to directly support its partnership with Uber. It will use the funds to develop twin public fast-charging hub sites featuring 72 charging stalls. As part of the program, all four of its new charging sites will feature fast charging up to 350kW. Ultimately, it will help both companies to reach their shared mission to electrify the rideshare industry and provide enhanced access to public EV fast-charging infrastructure. So, would you be buying EVGO stock right now?
Another top EV charging company right now would be ChargePoint. For the uninitiated, this is a company that develops and markets networked EV 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 EV companies and manufacturers. Thus, it can provide real-time information about charging sessions. Some may deem these features as a luxury, but they may well be a necessity soon as the world is increasingly reliant 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 economics for both companies’ customers across North America. Besides that, it will also play a significant role in helping to decarbonize the B2B short-haul logistics sector and offer a seamless solution to meet corporate sustainability goals.
On top of that, the company also sealed a partnership with Goldman Sachs Renewable Power recently. Both companies will work together to introduce a new tailored financing solution as part of the ChargePoint-as-a-Service product family. This would reduce the entrance barrier for businesses that have an interest in adopting 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 be keeping a close tab on CHPT stock?
Similar to previous entries, Beam is a company that focuses on creating products for EV charging infrastructure. Besides that, it also creates outdoor media advertising, energy security, and disaster preparedness. The company’s Electric Vehicle Autonomous Renewable Charger (EV ARC) generates and stores its energy and supports direct current fast charging. Sentiment around BEEM stock has been relatively bullish lately, with the stock rising more than 45% within the past month. While some investors remain puzzled by this, there are valid reasons for the momentum.
For starters, Beam announced in March that the City of Costa Mesa in Orange County California has deployed its EV ARC charging system. It will be charging the Senior Center electric shuttle bus and other City fleet EVs. On top of that, DENSO, a leading mobility supplier, also deployed five EV ARC at its Maryville, Tennessee location. Hence, making these charging systems available to all DENSO employees with battery EVs and plug-in hybrids. The rising adoption of the company’s products and services is important for Beam’s long-term growth.
Financially, the company has also been firing on all cylinders. For the full-year fiscal 2021, the company reported a record revenue of $9.0 million, up 45.1% year-over-year. Meanwhile, Beam saw a growth of 134% in new orders and 67% in system deliveries year-over-year. Overall, 2021 was a year where Beam broke record after record. The increasing spending on EVs and its infrastructure in the U.S. and internationally will put the company in a strong position for growth in 2022. Considering these factors, would you jump on the BEEM stock bandwagon?