Electric vehicles are becoming more popular every year, and with that popularity comes the need for charging stations.
Here’s a list of the top-rated EV charging stocks to keep an eye on in 2022. Whether you’re looking for long-term growth or short-term stability, these stocks have you covered.
Reasons to Invest in EV Charging Stations Stocks
Seeing how Tesla was the most traded company in 2020 only shows the potential of investing in EV charging stations. There are many reasons why you should do it.
First, as the number of electric vehicles on the road continues to grow, there will be an increasing demand for charging stations. In fact, experts predict that 6 million EVs will be shipped this year, while the number of globally accessible charging stations is projected to amount to 2 million.
Therefore, many countries are now starting to mandate that new buildings must include EV charging infrastructure, which means that there will be a growing market for these types of products. For example, a valid reason to invest in top EV charging stocks would be the fact that the global EV charging station market is expected to reach $123.12 billion by 2030 (from $6.72 billion in 2021).
Furthermore, the Bipartisan Infrastructure Law (BIL) will allocate $7.5 billion to develop the EV-charging infrastructure in the US. They hope that by 2030 there will be 500,000 public chargers available nationwide.
On that note, as a part of the bipartisan infrastructure package, the Biden administration offered states $5 billion to install electric vehicle chargers over five years.
Lastly, as battery technology continues to improve, charging times will continue to decrease, making charging stations more convenient for drivers.
5 EV Charging Station Companies to Keep an Eye on in 2022
Now that we’ve answered the question “what are EV Charging Stations and why should you invest in them,” let’s take a look at some of the best ones to buy in 2022.
1. ChargePoint Holdings (NYSE: CHPT)
- Market cap: $4.52b
- Price: $13.45 (as of May 30, 2022)
ChargePoint Holdings is one of the leading providers of EV charging stations. The company has a network of over 174,000 ports worldwide, and over 18,000 are dispersed in the US and Canada.
In addition, ChargePoint has a number of partnerships with major automakers, including Volvo, Mercedes-Benz, Mazda, and Polestar.
Why invest in Charging Point stock:
- As of Jan. 31, the company activated more than 174,000 ports worldwide (about 18,000 in the US and Canada and 51,000 in Europe)
- The company’s quarterly and yearly YOY revenue increased by 90% and 65%, respectively
- For the fiscal year 2023, ChargePoint expects its annual revenue to reach $450-$500 million
2. EVgo (NASDAQ: EVGO)
- Market cap: 2.59b
- Price: $9.87 (as of May 30, 2022)
EVgo is a company that many people might not have heard of, but it’s one of the largest public fast-charging networks in the US.
All of its charging stations are powered by renewable energy sources. This means that drivers can top off their batteries quickly (between 15 and 45 minutes) and efficiently without harming the environment.
Why invest in EVgo charging station stocks?
- The company has over 850 stations across the US and more than 60 fast-charging locations in metropolitan areas
- EVgo’s major partners are Subaru, General Motors, Uber, a multinational ride-sharing company, and a grocery store chain, Meijer
- EVgo’s quarter-over-quarter revenue increased by 29%, and its total customer accounts exceeded 310,000.
3. Blink Charging Company (NASDAQ: BLNK)
- Market cap: $717.62m
- Price: $16.79 (as of May 30, 2022)
Blink Charging Company is a leading provider of EV charging equipment and related services, such as EV maintenance and repair. The company has a network of 30,000+ charging ports in 13 countries. Also, it’s been around for 13 years.
Last year, Blink acquired a Belgian company, Blue Corner, that operates over 7,071 charging stations in Europe.
Why invest in Blink charging EV stocks?
- The company’s revenue grew by 224% from the previous year reaching $7.9 million
- Blink sold or contracted 3,733 charging stations in Q4 of 2021
- By 2030, Blink’s CAGR growth rate should reach 16%
4. Volta Charging (NYSE: VLTA)
- Market cap: $414.056m
- Price: $2.47 (as of May 30, 2022)
Volta takes the lead when it comes to innovation. Namely, the company makes money through outdoor advertising. In other words, Volta installs its chargers in crowded locations, such as shopping malls. This makes it even easier for people to charge their vehicles.
On that note, Volta has partnered with companies like Starbucks and Netflix to advertise its product.
Why invest in Volta EV charging station stocks?
- Volta is expanding its reach by partnering with major corporations
- The company’s stock is currently selling at a reduced price (at $4.16), making it an excellent long-term investment
- Volta is expanding in Europe (Switzerland, Germany, and France)
5. WallBox NV (WBX)
- Market cap: $1.71b
- Price: $10.58 (as of May 30, 2022)
WallBox offers various products, including the innovative Pulsar Plus. This is a compact, powerful, and fast EV charger for home usage. The company also offers other products that cover energy and charging management solutions for public, semi-public, and residential use in over 80 countries.
WallBox recently partnered with a solar company, SunPower. Together they plan to install its EV chargers with solar panels.
Why invest in WallBox NV EV charging stations stocks?
- The company’s revenue in 2021 grew by 266%, reaching $86.5 million
- WallBox sold about 129,000 chargers in 2021. This is more than triple the number of chargers that were sold in 2020.
- Wallbox is building a new manufacturing facility in Barcelona. This facility should produce 750,000 chargers. By 2025, Wallbox plans to increase its production to one million chargers per year. While relatively new to the US market, they are set for expansion.
These are just a few of the best EV charging stocks to invest in this year. With so many great companies to choose from, you’re sure to find the perfect one for your investment portfolio.
Conclusion
If you want your money to work for you and help support the growth of renewable energy, consider investing in one or more of these top electric vehicle charging stocks (and lithium stocks are doing pretty well too).
The future looks bright for sustainable transportation, and by investing in these companies now, you can be part of that future.
FAQs
What is the biggest EV charging company?
The biggest EV charging company is ChargePoint Holdings. They have over 174,000 ports around the world.
In addition to that, ChargePoint dominates the market for Level 2 charging ports in the US. They have deployed 51.5% of all the Level 2 charging ports (47,114 ports). For comparison’s sake, Tesla’s Destination Charging network is a distant second, with only 14,677 Level 2 chargers, or 16%.
Who is the biggest manufacturer of EV charging stations?
The biggest manufacturers of EV charging stations, based on their revenue are:
- Shell ($180 billion),
- Siemens ($94 billion),
- Tesla ($31 billion),
- Schneider Electric ($28 billion), and
- ABB ($26 billion).
What companies will be responsible for the EV charging network?
Right now, a few companies are vying for positions in the EV charging market — Blink Charging Company (NASDAQ: BLNK), Wallbox NV (NYSE: WBX), EVgo Inc. (NASDAQ: EVGO), and ChargePoint Holdings Inc. (NYSE: CHPT).
The mentioned companies have been around for a while and have built up a significant amount of infrastructure. But it’s still early days, and it’s hard to say which company will come out on top.
What is the best EV charging company stock?
Our research shows that ChargePoint Holdings (NYSE: CHPT) is the best EV charging company stock to buy in 2022.
Here’s why:
- They are the largest provider of EV charging stations in the United States when it comes to the number of stations (30,000) and individual charging ports (47,000).
- They have strong partnerships with major automakers such as Volvo, Mercedes-Benz, Mazda, and Polestar.
- Their technology is compatible with all types of EVs.
- They have a growing network of over 174,000 ports worldwide.
So, when it comes to investing in EV charging stocks, ChargePoint Holdings may be your best option for the years to come.
