Shares of Chargepoint (CHPT) were up 15.40% as of 2:30 p.m. New York time today, March 31. Charging station competitor Blink Charging (BLNK) was up 8.69%. (Chargepoint went public via a reverse merger with SPAC Switchback Energy early this month. The symbol changed to CHPT after the deal from SBOE. The stock has been a member of my Volatility Portfolio on my subscription JubakAM.com and JugglingWithKnives.com sites since December 23, 2020.)
The big jump came on speculation that the Biden administration’s infrastructure plan with its emphasis on growing the number of electric vehicles in use would include incentives and money for expanding the woefully inadequate network of charging stations for electric cars. Even just the administration’s proposal to electrify the fleet of government vehicles would lead to a need for a massive increase in charging stations.
The U.S. electric vehicle charging infrastructure market size was valued at $2.08 billion in 2020, according to Grand View Research. It is expected to expand at a compound annual growth rate (CAGR) of 38.9% from 2021 to 2028.