ChargePoint Holdings, Inc. CHPT, an electric vehicle (EV) charging solution provider, has been awarded more than $19 million through its partners to install 248 DC fast charging ports at 45 locations along California highways. These awards were recently approved by the California Energy Commission and California Department of Transportation as part of the state’s initial allocation of National Electric Vehicle Infrastructure (NEVI) program funds.

The new ChargePoint stations will be placed along some of California’s busiest highways, many of which face EV charger congestion. Expanding DC fast charging along key interstate highways, such as I-5, is critical to connecting California’s largest cities and surrounding communities with reliable and accessible charging options.

Per Rick Wilmer, president and CEO of ChargePoint, these latest awards from California will enable CHPT and its partners to continue opening NEVI-funded fast charging stations nationwide, making sure EV drivers can easily access charging when and where they want it through the ChargePoint mobile app.

ChargePoint remains a leader in securing NEVI funding. The company has been allocated nearly $90 million through its partners for around 150 sites. These sites represent approximately 700 fast-charging ports across 21 U.S. states that have received funding till now. The NEVI program aims to develop reliable and accessible DC fast charging across the U.S. highway network.

Many of the awarded sites will have ChargePoint’s Express Plus charging stations, a modular DC fast charging platform capable of speeds up to 500kW. Express Plus, combined with CHPT’s advanced software, supports the charging of all current EV models and allows two vehicles to charge simultaneously at one station. The platform uses a proprietary cooling system to maintain peak charging speeds for extended periods, enabling drivers to charge quickly and continue their journey without delays.

CHPT’s Zacks Rank & Key Picks

CHPT currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.

The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.

The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.