Electrified, shares of EVgo (EVGO) could see higher highs.
For one, the $1 trillion infrastructure bill “allocates $5 billion to expand EV-charging stations along highways and an additional $2.5 billion for other charging alternatives such as hydrogen-fueling infrastructure. President Joe Biden said the funding could help build more than 500,000 charging stations, and help make 50% of vehicles electric by 2030,” according to Barron’s.
Two, with EV demand still accelerating, we could see thousands of charging stations across the U.S. Three, with more than 800 fast charging spots, its network services more than 68 metropolitan areas across 35 states and more than 300,000 customer accounts.
Four, by 2040, the company expects for nearly 28% of all U.S. vehicles to be battery electric, which could provide massive growth opportunities, as well. Five, EVGO is guiding for $54 million, with its sights set on $596 million by 2025.
By 2027, EVGO sees revenue as high as $1.289 billion.
Helping, according to Tip Ranks, more than 130 million people (39% of population) live within 10 miles of an EVGO charging station.
Even better, EVGO and General Motors announced plans for more fast charging stations. In fact, the two want to deploy 3,250 charging stalls by 2025. “the charging stalls are direct current fast chargers, which can charge an EV far more quickly than those that use older-generation chargers. With the right EV, a DC fast charger can deliver about 150 miles of range in as little as eight minutes,” says Barron’s.
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