The U.S. is spending big to build out electric-vehicle (“EV”) infrastructure…
On February 10, the Biden administration released a plan showing the U.S. will allocate $5 billion to states to fund the development of EV charging stations over the next five years.
The funding will be a part of the bipartisan infrastructure bill, which includes a total of $7.5 billion for the planned EV network.
This investment is part of the administration’s broader goals of reducing the U.S.’s emissions, combating climate change, and transitioning to greener energy sources.
Through the effort, the White House hopes to make EVs more affordable than fossil fuel vehicles. The administration also hopes to have all vehicles in the U.S. be EVs or hybrids by 2030.
And this is a major boon for EV charging station stocks. In fact, this one charging station company could be one of the biggest benefactors of the funding…
This company is ChargePoint Holdings (CHPT). ChargePoint is a California-based EV charging station operator.
It also has the largest online network of independent EV charging stations in more than 14 countries. So, ChargePoint not only manages the network, but also creates the underlying technology.
This means it installs, monitors, and maintains the charging stations. The company does so through a subscription-based service.
And given that it’s a relatively new publicly-traded company, its share value is also cheap at $13.56.
This could indicate that with fresh funds set to flood the U.S. market, its stock may hit Cowen’s price target of $37 – if not higher – marking a potential upside of 173%.
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