An unlikely partnership could be a major boon for this charging station company…
On Tuesday, Volvo ADR announced it was teaming up with Starbucks to test electric-vehicle (EV) infrastructure.
Through the agreement, Volvo will construct fast-charging stations at roughly 15 Starbucks locations.
The stations will be installed every 100 miles between Denver and Seattle.
And while they won’t be operational until the end of the year, once they’re installed, they’ll offer Volvo owners discounted rates – or free access altogether.
This could be a boon for Volvo, as it may entice consumers to buy its vehicles in the instance the pilot program goes well.
It could also benefit Starbucks through an increase in customer visitations during daily commutes.
However, it may ultimately end up being a massive tailwind for the company behind the charging-station technology…
Even though they’re under Volvo’s brand name, ChargePoint Holdings (CHPT) is the supplier and operator of the stations.
It’s also the biggest independent EV charging station operator in more than 14 countries. So, ChargePoint not only manages charging networks, but also develops the underlying technology used by major brands like Volvo.
This means anytime a company installs one of its stations, ChargePoint is the one that ultimately monitors, and maintains the charging hubs through a subscription service.
And given the fact that it’s still new to the publicly-traded market, the company’s share value is still cheap at $18.01 per share.
This means that as companies such as Volvo continue to adopt its technology and services, its stock could surge significantly higher.
It could even receive a further boost from the broader market, as the U.S. and other countries intend to spend billions to ramp up EV infrastructure in the years ahead.
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