10 Best EV Charging Stations Stocks To Watch in 2022

If you think that electric cars are the future but aren’t sure which EV makers will make it, consider investing in EV charging stations. We will need the charging infrastructure no matter which carmakers get traction with car buyers. Here is a list of ten EV charging stations stocks listed in the U.S.

SustainFi   Updated March 14th, 2022

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Why invest in EV charging stations?

The electrification of transportation, which is about 20% of U.S. greenhouse gas emissions, is one of the solutions to climate change. Yet EVs are still only about 3% of cars sold in the U.S. Road trip or range anxiety is one of the key barriers to adoption. Potential EV drivers worry that they won’t be able to charge the car while on an extended trip.

Clearly, we need an infrastructure of charging stations to support the growth in electric cars. This presents a classic chicken and egg problem: potential customers don’t want to buy EVs because there aren’t enough charging stations. And charging stations are not profitable without enough EVs on the road.

Congress has recognized this problem and passed the Infrastructure Bill, allocating $7.5 billion to EV charging stations. And Biden has called for building 500,000 charging stations across the country. Currently, there are only 46,000 EV charging stations in the U.S., 14,000 of them in California. Asia and Europe are ahead, though. Europe alone has over 200,000 charging stations.

However, any EV charging station companies are startups with little revenue. This is unavoidable: charging stations need to be built ahead of expected demand because there are too few EVs on the road.

Even so, charging stations may be better investments than EV stocks. Dozens of startups and traditional carmakers are trying to take on Tesla, and there will be a lot of losers.

Although EV charging station stocks are also risky, the infrastructure they are building will be needed by all EV brands, no matter who wins. (Tesla is an exception – it has built out its own EV charging stations, which may become available to other brands.) Although upfront capital expenditure is high, charging companies can get subsidies from the government or even the automakers, like General Motors.

To sum up, selling shovels to gold miners may be a better deal for investors than mining for gold themselves.

What are the best EV charging stations stocks?

Charging station stocks split into companies that sell equipment and software (such as ChargePoint, Tritium, EVBox, WallBox, and Beam) and companies that build out charging stations, such as Volta, EVgo, and Allego. Although developing stations requires a lot of capital, station owners can quickly become profitable once demand from EV owners picks up.

Most EV charging startups went public in 2021, with Allego and Tritium joining in 2022. Another EV charging company, the Amsterdam, Netherlands-based EVBox, was supposed to merge with a SPAC, TPG Pace Beneficial, but the merger was called off in December 2021. The management team may still find another way to go public, though.

EV charging stations stock list

  • ChargePoint Holdings (CHPT)
  • Blink Charging Co (BLNK)
  • EVgo (EVGO)
  • Volta (VLTA)
  • WallBox NV (WBX)
  • Beam Global (BEEM)
  • Allego (ALLG)
  • Tritium (DCFC)
  • Tesla (TSLA)
  • NIO (NIO)

Most EV charging station stocks (and EV stocks, generally) had a bad year due to concerns about valuation. Valuations are indeed high, and most of these companies are yet to generate much revenue. It remains to be seen if they can grow into the expectations.

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Read more about each company:

1. ChargePoint Holdings (CHPT)

  • Market capitalization: $5.6 billion
  • 1-year return: -42%

The largest EV charging company by market cap, California-based ChargePoint sells charging equipment and software to over 5,000 customers. Because its customers own the charging stations, ChargePoint doesn’t need to spend as much money on capital expenditures.

In 2017, the company acquired nearly 10,000 charging stations from GE, which exited the charging business. Today, with over 163,000 places to charge in North America and Europe, ChargePoint has 7x the market share of its closest competitor. The company also sells a home EV charger, ChargePoint Home Flex, and has partnered with a home solar provider, Sunnova, to create solar-powered home charging solutions.

The stock did not have a good 2021, though. With only $146 million in sales and negative earnings, ChargePoint has a way to go before it is profitable. On the positive side, sales are proportional to EV penetration, which will only go up from here.

2. Blink Charging Co (BLNK)

  • Market capitalization: $890 million
  • 1-year return: -47%

Founded in 2009 and based in Miami Beach, Florida, Blink designs, owns, and operates EV charging equipment. Blink’s cloud-based software network tracks all the charging stations in it.

The company has deployed over 32,000 charging stations in the U.S., Europe, and the Middle East, boasting over 200,000 registered members. Stations are located in places like airports, car dealers, hospitals, hotels, and restaurants.

Blink makes money by selling electricity to EV drivers (if it owns the charging station) and selling its charging hardware or from network fees and advertising. In May 2021, Blink acquired Blue Corner, a Belgian EV station operator with over 7,000 charging points in its European network.

Blink generated $21 million of revenue in 2021, though it remains unprofitable.

3. EVgo (EVGO)

  • Market capitalization: $3.1 billion
  • 1-year return: -25%

EVgo operates a network of over 800 fast-charging locations across 34 U.S. states and expects to more than triple in size over the next five years.

It is the largest fast-charging network in the country. Fast charging stations can recharge a battery in about half an hour, not a few hours. The company has partnerships with General Motors (to add 2,700 stations by 2025), Uber, and Meijer, a grocery store chain.

With over 310,000 customer accounts, EVgo serves both retail and commercial customers.

Like many EV stocks, EVgo doesn’t have much revenue, guiding to $20-22 million in 2021, and investments in charging stations continue to be a dent on profitability. Having said that, the growth in EV adoption will be a boon for the stock.

Learn how EVgo compares to ChargePoint.

4. Volta (VLTA)

  • Market capitalization: $653 million
  • 1-year return: -65%

Founded in 2010, San Francisco-based Volta is building a network of EV charging stations in the United States. As of September 2021, Volta had connected 2,137 locations in 23 states, generating about 238,000 charging sessions per month.

The company is more innovative than its competitors: Volta makes money from outdoor advertising on its chargers (pictured). Charging stations are supposed to draw customers to partner locations like Whole Foods, malls, and restaurants. Customers can shop or eat while their car is charging. Some locations even offer free charging. Volta has already signed up advertising partners like Starbucks and Netflix.

The company generated $20 million in revenue for the first nine months of 2021, but the future revenue opportunity looks big.

5. WallBox NV (WBX)

  • Market capitalization: $2.2 billion
  • 1-year return: 58%

Founded in 2015 in Barcelona, WallBox makes EV chargers for homes, businesses, and cities, selling over 100,000 units to date, including 66,000 in the first nine months of 2021. The Spanish company expanded to the U.S. in 2021, and its home EV charger, Pulsar Plus, is now a best-seller on Amazon.

Moreover, WallBox has partnered with SunPower, a residential solar company, to integrate its EV chargers with solar panels. As the expected first choice EV charger provider for SunPower’s 370,000 customers, WallBox could see growth pick up.

The company reported $24 million in 2020 sales and guided to another $79 million in 2021 revenues. WBX stock is listed on the New York Stock Exchange.

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6. Beam Global (BEEM)

  • Market capitalization: $138 million
  • 1-year return: -71.5%

San Diego, California-based Beam Global sells solar-powered EV charging equipment (EV Arc). It is also developing solar and wind-powered streetlights (EV Standard) and clean energy-powered drone rechargers. Customers include the California DMV and the U.S. Marine Corps, though BEEM remains a very small company with only $6 million in 2020 revenues.

7. Allego (ALLG)

  • Market capitalization: $453 million
  • 1-year return: NA

Allego operates a large EV charging station network in Europe. In July 2021, the company said it would merge with a SPAC, Spartan Energy Acquisition III. $702 million in expected proceeds will fund the installation of more EV charging stations.

Founded in 2013, Allego has already deployed 28,000 chargers in 12,000 stations in 12 European countries. The company has partnerships with many OEMs; most recently, with Nissan to install chargers at over 600 locations. Allego chargers can serve all EV models, including vans and trucks. And, unlike most EV charging companies, Allego achieved positive EBITDA in 2020 and expects positive EBITDA going forward.

8. Tritium DCFC (DCFC)

  • Market capitalization: $935 million
  • 1-year return: NA

Tritium is a 21-year old Australian company that makes fast chargers for EVs. In January 2022, the company merged with a SPAC, Decarbonization Plus Acquisition II. Tritium expects to use the roughly $400 million in proceeds to invest in a new facility in Europe and expand its Los Angeles and Brisbane sites.

Tritium has already sold over 6,700 fast chargers in 41 countries, generating $78 million in 2021 revenue. The company projects $982 million in sales and $221 million in EBITDA in 2025. Given that Tritium has shown that it can make and sell chargers, it could be an interesting name to watch.

9. Tesla (TSLA)

  • Market capitalization: $822 billion
  • 1-year return: 8%

Tesla isn’t just the number one EV company in the U.S.; they also own an extensive network of Superchargers. The network was launched in 2012 and now includes over 30,000 chargers globally. Elon Musk even said the stations may eventually become available to non-Teslas; a pilot is already happening in the Netherlands.

10. NIO (NIO)

  • Market capitalization: $25 billion
  • 1-year return: -68%

“The Tesla of China,” NIO is the pioneer in the premium EV market. It was founded in 2014 and backed by Tencent Holdings. In addition to making SUVs, NIO has an extensive charging station network in China, but with a twist. In addition to regular charging stations, NIO offers battery swapping stations. Instead of waiting for the battery to charge, drivers can get a fully-charged battery in just three minutes.

In December 2021, NIO installed its 700th battery-swapping station in China. By the end of 2025, NIO aims to have 4,000 battery swap stations worldwide, including 1,000 outside China.

Although NIO is based in Shanghai, the company has an ADR listed on the New York Stock Exchange, making it easy for U.S. investors to access.

EV ETFs

What if you don’t want to pick individual stocks? You can still invest in EVs through several ETFs like the iShares Self-Driving EV and Tech ETF (IDRV). Read our review of EV ETFs.

NOT INVESTMENT ADVICE. The content is for informational purposes only; you should not construe any such information as investment advice.

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