EGgo vs. ChargePoint: Which Stock Is the Best EV Charging Bet?

ChargePoint Holdings Inc. (CHPT) and EVgo Inc. (EVGO) are two of the leaders in the rapidly growing electric vehicle (EV) charging market. Find out more about the EV charging industry and what makes each of these companies unique below.

Matt Johnston   Updated April 7th, 2022

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EVgo vs. ChargePoint: Should you invest in EV charging stations?

The EV charging industry is closely tied to the EV industry. EV chargers are useless if there are no EVs to charge. At the same time, no one wants to buy an electric car if there is nowhere to charge it. 

In fact, around one-half of adults who know about EVs say they are unlikely to seriously consider buying one. One of the biggest reasons for consumer hesitancy is poor charging infrastructure. Owners of traditional internal combustion engine (ICE) vehicles can rely on a network of fueling stations with around 1.4 million pumps in the U.S. The number of EV charging outlets is about 7% of that.

The U.S. government is working to improve consumer confidence in EVs. Congress passed, and President Biden signed the Infrastructure Investment and Jobs Act in November 2021. Also known as the Bipartisan Infrastructure Law, the legislation includes up to $7.5 billion in funding for EV charging infrastructure.

Types of EV chargers

The time required to charge an EV can vary from 20 minutes to 20 hours or more. It all depends on the type of battery, how depleted it is, how much energy it can store, and the type of charger. 

EV chargers are classified based on the rate at which they charge. Level 1 chargers use a standard 120-volt alternating current (AC) outlet found in the typical home. They supply between two to five miles of additional range per hour of charging. Less than 5% of public EV charging ports in the U.S. were Level 1 as of 2020.

Level 2 AC chargers require 240-volt service (typically found in homes) or 208-volt service (typically found in commercial settings). They use specialized equipment typically installed in either a residential or workplace location. They supply between ten to 20 miles of additional range per hour of charging. More than 80% of public EV charging ports in the U.S. were Level 2 as of 2020.

Direct current fast charging (DCFC) makes up the third and final level of EV chargers. DCFC chargers require a high level of voltage not found in a typical residential setting. These chargers supply between 60 to 80 miles of additional range per 20 minutes of charging. More than 15% of public EV charging ports in the U.S. were of the DCFC type as of 2020.

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EVgo vs. ChargePoint: What are the key differences?

  • EVgo is focused on fast chargers, operating the largest public fast-charging network in the U.S.
  • ChargePoint has an asset-light business model, selling chargers to over 5,000 customers. Their charging network includes over 170,000 places to charge

EVgo has a large network of fast chargers

EVgo operates one of the largest public fast-charging networks for EVs in the U.S. The company, founded in 2010, is primarily focused on building ultra-fast chargers. Over 130 million people in the U.S. live within a 10-mile drive of one of EVgo’s fast-charging stations. Many of these stations are located at grocery stores, hotels, shopping centers, gas stations, parking lots, and other public locations.

ChargePoint has a capital-light business model

ChargePoint, founded in 2007, has one of the largest charging networks in the world. ChargePoint’s chargers can be found in people’s homes, workplaces, retail, and hospitality locations, as well as parking lots. The company has primarily focused on building Level 2 chargers. It plans to continue expanding its market share in Level 2 charging but also wants to increase its share of the Level 3 fast-charging market.

What makes ChargePoint stand out is its capital-light business model. Most of its charging sites and stations are owned by its customers so ChargePoint doesn’t need to spend as much money on capital expenditures. This allows the company to focus on developing new products and acquiring new customers.

Who has the larger network, EVgo or ChargePoint?

  • ChargePoint has the largest Level 2 charging network and the greatest number of charging locations
  • However, EVgo has more fast-charging locations

ChargePoint boasts over 170,000 locations, claiming that it leads the Level 2 charging market. The company says that it has a more than 70% share of the networked Level 2 charging market in North America. That is seven times more than the nearest competitor.

EVgo has the world’s largest public fast-charging network for electric cars, based on research done by Emergen Research. The company’s charging network included 1,670 DCFCs at more than 850 locations as of December 31, 2021.

ChargePoint’s fast-charging network includes 11,500 global DCFC ports, as of March 2, 2022. That number is well above the 1,670 reported by EVgo, though ChargePoint’s figure is for the total number of ports whereas EVgo’s figure is for the total number of chargers. But a single charger might have several ports, similar to how a single gas pump may have several hoses.

EVgo is powered by 100% renewable energy

According to EVgo, its charging network is entirely powered by renewable energy. However, that claim partially rests on buying renewable energy certificates instead of actually using renewable energy to power each EV charging station. Still, it’s better than nothing. 

EVgo vs. ChargePoint: Recent performance

EVGo stock has done better than ChargePoint both year-to-date through early April and over the past year, even though ChargePoint is trading at a lower valuation.

Company1-Year2022 Year-To-Date
EVgo Inc (EVGO)-10%18%
ChargePoint Inc (CHPT)-40%-13%

Data as of 4/7/2022

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EVgo vs. ChargePoint: Valuation

CompanyMarket CapitalizationEnterprise Value / FY23 Revenue
EVgo Inc (EVGO)$3.3 billion20.1x
ChargePoint Inc (CHPT)$5.9 billion7.8x

Data as of 4/7/2022

In terms of underlying fundamentals, ChargePoint experienced more rapid growth in revenue in its latest fiscal quarter than EVgo did. ChargePoint’s revenue rose 90.3% YoY to $80.7 million in Q4 of its 2022 fiscal year (FY), the three-month period ended January 31, 2022. EVgo’s revenue rose 69.7% YoY to $7.1 million in Q4 FY 2021, which ended December 31, 2021.

Both companies generated net losses during their respective fiscal fourth quarter. The demand for EV charging is currently not enough to cover the costs of building charging capacity, especially for higher-level chargers. EV charging companies must be willing to forego profitability in the short term in hopes that EV adoption continues to grow.

EVgo’s current valuation looks lofty compared to ChargePoint based on the 2023 enterprise value/revenue ratio. Enterprise value is a financial metric for valuing a company that includes the company’s market capitalization plus both its short-term and long-term debt minus the cash on its balance sheet.

The EV/revenue ratio gives you an idea of how much you’re paying for the company per dollar of sales or revenue the company generates. That means that CHPT is “cheaper” than EVgo.

💰 EVgo vs. ChargePoint takeaway

  • Although ChargePoint looks cheaper than EVgo based on the valuation metrics above, you as an investor may be more excited about fast charging and a company that owns its network of chargers rather than sells equipment to others.
  • EVgo and ChargePoint are not the only options available if you’re looking to invest in EV charging companies. A few other EV charging investment options include Blink Charging Co. (BLNK), Volta Inc. (VLTA), and Beam Global (BEEM).

🔔 Learn how ChargePoint compares to Blink Charging.

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

Author: Matt Johnston

Matt is a finance and economics writer with seven years of professional writing experience, including over five years at Investopedia. He also sometimes teaches macroeconomics at St. Stephen’s University. But his intellectual interests are not limited to the world of finance and economics—he also enjoys reading history and philosophy as well as learning new languages, both natural and programming. Matt currently lives in Montreal, Quebec.

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