L I G H T I N G CO N T R AC TO R S B E WA R E / / JA N UA RY 2 0 2 4 / / L M & M
20
LIGHTING CONTRACTORS BEWARE
The Highs and Lows of the EV Charging Market By Randy Reid
In previous issues, we have written extensively about growing EV charging opportunities and how lighting maintenance contractors can capitalize on those opportunities. Here, we offer a word of caution. The Administration’s recent announcement of a $46.5 million investment into the EV charging infrastructure presents a complex picture for contractors in the business of installing these chargers. On one hand, there’s a clear commitment by the government to expand America’s electric vehicle (EV) charging network, with an ambitious goal to construct 500,000 public EV charging ports by 2030 and move towards net-zero emissions by 2050. This funding is
directed towards enhancing charging performance, resilience, and reliability, while also fostering job growth in the clean energy sector. However, the current financial health of companies within the EV charging industry tells a different story. Despite the increase in EVs on the road and the government’s investment in charging infrastructure, companies like ChargePoint Holdings, Blink Charging, and EVgo have seen their share prices plummet, with significant losses and missed revenue projections. These companies don’t anticipate profitability for about another year, and the pressure is mounting with the possibility of Tesla opening its charging network to other EVs.
NAME
STOCK SYMBOL
CLOSING Price 1/23/2023
CLOSING Price 1/23/2024
CHANGE
ChargePoint
CHPT
$12.16
$2.16
-82%
EVgo
EVGO
$6.27
$2.77
-56%
Blink Charging
BLNK
$14.13
$2.70
-81%
Wallbox
WBX
$5.66
$1.57
-72%
Tritium DCFC
DCFC
$1.39
$0.14
-90%
