ChargePoint Inks Pact With General Motors - Eyes Installing Ultra-fast Charging Ports At Key Locations

ChargePoint Holdings, Inc. CHPT shares are trading higher on Wednesday.

ChargePoint and General Motors Company GM have announced a strategic partnership to accelerate the growth of electric vehicle infrastructure across the U.S.

The two companies will work together to install hundreds of ultra-fast charging ports at key locations, aiming to improve access to chargers and reduce charging times for drivers. The collaboration aims to have these locations open and available to the public by the end of 2025.

Rick Wilmer, CEO of ChargePoint, highlighted the significance of the partnership, emphasizing how GM's commitment to innovative EVs and accessible charging solutions will drive the transition to electric mobility.

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ChargePoint will provide its advanced Omni Port system at many locations, which enables vehicles with both CCS and NACS charging ports to charge seamlessly without the need for an adapter. Additionally, the stations will feature ultra-fast charging through ChargePoint's Express Plus platform, capable of charging speeds up to 500kW.

Wade Sheffer, GM Energy's vice president, stressed that the collaboration aims to remove barriers to EV adoption by offering more reliable, accessible, and convenient charging experiences. The initiative also includes an incentive program to help third-party charge point operators own and operate EV charging infrastructure, ensuring rapid deployment.

The partnership between ChargePoint and GM is a crucial step in making EV charging faster, more accessible, and widespread, contributing to the ongoing expansion of the U.S. EV infrastructure and supporting the growing adoption of electric vehicles.

Price Action: CHPT shares are trading higher by 10.3% to $1.28 premarket at last check Wednesday, while GM shares are trading higher by 0.29% to $51.30.

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Image: Courtesy ChargePoint.