What's Going On With EV Charging Provider ChargePoint's Stock Today?

Electric vehicle (EV) charging solutions provider ChargePoint Inc. CHPT shares are on the downtrend Thursday.

The shares were trading higher during the premarket session, but have since plummeted 3.39% at last check.

ChargePoint has introduced five ultra-fast charging stations in upstate New York, situated in Cortland, Waterloo, Lake Placid, Niagara Falls, and Ripley.

These stations are backed by the New York State Energy Research and Development Authority (NYSERDA). Through the ChargePoint mobile app, users can easily locate, access, and pay for charging services at these locations.

“ChargePoint’s collaboration with NYSERDA demonstrates the critical role that public-private partnerships will continue to play in the build out of charging infrastructure, particularly at the state level,” said CEO Rick Wilmer.

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The stations, funded in part by NYSERDA’s Clean Transportation program, aim to enhance the state's EV infrastructure. The initiative includes stations in underserved communities, as designated by New York’s Climate Justice Working Group.

Notably, 50% of these stations will be located in disadvantaged areas, helping increase access to sustainable transportation options.

“This private-public investment will expand access to reliable public charging for a growing number of electric vehicle drivers while helping to reduce pollution and improve air quality across the state,” said NYSERDA President and CEO Doreen M. Harris.

NYSERDA’s support helps lower the capital expenses required for installing fast-charging stations, promoting broader electric vehicle (EV) adoption.

These charging stations are essential to New York’s strategy for achieving its clean transportation objectives.

Price Action: CHPT shares were trading at 65 cents at last check Thursday.

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