What's Going On With ChargePoint Stock After Collaborating With Airbnb?

ChargePoint Holdings, Inc. CHPT shares are trading higher in the premarket session on Wednesday.

The company inked a partnership with Airbnb, Inc. ABNB to meet Airbnb guests’ growing demand for EV charging. 

The collaboration seeks to streamline EV charger installation for Airbnb hosts in the U.S. and broaden nationwide access to EV charging infrastructure.

“With Airbnb, we are enabling more EV charging for drivers where they need it and helping Airbnb hosts appeal to more travelers by delivering a frictionless charging experience for their guests,” said Rick Wilmer, CEO at ChargePoint. 

Exclusively available to Airbnb hosts, the package encompasses a specialized website providing ChargePoint hardware, charger management software, installation, and support services. 

For Airbnb guests, it enables effortless vehicle charging via the ChargePoint app at listings equipped with ChargePoint chargers or any of the 917,000+ locations accessible through the ChargePoint network and its roaming partners.

“Through this partnership, we have created an innovative model to deliver integrated charging solutions and services,” Wilmer added.

According to Airbnb data, listings that offer an EV charger are booked for more nights and generate more income on average, when compared to listings without an EV charger.

Airbnb searches for listings with EV chargers grew more than 80 percent from 2022 to 2023. 

Similarly, ChargePoint data shows that its North American drivers spent more than 79 million hours charging in residential settings in 2023.

“By making it more affordable for Hosts to install EV chargers, we are empowering them to take more sustainable actions and appeal to guests who are interested in this amenity,” said Ameet Konkar, Airbnb’s Director of Sustainability.

Price Action: CHPT shares traded higher by 1.13% to $1.7597 premarket at last check Wednesday.

Photo via Wikimedia Commons