ChargePoint Receives $19M NEVI Funding for EV Charging on California Highways

On September 20, 2024, ChargePoint announced that it secured over $19 million in awards, distributed through its partners, to install 248 DC fast charging ports at 45 sites along California highways. This significant initiative comes as part of California’s first allocation of funds from the National Electric Vehicle Infrastructure (NEVI) program, which was approved by the California Energy Commission (CEC) and the California Department of Transportation.

The NEVI program is a federal initiative aimed at expanding fast charging infrastructure to support the growing EV market and facilitate the transition to cleaner transportation. ChargePoint’s involvement underscores its key role in advancing EV infrastructure in California, one of the largest EV markets in the U.S.

The new ChargePoint DC fast charging stations will be strategically placed along some of California’s busiest highways, addressing EV-charger congestion in these areas. High-traffic routes like Interstate 5 (I-5), which connects major cities across the state, will benefit significantly from this expansion. This initiative aims to provide accessible and reliable charging solutions for both urban centers and smaller communities. By improving fast charging infrastructure on critical interstate highways, California is making a significant step toward supporting its growing EV population and enhancing convenience for drivers traveling long distances.

“ChargePoint remains committed to delivering world-class solutions for every charging scenario, at-home and on the go,” said Rick Wilmer, President and CEO of ChargePoint. “With the latest awards from California, ChargePoint and its partners continue to open NEVI-funded fast charging locations across the United States, ensuring all EV drivers can access charging when and where they need it via the ChargePoint mobile app.”

ChargePoint continues to solidify its leadership in the EV charging industry with its significant success in securing NEVI awards. Through its partners, the company has been allocated nearly $90 million in funding for close to 150 sites, representing approximately 700 fast charging ports across 21 U.S. states that have received NEVI funding. The program is designed to promote the development of widespread, reliable DC fast charging infrastructure on highways, further supporting EV adoption across the nation.

Many of the awarded sites will feature ChargePoint’s Express Plus charging stations, a modular DC fast charging platform capable of delivering charging speeds up to 500kW. These stations combine high-power performance with ChargePoint’s advanced software, ensuring compatibility with every make and model of electric vehicle. With the ability to charge two vehicles simultaneously from the same station, Express Plus enhances efficiency while its proprietary cooling system allows for sustained peak charging speeds, minimizing delays and ensuring EV drivers can charge quickly and get back on the road.

ChargePoint Layoffs

On September 4, 2024, ChargePoint Holdings Inc. announced a 15% reduction in its workforce, along with cuts to non-personnel expenses, following a year-over-year revenue decline of nearly 30%. This marks the company’s second round of layoffs in 2024, after a 12% workforce reduction in January that primarily impacted the hardware engineering department. The latest layoffs will largely affect ChargePoint’s sales and marketing teams.

CEO Rick Wilmer described the move as “offensive,” aimed at streamlining operations to accelerate the company’s progress. These cost-cutting measures are expected to save ChargePoint approximately $40 million. The announcement comes after a challenging quarter in which revenue fell to $109 million, down from over $150 million in the same quarter last year. The company’s network charging systems, responsible for the bulk of the revenue decline, saw a sharp 44% drop in sales to around $64 million. However, subscription revenue, ChargePoint’s most profitable segment, grew 21% year-over-year, reaching $33 million.

EVinfo.net’s Opinion

EVinfo.net advises those looking for work, or hiring, in the EV industry contact Raymond McSpirit at EV Recruitment, or Joe Rooney at EPG. See our interview with McSpirit, as an example of EVinfo.net’s valuable and effective B2B EV industry marketing services.

EVinfo.net congratulates ChargePoint on the awards of $19M to install more much-needed EV charging in California. Through building out EV charging infrastructure, the company is supporting greater EV adoption in America. This, in turn, fights climate change due to the zero emissions of EVs, the cleanest form of transportation. This support is ensuring cleaner air for everyone in this great nation of ours, as well as around the globe.

The historic Inflation Reduction Act and Bipartisan Infrastructure Law, passed by the Biden-Harris Administration, are part of the most significant effort ever undertaken to combat climate change, both in the United States and globally. The laws have created an astounding amount of economic growth and new jobs in America. However, the US must go farther and promote EV adoption even more.