There are currently 1 million EVs in the US and that number is expected to grow at a 30% CAGR to over 13 million EVs by 2030.
In this article, we'll cover the best electric vehicle charging station stocks to buy and profit from the rising EV movement.
Best EV Charging Station Stocks
|Price ($)||Market Cap ($B)|
|Switchback Energy (SBE)||40||3.25|
|Blink Charging (BLNK)||41||1.3|
|TPG Pace Beneficial Finance Group (TPGY)||27||1.2|
|Newborn Acquistion Corp (NBAC)||16||0.12|
Switchback Energy (SBE) – Price Target: $60
Switchback Energy (SBE) plans to merge with Chargepoint, the largest EV charging network in North America, on January 27th via a SPAC merger to create the best EV charging network stock in my opinion.
Chargepoint has over 135,000 charging points and owns a 73% market share in America, well ahead of competitors like Semaconnect and Blink.
Once the merger is complete, Chargepoint will trade under its own ticker symbol and maintain a total of 305 million shares outstanding.
If you purchase SBE then you own around 10% of the soon-to-be formed new company. Read this article to learn more about how SPACs work if you have more questions.
Chargepoint makes money by selling its hardware to 3rd parties and generates recurring income from its software and per Kwh charging services.
The company also has a highly rated app with over 100k downloads and 4.6 star ratings in the Google Play store.
On top of that, Chargepoint has the #1 best selling at home charger on Amazon.
With around $135 million in annual revenue, Chargepoint should continue increasing revenue as more people purchase EV vehicles.
I have a long term price target of $3,000 per share by 2030 but also think the stock could run to $60 after the merger closes.
2. Blink Charging (BLNK) – $75
Blink Charging is a much smaller but decent competitor to Chargepoint in the American market.
Blink has over 190k members in its charging network and operates over 24,000 charging stations through the United States, Europe, and the Middle East.
Blink has a slightly different business model than Chargepoint because they own and operate 100% of its charging stations. Of course, this makes it harder to Blink to reach scale but still makes it an attractive investment since all EV charging station stocks should perform well in 2021 and beyond.
Blink is on track to do around $5 million in 2020 revenue so it's trading at a pretty high 300 P/S ratio based on its future growth. While Blink is a good option, I think it's too expensive right now and Chargepoint (SBE) is a better value.
3. TPG Pace Beneficial Finance Group (TPGY) – Price Target: $50
TPGY is set to merge with EVbox, the largest EV charging network in Europe. EVbox has over 150k charging ports, making it a market leader in the European market. Based out of Norway, EVbox along with Chargepoint represent the two biggest brands in the EV charging station industry.
EVbox is also planning expansion into America in 2021 although I think Europe is its bread and butter market. With over $120 million in annual sales, the EVbox merger will create a unique opportunity to own a high growth stock in a fast growing European market.