The EV charging space is expected to receive a significant boost, with $7.5 billion allocated for EV charging networks in the infrastructure bill recently passed by the U.S. Senate. Consequently, we think well-known EV charging stocks ChargePoint (CHPT), EVgo (EVGO), and Blink Charging (BLNK) should benefit considerably. So, read on for a closer look at these companies.The major stock market indexes soared recently on the U.S. Senate’s passage of a $1 trillion bipartisan infrastructure bill on August 10. The bill includes $7.5 billion in funding for electric vehicle (EV) charging networks. However, many consider the budget insufficient, and a group of 28 U.S. House Democrats have asked for $85 billion in funding for EV charging infrastructure.
Nevertheless, the bill's passage in the Senate is seen as a significant step toward President Biden’s goal of the construction of 500,000 EV charging stations in the U.S. over the next decade. Furthermore, the industry is expected to grow quickly because it plays an essential role in contributing to the worldwide adoption of EVs to replace internal-combustion vehicles. According to an Allied Market Research report, the global EV charging system market is expected to grow at a 26.2% CAGR over the next nine years.
Prominent EV charging stocks ChargePoint Holdings, Inc. (CHPT), EVgo, Inc. (EVGO), and Blink Charging Co. (NASDAQ:BLNK) are expected to benefit significantly from the proposed spending.