Largest Charging Station Companies – This article was first published on Trend Investing on December 20, 2019; Therefore, all data is from this date.
Electric vehicle [EV] charging stations or home charging are quickly becoming the infrastructure needed to help support the EV boom. According to Bloomberg forecasts (10 million sales per year by 2025, 28 million dollars per year by 2030, and 56 million dollars per year by 2040 sales of electric cars), we can see that there will be a great need for new chargers every year.
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Largest Charging Station Companies
It is worth remembering that almost every electric car buyer will need to buy a home charger and it is the cheapest way to charge. In addition, there are public chargers to help support longer trips or charging at the destination (work, hotel, etc.).
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In this article, I take a first look at the opportunity and the main companies involved. I can continue with an article on one or two of the best opportunities.
My opinion is that ultra-fast chargers are the future. Today, that means a 350 kW+ charger that can add 20 miles of range in 1 minute, or about 400 miles of range in 20 minutes.
For example, Porsche started using ultra-fast chargers in the new Porsche Taycan that can add 60 miles in 4 minutes and 80% range in 15 minutes (most fast chargers offer 80% range in 30-40 minutes).
Note: Only some electric vehicles with suitable batteries can accept ultra-fast charging for now; however, this is improving every year.
Below, I focus on companies that have or are building large electric vehicle charging networks. Or those that provide the most popular charging equipment, such as home chargers and ultra-fast chargers. Also some network operators charge.
Tesla has a leading global charging network. Tesla makes its own chargers. They are now in version 3 (Supercharger V3) capable of providing peak charge rates of up to 250kW. Early Model S and Model 3 buyers must pay. New S&X buyers, if referred by a current Tesla owner, receive the same credit mentioned above. Homeowners pay per kWh (kilowatt-hour). Tesla does not share its superchargers with other companies (more details here) and does not seek to profit from its charging network; however, that may very well change in the future. Electrek quotes Tesla as saying that public charging “will never be a profit center” for the company.
, there is no merit in buying Tesla. It is clear that Tesla’s global charging network helps grow Tesla’s reputation and status as a global leader.
More than 99% of the US population is covered by the network and we anticipate similar coverage in Europe by the end of 2019. We have recently exceeded 90% coverage of the population in China and are rapidly increasing this number. However, to drive continued adoption of electric vehicles and further accelerate the global transition to sustainable energy, charging needs to be even faster and the number of cars that can be charged in one place per day needs to be significantly greater.
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World map of Tesla charging stations (Australia not shown, but there are some Tesla chargers) – Red (open now), Gray (coming soon)
Ionity is Europe’s largest provider of fast charging services for electric vehicles. It is owned by a consortium formed by Daimler (OTCPK:DDAIF, OTCPK:DDAIY), Volkswagen Group (OTCPK:VWAGY) (Porsche, Audi), Ford (F), BMW Group (OTCPK:BMWYY) and Hyundai (OTC: HYMTF). ).. They are currently building a first network of 400 fast charging stations across Europe.
Electrify America, a Volkswagen unit created as part of a settlement in the automaker’s emissions scandal, will spend A$2.90 billion at gas stations in the United States over a decade.
TGOOD is China’s largest electric car charging service provider, with 50,000 charging stations in 183 cities in China. Globally, they have 180,000 charging terminals in more than 280 cities. TGOOD claims to have “the largest installed base of electric vehicle charging systems in the world”. TGOOD also claims that it is “the global leader in eHouse solutions and the world’s largest supplier of electric vehicle charging infrastructure today. We manufacture all electrical components and eHouse in house.”
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TGOOD has a market capitalization of 17.56 billion CNY. The analyst consensus is a buy with a target price of CNY 19.00, representing an upside of around 6%.
Note: BYD Co [HK:1211] (OTCPK:BYDDY) (OTCPK:BYDDF) also sells chargers and recently partnered with charging infrastructure provider AMPLY Power.
EVgo is the largest and most reliable public electric vehicle fast charging network in the country (USA). With more than 750 fast charging locations in 66 metro markets, EVgo rapidly charges more drivers, more miles than any public charging network.
ChargePoint focuses exclusively on electric vehicle charging and is a leading global provider of charging services. Investors in ChargePoint include Chevron, Daimler AG, BMW, Siemens and American Electric Power Co.
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Someone connects to the ChargePoint network every two seconds. We provide more charging locations than any other company, and people rely on us to charge all day, every day.
Blink is among the largest owner/operators of electric vehicle charging stations in the United States. The Blink network connects more than 15,000 charging stations across the United States. Blink generally doesn’t sell its chargers, but it does partner with host locations and flexible options.
Blink’s core product and service line includes the Blink EV charging network (“Blink Network”), EV charging equipment and EV charging services.
Blink has a market capitalization of $55 million and still does not have positive earnings per share. Revenues are expected to increase rapidly from $3 million in 2018 to $12 million in 2021.
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Tritium is an Australian supplier that focuses exclusively on high power DC ultra-fast chargers for electric vehicles. Tritium makes ultra-high-speed chargers that can add over 210 miles of range in 10 minutes. Clients include Ionity GmbH – a consortium of car manufacturers including Volkswagen and Ford.
There are more than 3,000 Tritium fast charging stations installed around the world in 30 countries. The 50 kW model typically sells for around $30,000, while a more powerful 350 kW version sells for around $100,000.
In August, the AFR reported: “Tritium has won contracts in recent months to provide fast chargers at 120 sites in Europe for the Ionity network and up to 2,500 sites across the UK as part of a BOX Energi network….. Tritium .has about 50% market share of fast chargers in Norway.
Tritium was backed by major investor Gilbarco Veeder-Root, which invested US$58 million in the company. Gilbarco is the worldwide market leader in gasoline bowsers and is owned by Fortive Corporation (FTV).
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ABB is a Swedish multinational company headquartered in Zurich, Switzerland, which operates mainly in the fields of robotics, energy, heavy electrical equipment and automation technology. They also manufacture fast chargers for electric vehicles, including electric buses. ABB sells modular charging systems with available charging power from 175 kW to 350 kW.
Webasto offers a combination of home and road charging solutions. Webasto has an online store that sells electric car charging points (~€700). You can read more here.
Note: BP (BP), Shell [LN:RDSB] (RDS.A) (RDS.B) (OTCPK:RYDBF), Chevron (CVX) and other gasoline companies are also very active in charging network opportunities.
My current view is that the biggest opportunity is in home chargers as every buyer will need one. These are mainly sold by car manufacturers, but also by some large companies such as Qingdao TGOOD Electric Co.
An Endesa Electric Car Charging Station Near Merida, Badajoz Province, Spain. Endesa S.a. Is The Largest Electric Untility Company In Spain Stock Photo
The next best opportunity is with manufacturers of fast and ultra-fast chargers that will eventually be adopted to build infrastructure, as is the case with gas stations today. For now, Tesla leads this area in the US and Europe with its large target network and supercharger (the latest version is 3 – 250kw). Porsche and others (ABB Ltd, etc.) are introducing even faster chargers (ultra-rapid chargers – 350kW) which now aim to become the most popular.
Another opportunity is in companies that build a network of chargers. Just like gas companies own gas stations. Leaders here include ChargePoint, EVgo, Blink, Ionity and Qingdao TGOOD Electric Co.
Unfortunately, many of the charging companies are not listed, they are car manufacturers, or they are not only dedicated to charging electric cars. However, there are some interesting opportunities, such as Blink in the US.
I plan to do an updated article in a few months and continue to evaluate opportunities for investors.
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