ChargePoint’s EV Drivers Avoided Over 178M Gallons of Gas: CEO
Electric vehicle charging network ChargePoint recorded the first $100 million quarter in its 15-year history, as consumers “embrace the transition to EVs at an accelerating rate,” said CEO Pasquale Romano on an earnings call Tuesday for fiscal Q2 ended July…
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31. ChargePoint’s installed base of network ports grew 70% year over year to about 200,000, of which more than 60,000 are in Europe, he said: “We do not include home chargers for single-family residences in this count, where we also continue to see strong demand.” ChargePoint’s business model “sets us up well to operationalize” the federal EV infrastructure program, said Romano. Moreover, the Inflation Reduction Act, signed into law Aug. 16, soon after the close of the July quarter, contains additional “stimulus” for EVs and charging infrastructure “across passenger and fleet categories,” he said. ChargePoint estimates its network has fueled more than 4.4 billion “electric miles,” he said. “These drivers have avoided over 178 million cumulative gallons of gasoline and over 800,000 metric tons of greenhouse gas emissions.”