Key points:
- ChargePoint partner with Goldman Sachs Renewable Power to reimagine financing for EV charging
- Customers will now be able to choose financed or turnkey charging
- Tailored financing opens up ChargePoint infrastructure to a variety of new customers
ChargePoint (NASDAQ: CHPT) has worked its way up towards the pinnacle of the EV charging market. With the largest network of charging apparatus across the US, the company seems to be on a strong path to market share domination. Companies like EVgo or Blink don't seem to be securing partnerships to the extent of ChargePoint, and nor are they attracting serious attention from leading vehicle manufacturers or widespread renewable incentives.
What once looked a lot like an equal playing field appears to be swayed in favor of ChargePoint. Today, the company announced a prevalent partnership with Goldman Sachs Renewable Power (GSRP) to bring tailored financing to the ‘ChargePoint as a Service’ product range.
The strategic partnership is tasked with working toward eliminating the barriers to widespread EV adoption by restructuring off-putting upfront charging costs for EV owners. Customers will now be able to choose whichever CPaaS option most appropriately serves their needs; including both financed and turnkey charging. The new financed option allows customers to pay for charging infrastructure as an operational expense, whereas the turnkey option enables customers offering public charging to host a station at no cost to them.
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Offering the implementation of EV charging solutions at no capital expense is a landmark development in the dissemination of EV charging. Businesses will be able to cater to EV drivers at no cost to them, fostering the wider transformation. The financing deal will also open up clean energy adoption to a wider range of businesses using commercial fleets, as summarised by Pasquale Romano, President, and CEO of ChargePoint:
“This partnership with Goldman Sachs Renewable Power reduces the barrier to entry for businesses who have been interested in adopting clean energy but have held back due to lack of tailored financing…Fleet owners, retailers, fueling and convenience providers, transit operators, and logistics firms, among others, can now participate in the new fueling network without the upfront costs and utilization risk typically associated with EV charging.”
ChargePoint stock continues to trade in a downtrend due to a consistent lack of financial fundamentals. With operating costs still incredibly high, will today’s financing deal attract further revenue for the company?