Introduction:
The domain of EV charging stands as being one of the most exciting at present, especially when gauging its potential in Europe, and to a lesser degree in North America too. Continental Europe stands as the industry’s launch point, given the region’s regulatory environment and the political motivations for addressing carbon emissions from motor vehicles. As a result, the top European EV charge players reported over year-on-year revenue growth in just half of 2022. This had come about in the wake of the continent’s biggest conflict, since the end of the second world war. The stellar performance of the industry in Europe hints at its wider potential from a truly global standpoint.
Electric car owners typically lack the facilities to charge their vehicles in their places of residence, hence pushing the need for a standardized infrastructure system addressing mass EV charging. Demands seem to be further stoked by big-name brands such as Starbucks and Ikea, who are piloting a system whereby charging services are conveniently offered to customers parking at their locations. It is apparent that EV charging technology aims to enter the mainstream within the decade. From an investment standpoint, therefore, there is an exciting opportunity at hand and substantial growth for early movers.
The top five electric vehicle charging stocks that are worth are given below;
Blink charging Co. (BLINK Stock):
We start off our list with the American EV charging equipment and networked charging services provider, Blink charging Co, which trades by the ticker, BLINK. In 2021, the company saw its annual revenue push up from 6.2 million to almost $21 million.
For this year, it is all set to achieve a whopping $58 million mark in total sales. Blink is clearly well-positioned to enjoy the booming growth of EV demand in the United States, despite it being in a very early stage. In quarter three of this year, over 7,800 blink charge stations were launched into the market compared to 3,013 in the prior year’s third quarter. Services revenue of the quarter relating to its charging network, similarly climbed from $300,000 to over $ 1.5 million, year-over-year.
The company is likely to continue reporting such impressive growth figures as it sees an expansion in its total addressable market, with each subsequent quarter. With global manufacturing facilities in the US, Taiwan, and India, blink charging is evidently setting its sights on the world stage.
It has further been engaged in a series of strategic acquisitions, as a means to expand its portfolio of charging stations and users, directly contributing to its market penetration efforts. The most significant of these was that of SEMACONNECT in June 2022, which delivered blink access to manufacturing facilities, as well as DC fast-charging intellectual property, giving it a crucial opportunity towards verticle integration. Similarly, its acquisition of the UK-based Electric blue gives the company a Launchpad for entry into the high-promise European markets.
EVGO Incorporated (EVGO stock):
The second stock on our list is the rising American star, EVGO incorporated trading under the ticker, EVGO. EVGO is such a compelling stock, not purely on the basis of its far-sighted ambitions, but also due to how much progress it has made toward achieving these. The management has brilliantly executed its forward-looking strategy and has hence achieved a number of milestones as a result.
In its most recent quarter, EVGO boasted 498,000 customers, up from the prior year’s figure of 340,000. It holds a clear competitive advantage in its market given the superior service it provides, which is based on maximizing customer convenience.
An example is its Auto-charge plus platform, which eliminates the need to swipe a credit card, or register via an app, and instead provides instantaneous charging as soon as the device is plugged in. its mobile application further streamlines the process and allows users to easily locate and then reserve a charging spot. With such a user-centered business approach, EVGO has been gaining a leadership status in the market generating 10.5 million in revenue, during its recent quarter, up from $6.2 million in the prior year.
Similarly, EVGO has also been expanding in terms of its commercial partnerships. For instance, its deal with the logistics company, MHX for the electrification of its heavy-duty would see EVGO take a more specialist turn. This combined with its site expansion in high-quality locations such as Target, Kroger, and Safeway, makes its business model highly sustainable, in light of the broader tailwinds of EV adoption. The stock is one to consider for a forward-looking investment strategy.
ALLEGO N.V (ALLG stock):
In number three on our list, we look at the purely European EV charging specialist, ALLEGO NV, which trades by the ticker ALLG. With over 34,000 charging sites distributed across 15 EU countries, ALLEGO is setting itself as a pan-European EV charge leader and is continuing to expand along these lines. The company further enjoys a high degree of customer loyalty, considering that close to 80% of its customer are recurring ones.
The company enjoys superiority over its competitors due to its pioneering role in its game, with the first EV station launched as early as 2013. It is also worth assessing ALLEGO’s positive performance metrics in terms of its most recent quarter. Its number of public AC charging points climbed from 22,000 to almost 23,000.
In its most recent quarter, its revenue figure climbed $12.6 million to almost $22 million, on a year-on-year basis. AALEGO’s rapid growth comes with its wide scale of usage, which correlates to the fast EV adoption seen across European urban centers. Moreover, ALLEGO is so attractive from an investing standpoint given its sustainable business model, which is on par with shifting macroeconomic dynamics. For instance, it has invested in securing all hardware costs through to 2023, as a way to tackle anticipated cost inflation of the upcoming year.
Similarly, its recent price increase of 15% has shown to not materially dent demand for its services, in wake of the economic uncertainty in Europe. The stock is a strong one, with robust fundamentals, a sustainable outlook, and definitely one to keep track of.
WALLBOX NV (WBX Stock):
The fourth stock on our list is the highly innovative EV charging tech company, WALLBOX NV which trades by the ticker, WBX. Even in the up-and-coming EV charging spaces, WALL BOX poises as a truly next-generation business, which seeks to break away from more traditional business approaches. Its equipment is not only small, sleek, and attractive, but also highly valuable from a utility standpoint.
Its advanced technology solutions are highly innovative and enable the vehicle, charge system, and powerful tool to communicate with each other. It also offers cutting-edge features such as blue-tooth connection and gesture control, which are miles ahead of all competitors currently in operation. Through these value-enhancing aspects, WALL BOX holds profit margins that are substantially higher than those of its competitors. This approach makes WALL BOX similar to Apple, in terms of its customer-based innovation philosophy, it has established a successful ecosystem over the years, through which it manages millions of charging stations.
In 2021, its annual revenue climbed from $24 million to $81.5 million, whereas the guidance for 2022 and 2023 are placed at $163 million and $355 million respectively. Furthermore, the company has also been expanding its strategic partnerships in order to ease distribution to its customer across the globe. Some of its partners include Mercedes, Nissan, and Iberdrola given their strategic initiatives toward green mobility. WALL BOX is one of a kind, even in the EV charging realm, and thus is bound to soar to lofty heights.
BEEM GLOBAL (BEEM stock):
The final stock on our list of EV charge players is BEEM Global, trading under the ticker BEEM. In many ways, BEEM holds the most promise from a practical standpoint, in a way that hardly any of its competitors do. The perfect example where this can be demonstrated is in its product, the EV Arc, which is a simple concept, which brings to life a solar-powered EV charger that is patent-protected. A single ARC can charge six electric vehicles at any given point and requires no special construction permits or special electrical installation into any grid. This makes the product highly scalable, in the shortest possible time, and very easily deployable at low costs.
BEEM Global has seen surging growth in fundamentals, especially since employees began returning to work after the COVID restriction began seeing a relaxation. For this reason, BEEM reported revenue of $6.6 million in its most quarter, which translates to a year-on-year growth of an incredible 227%.
In fact, BEEM products hold such a strong appeal given their efficient nature that one of the largest clients has placed an order of 370 EV ARCs. Because of this particular sale, holds a total value of over $62 million. The company sold more units in the last quarter than it did in its entire existence. BEEM has robust fundamentals and a concept that could revolutionize EV charging due to its simplistic and sustainable nature. The stock clearly has all the markings of a winner.
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