Shares of some infrastructure names have been boosted recently with potential legislation being introduced by President Biden. Reports that plans for a national electric vehicle (EV) charging network are part of the package have investors buying into that sector today. Shares of leading EV charging company ChargePoint Holdings (CHPT 3.02%) were about 14% higher than Tuesday's closing price, as of 1:30 p.m. EDT.
Earlier this month, members of the Biden administration met with EV charging infrastructure leaders, and the White House reiterated its plan to build more than 500,000 EV chargers over the next decade. More details are expected today when the president discusses the infrastructure package.
The package will support $174 billion being allocated to encourage the adoption of EVs, including money for buyers of EVs, and programs to boost charging infrastructure, reports CNBC.
ChargePoint says it has more than 70% of the North American Level 2 charging network. The lower-voltage charging stations can take several hours to fully charge EV batteries. ChargePoint is also in the DC fast-charging market. It recently updated progress on an initiative with the National Highway Charging Collaborative "that will leverage $1 billion in public and private capital to deploy charging at more than 4,000 travel plazas and fuel stops serving highway travelers and rural communities nationwide by 2030," according to the ChargePoint update.
Investors are adding charging network companies to their portfolios as public and private investment combinations grow in the sector.