Biden’s new infrastructure plan is not an easy one, but it definitely is a possibility with the right support. While the $2 trillion plan won’t completely center around electrical infrastructure, a $174 billion plan will go into it. This plan will spur the development and adoption of electric vehicles that includes money to retool factories and boost domestic supply of materials, tax incentives for EV buyers, and grant and incentive programs for charging infrastructure.
ChargePoint ($CHPT) and EVgo are the two leading companies behind the infrastructure plan that most automakers are partnering with to provide charging stations. Their strategy, combined with enthusiasm from Wall Street for EVs, has driven investor demand for charging companies such as ChargePoint and EVgo. ChargePoint went public through a reverse merger with a special purpose acquisition company, or SPAC, in March. EVgo plans to do the same in the second quarter.
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