Transportation

$1T infrastructure package to boost EV charging stations

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August 17, 2021

The EV charging industry is expected to receive a significant boost, as $7.5 billion has been allocated for EV charging networks in the infrastructure bill recently passed by the U.S. Senate, according to a Yahoo Finance article.

The $1 trillion bipartisan infrastructure bill includes $7.5 billion in funding for EV charging networks. President Joe Biden wants to see 500,000 EV charging stations in the U.S. over the next 10 years.

A group of 28 U.S. House Democrats, meanwhile, have asked for $85 billion in funding for EV charging infrastructure.

According to an Allied Market Research report, the global EV charging system market is expected to grow at a 26.2% combined annual growth rate over the next nine years.

EV charging stocks ChargePoint, EVgo and Blink Charging are expected to benefit, according to the article.