As President Biden nears the end of his term, the administration has ramped up efforts to solidify its clean energy legacy. With just about a week to go before Donald Trump takes office, Biden has announced $635 million in grants for electric vehicle (EV) chargers, leaving only $700,000 of the $2.5 billion allocated under the 2021 Bipartisan Infrastructure Law. This latest funding underscores the administration’s urgency to advance green initiatives amid Trump’s vocal criticism of EV investments.
The grants, issued through Biden’s zero-emission refueling infrastructure programs, will support 49 projects across 27 states, four federally recognized tribes and Washington, D.C. These projects aim to deploy over 11,500 EV charging ports and alternative fuel infrastructure. Of the total funds, $368 million is designated for 42 community projects to expand local charging infrastructure, while $268 million will support seven corridor projects focused on fast-charging networks along Alternative Fuel Corridors.
As demand for EVs and charging stations grows, companies like Tesla TSLA, Blink Charging BLNK, EVgo EVGO and Beam Global BEEM are likely to benefit.
The Growing Demand for EV Charging Infrastructure
According to the Department of Energy (DOE), the United States currently has nearly 70,000 public EV charging stations and over 197,000 charging ports. The Biden administration had set a target to build 500,000 publicly available EV chargers by 2030, a significant milestone to support the growing EV market.
However, Trump’s return to office could potentially disrupt these initiatives as he has an unfriendly stance on EVs, and he may redirect the remaining unallocated funds for other purposes.
Despite this uncertainty, the long-term demand for EV charging stations remains robust. Fortune Business Insights projects the global EV charging market to grow from $22.45 billion in 2024 to $257.03 billion by 2032, with a compound annual growth rate of 35.6%. In the United States, public charging stations are expected to increase from 500,000 by 2030 to 1.7 million by 2035.
4 Stocks in Focus
Investors seeking to capitalize on this burgeoning market have plenty of opportunities. Here are four stocks poised to benefit from the EV charging boom.
Tesla’s supremacy in the EV sector extends beyond its vehicles. Its expansive Supercharger network, which includes more than 60,000 stations globally, is a critical component of its ecosystem. The introduction of the North American Charging Standard (NACS) has further strengthened its position, allowing legacy automakers like Ford and General Motors to access its network. Tesla’s charging infrastructure is evolving into a significant revenue stream. The company also offers home charging solutions, such as the Wall Connector, which provides seamless overnight charging for its vehicles. As the demand for reliable and widespread charging grows, Tesla’s infrastructure leadership positions it for long-term success.
The Zacks Consensus Estimate for TSLA’s 2025 sales and EPS implies year-over-year growth of 17.4% and 33%, respectively. The EPS estimate for 2025 has moved up by a penny in the past seven days to $3.27. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Blink Charging has emerged as a significant player in the EV charging market, managing over 90,000 chargers globally. Strategic acquisitions, including ECOtality’s Blink Network and SemaConnect, have expanded its footprint considerably. The company’s partnerships with WEX, which supports 19.4 million vehicles, and Create Energy for advanced energy management solutions highlight Blink Charging’s innovative approach. BLNK’s focus on fleet electrification and its broad user base, including commercial fleets and individual EV owners, make it a compelling choice for investors. Its commitment to innovation and strategic collaborations ensures it remains competitive in this rapidly growing sector.
The Zacks Consensus Estimate for BLNK’s 2025 sales and EPS implies year-over-year growth of 28% and 65%, respectively. The stock currently carries a Zacks Rank #3.
EVgo is a leading builder of EV charging networks, operating over 1,000 fast-charging stations across 40 states and 65 metro areas. The company has experienced impressive revenue growth, from $22 million in 2021 to $161 million in 2023, with projections of $250-$265 million for 2024. Recently, EVGO received its first drawdown from a $1.25 billion guaranteed loan by the DOE. EVgo’s strategic collaborations enhance its competitive edge. The acquisition of Recargo, the developer of the PlugShare app, and partnerships with General Motors and Amazon have expanded its capabilities and market reach. These initiatives, coupled with its robust growth trajectory, make EVgo a strong contender in the EV charging market.
The Zacks Consensus Estimate for EVGO’s 2025 sales and EPS implies year-over-year growth of 44% and 7%, respectively. The stock currently carries a Zacks Rank #3.
Beam Global specializes in sustainable products and technologies for EV charging, energy storage, and smart city infrastructure. The company's newly launched innovative products—BeamSpot, BeamBike, BeamPatrol, and BeamWell — are expected to boost its prospects. Beam’s geographic expansion, bolstered by its recent acquisition of Telcom for in-house manufacturing of power electronics, positions it for future growth. Beam Global is debt-free, with sufficient cash reserves and access to a $100 million line of credit. This financial stability, combined with its innovative product launches and market expansion, makes it an attractive option for investors seeking exposure to the EV charging space.
The Zacks Consensus Estimate for BEEM’s 2025 sales and EPS implies year-over-year growth of 33% and 30.5%, respectively. The stock currently carries a Zacks Rank #3.
Free: 5 Stocks to Buy As Infrastructure Spending Soars
Trillions of dollars in Federal funds have been earmarked to repair and upgrade America’s infrastructure. In addition to roads and bridges, this flood of cash will pour into AI data centers, renewable energy sources and more.
In, you’ll discover 5 surprising stocks positioned to profit the most from the spending spree that’s just getting started in this space.
Tesla, Inc. (TSLA) : Free Stock Analysis Report
Blink Charging Co. (BLNK) : Free Stock Analysis Report
Beam Global (BEEM) : Free Stock Analysis Report
EVgo Inc. (EVGO) : Free Stock Analysis Report
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