The company’s shares are trading slightly lower. According to Benzinga Pro, CHPT stock has lost over 73% in the past year.

The California Energy Commission (CEC) and California Department of Transportation approved the awards last week as part of the state’s initial allocation of National Electric Vehicle Infrastructure (NEVI) program funds.

“With the latest awards from California, ChargePoint and its partners continue to open NEVI-funded fast charging locations across the United States, ensuring all EV drivers can access charging when and where they need it via the ChargePoint mobile app,” said Rick Wilmer, President and CEO of ChargePoint.

Also Read: ChargePoint Q2, Guidance Miss Expectations, Analysts Say: 15% Layoffs Could ‘Create Efficiencies’

The new ChargePoint charging stations will be situated along California’s busiest highways, where EV charger congestion is common. Expanding DC fast charging along key interstate routes, such as I-5, is essential for connecting the state’s largest cities and the surrounding communities with accessible and reliable charging options.

ChargePoint said it remains a strong player in the EV charging sector, securing NEVI awards with nearly $90 million allocated for about 150 sites through its partners.

These locations will feature approximately 700 fast charging ports across 21 U.S. states that have received funding so far. The NEVI program aims to promote the development of accessible and reliable DC fast charging solutions along U.S. highways.

Price Action: CHPT shares are trading lower by 2.62% to $1.393 at last check Friday.

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