Why ChargePoint, Blink And EVgo Shares Are Soaring Today

Why ChargePoint, Blink And EVgo Shares Are Soaring Today

Shares of several electric vehicle charging companies, including ChargePoint Holdings Inc CHPTBlink Charging Co BLNK and EVgo Inc EVGO, are trading higher Thursday after Senator Joe Manchin reversed his opposition to a bill that includes provisions to address climate change.

Manchin announced late Wednesday that he has reached an agreement with Senate Majority Leader Chuck Schumer to vote on the "Inflation Reduction Act of 2022."

The bill will address record inflation by paying down national debt, lowering energy costs and lowering healthcare costs.

"The Inflation Reduction Act of 2022 invests in the technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible," Manchin said.

"It invests heavily in technologies to help us reduce our domestic methane and carbon emissions and also helps decarbonize around the world as we displace dirtier products," he added.

See Also: What Does The New Senate Deal Mean For Tesla, Toyota And Other Automakers?

ChargePoint provides EV charging system infrastructure and cloud-based services that enable consumers to locate, reserve and charge EVs. Blink is an owner, operator and provider of EV charging services. EVgo owns and operates a public direct current fast charging network in the U.S. 

CHPT, BLNK, EVGO Price Action: At press time, ChargePoint was up 16.5% at $15.31, Blink was up 14.1% at $20.63 and EVgo was up 12.2% at $8.47, according to data from Benzinga Pro.

Photo: Tony Webster from Flickr.

Posted In: why it's movingSmall CapMoversTrading Ideas