In this article, we discuss the 11 best EV charging stocks to invest in along with the latest updates and outlook of the EV charging market.
Over the last few years, the electric vehicle (EV) market has experienced significant growth, due to consumer demand, automaker investments, and substantial government support. In the US, the $7.5 billion from the 2021 Infrastructure Investment and Jobs Act and tax credits from the Inflation Reduction Act have also fueled EV growth.
According to the International Energy Agency (IEA), global public charging points are expected to exceed 15 million by 2030 and will increase to nearly 25 million by 2035. In the U.S., the government aims to install 500,000 public charging ports by 2030, with the total number of chargers expected to reach 900,000 in 2030 and 1.7 million by 2035.
Globally, home charging is expected to grow to over 270 million units by 2035, with more than 45% of electricity coming from public or private non-home chargers. Charging infrastructure for heavy-duty vehicles (HDVs) is also expected to grow significantly. By 2035, installed HDV charging capacity is projected to reach 2,000 GW. Policies like the EU’s Alternative Fuels Infrastructure Regulation and U.S. strategies are driving this expansion, alongside private investments.
The Road Ahead for EV Charging: Industry Growth and Challenges
According to PwC’s analysis, the number of charge points in the U.S. must grow from around 4 million today to 35 million by 2030 to meet demand. The PwC report has projected that the number of EVs could reach 27 million by 2030 and 92 million by 2040.
The EV supply equipment (EVSE) market is expected to expand from $7 billion to $100 billion by 2040, at a 15% compound annual growth rate. The market’s primary value pools are hardware, software, installation services, and charge point operators (CPOs). CPOs, which build, operate, and maintain charging stations, are expected to dominate and capture 65% of market revenue by 2040. On the other hand, hardware providers’ share will shrink from 46% today to 20% by 2040.
Despite the clear market opportunities, challenges remain, including educating consumers, financing infrastructure, and ensuring cost-effective solutions across different charging segments. Companies looking to enter or expand in the EVSE market will need to understand evolving customer needs, adopt appropriate business models, and prepare for long-term investments with a focus on strategic partnerships and potential acquisitions.
With that, we look at the 11 Best EV Charging Stocks To Invest In.
11 Best EV Charging Stocks To Invest In
Our Methodology
For this article, we identified 15 EV charging stocks through financial media and ETFs and narrowed our list to 11 stocks most widely held by institutional investors. We avoided the companies that faced recent financial trouble and rapid downgrades by analysts. The best EV charging stocks are listed in ascending order of their hedge fund sentiment.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
11 Best EV Charging Stocks To Invest In
11. Wallbox N.V. (NYSE:WBX)
Number of Hedge Fund Holders: 2
Wallbox N.V. (NYSE:WBX) is a rising Spain-based company in the EV sector and is reshaping how energy is utilized for EVs. The company is engaged in designing and producing a variety of charging solutions tailored for residential, business, and public use. It runs through three segments, Europe-Middle East and Asia, North America, and the Asia-Pacific.
The company’s product lineup includes several smart AC chargers for homes and shared spaces, such as the Pulsar Plus, Pulsar Plus Socket, Pulsar Max, and Pulsar Pro. The chargers provide an efficient and user-friendly experience for EV owners, whether they are charging at home or in multi-unit residences.
For commercial and fleet needs, the company offers the Commander 2, which features a 7-inch touchscreen for a secure and customized user interface, and the Copper SB, an AC charger with an integrated socket that supports both type 1 and type 2 cables.
In the public charging arena, its Supernova DC fast charger stands out. Designed for efficient operation at up to 150 kW, the Supernova can add approximately 130 miles of range in just 15 minutes of charging. Its modular design and compact size make it suitable for installation in diverse locations such as urban areas, intercity routes, and semi-public parking spaces. The model offers a cost-effective alternative to other high-speed chargers.
In the second quarter, 2 hedge funds had stakes in Wallbox (NYSE:WBX), with total positions worth $201,000. It is among our best EV charging stocks to invest in.
Recent developments highlight the company’s growth and strategic focus. In July, it secured a $45 million investment, which will be led by Generac Power Systems, a leading energy technology company. The funding strengthens the company’s financial position and supports its expansion, particularly in the North American market. Generac’s extensive dealer network of over 8,000 dealers will help distribute the company’s products, including the Quasar 2 bidirectional charger and the Supernova, which will better their market reach.
Wallbox (NYSE:WBX) has also formed partnerships with major automakers like Nissan and Kia to provide tailored home charging solutions. The company reported strong financial results for the second quarter. It generated €48.8 million in revenue, which is the highest for any quarter to date and represented a 48% increase from the previous year. The company experienced substantial growth in the North American market, with AC and DC sales increasing over 65% year-over-year, which outpaces overall EV market growth, as per the company.
During the same period, it launched its highest power-to-footprint ratio DC fast charger yet, the Supernova 220. It ended the quarter with €65.2 million of cash, cash equivalents and financial investments. The figure does not account for the recent $45 million investment from Generac and other investors.
10. Beam Global (NASDAQ:BEEM)
Number of Hedge Fund Holders: 2
Beam Global (NASDAQ:BEEM) specializes in innovative clean technology that addresses the growing demand for renewable energy and efficient EV charging solutions. The company develops, patents, and manufactures a range of advanced products, including solar-powered EV chargers and off-grid energy systems. These solutions, such as the EV ARC and Solar Tree DCFC, utilize renewable energy sources to provide scalable and rapidly deployable infrastructure. Its technology not only supports EVs but also offers crucial energy storage and security solutions.
Beam (NASDAQ:BEEM) has a strong presence in both the U.S. and Europe and is financially healthy with no debt and a $100 million credit line. The company focuses on solving problems with traditional energy systems and is known for its innovations in battery management and new types of devices. It takes the 10th spot on our list of the best EV charging stocks to invest in.
The company is committed to addressing the challenges of traditional grid-tied infrastructure and its focus on innovations like battery thermal management and wireless devices position it as a significant player in the transition to clean mobility and energy solutions.
Beam (NASDAQ:BEEM) has recently introduced the BeamSpot system, which is a new sustainable curbside EV charging solution that integrates solar, wind, and utility electricity with proprietary batteries. BeamSpot provides both lighting and EV charging in challenging environments such as street parking, multi-unit housing areas, and public spaces like airports and shopping centers.
The company is also quite active in expansions as it announced the completion of its acquisition of Telcom, a Belgrade-based company specializing in power electronics such as inverters, charge controllers, power supplies, and LED lighting on September 5. It is expected to improve Beam Global’s (NASDAQ:BEEM) product offerings by replacing third-party components with Telcom’s in-house solutions, potentially reducing costs and improving quality.
In the second quarter, Beam Global’s (NASDAQ:BEEM) stock was owned by 2 hedge funds, at a combined value of approximately $230,000. As of June 30, Millennium Management is the company’s most significant shareholder with 26,239 shares worth $120,962.
9. ADS-TEC Energy PLC (NASDAQ:ADSE)
Number of Hedge Fund Holders: 5
ADS-TEC Energy PLC (NASDAQ:ADSE) is a spin-off from the ADS-TEC Group. It focuses on developing decentralized energy platforms with integrated battery storage systems. The company’s goal is to manage the power fluctuations associated with renewable energy sources like wind and solar, as well as increasing demand from heat pumps and electric vehicles.
The company produces intelligent energy solutions designed for various uses, including fast EV charging and peak load management. It offers ultra-fast charging solutions without the need for costly grid upgrades. Its systems store energy and deliver it quickly, allowing EVs to charge efficiently even on power-limited grids.
The ChargePost system, for example, can deliver up to 300 kW of charging power and is equipped with features like bidirectional battery storage, which supports peak load management and energy trading. The ChargeBox system provides flexibility in installation, allowing for high-speed charging even when the grid connection is located up to 300 meters away.
Both solutions optimize the use of renewable energy, reduce operational costs, and offer a faster return on investment. The innovative charging platforms are designed to meet the growing needs of the EV market while promoting sustainability and energy efficiency.
In May, ADS-TEC Energy (NASDAQ:ADSE) signed a global service agreement with Porsche to become the preferred service provider for Porsche’s ultra-fast charging platforms across Europe and North America. The partnership includes remote diagnostics, on-site support, and continuous improvements based on data from ADS-TEC’s ChargeBox system.
Around 500 Porsche centers already use ADS-TEC’s ChargeBox to charge electric vehicles, and this collaboration will further enhance the availability and performance of fast-charging options at Porsche dealerships.
In the second quarter, 5 hedge funds had stakes worth $2.5 million in ADS-TEC Energy (NASDAQ:ADSE). It is among our best EV charging stocks to invest in.
