In this article, we will be taking a look at the 10 biggest EV charging companies in the US. To skip our detailed analysis of the EV charging sector, you can go directly to see the 5 Biggest EV Charging Companies in the US.
The higher the demand and supply for electric vehicles, the faster the electric vehicle charging market will grow. According to a report by Global Market Insights, the US electric vehicle market was valued at $49.1 billion in 2022 and is expected to grow at a compound annual growth rate of 15.5% over the forecast years of 2023-2032. The market is projected to reach $215.7 billion by 2032. Such indicates that the future of the electric vehicle charging industry has a positive outlook.
According to a report by Fortune Business Insights, the global electric vehicle charging station market was valued at $12 billion in 2022. The market is expected to grow to $141.08 billion in 2030 from $16.43 billion in 2023 at a compound annual growth rate (CAGR) of 36%. More and more countries have begun to adopt electric vehicles and charging systems. As of now, companies in North America and Europe dominate the market. However, Asia Pacific holds the largest consumer base.
Nevertheless, the United States holds a large electric vehicle (EV) charging market. According to a report by Mordor Intelligence, the US electric vehicle charging equipment market was valued at $4.2 billion in 2022. The market is expected to grow to $11.73 billion by 2028 at a compound annual growth rate (CAGR) of 22.8%. Increasing awareness of climate hazards and a shift towards clean energy has prompted the adoption of electric vehicles in the country. With that, the demand for EV charging solutions is expected to grow to unprecedented levels.
While the EV charging industry is growing and is expected to experience an exponential upward trajectory, it is important for companies and authorities to maintain these systems.
On September 13, the Wall Street Journal reported a recent event on EV charging stations that came to light. Pete Buttigieg, the transportation secretary of the United States, failed to find a functional Electric Vehicle (EV) Charger. The US Secretary of Transportation owns a hybrid minivan and was looking for an EV charger in his vicinity. He said that most EV chargers in the vicinity were dysfunctional and how other EV owners faced similar experiences in the past.
This one instance sheds light on the workings and functionality of the EV charging business in the United States. According to the report, there are almost 100,000 public EV stations in the United States. However, most are reportedly dysfunctional. On the one hand, the Biden Administration is investing heavily in the EV charging industry, and on the other, the functionality of the existing EV charging stations tells us a different yet alarming story. According to the report, the government is set to establish 500,000 new EV charging stations by 2030. However, the US Secretary of Transportation, Pete Buttigieg, seems skeptical about the initiative. The Biden Administration has allocated $7.5 billion to developing EV charging solutions in the US.
Some of the top companies that are working on developing EV charging networks and solutions include Tesla Inc. (NASDAQ:TSLA), EVgo Inc. (NASDAQ:EVGO), and ChargePoint Holdings Inc. (NYSE:CHPT). These companies are also some of the best EV stocks to buy.
Tesla Inc. (NASDAQ:TSLA) is a large multinational automotive company based in Texas, United States. The company specializes in designing and manufacturing electric vehicles, stationary battery energy storage devices, and solar panels. The company is known to dominate the electric vehicle and EV charging market with its innovative technology and strategic decision-making. On June 8, Forbes reported that General Motors Company (NYSE:GM) joined the EV charging network of Tesla Inc. (NASDAQ:TSLA). This happened two weeks after Tesla Inc. (NASDAQ:TSLA) gave Ford access to its EV charging stations. Drivers of General Motors Company's (NYSE:GM) electric vehicles will initially gain access to 12,000 Tesla supercharger ports by the start of 2024. Later in 2025, General Motors Company (NYSE:GM) is expected to integrate Tesla Inc.'s (NASDAQ:TSLA) North American Charging Standard in all its automobiles.
ChargePoint Holdings Inc. (NYSE:CHPT) is a leading electric vehicle infrastructure company based in California, United States. The company is another prominent member of the industry. The company's ability to integrate technology and innovation to keep up with trends in the market contributes to its standing in the industry. On August 8, the company announced its investment in technological systems that enable reliable and clear communication between charging stations and the Networks Operations Center, or NOC. The system by the NOC, involves a proactive station monitor system combined with predictive analytics. The system also integrates machine learning technology to detect station downtime for over 243,000 active charging ports by ChargePoint Holdings Inc. (NYSE:CHPT).
EVgo Inc. (NASDAQ:EVGO) is an electric vehicle charging company based in California, United States. The company is a major player in the industry. On September 11, the company reportedly received its first shipment of 350 KW High-Power Fast Chargers from Delta Electronics. These chargers comply with the Build America, Buy America (BABA) standards. The shipment will allow EVgo Inc. (NASDAQ:EVGO) to establish a robust and elaborate supply chain network required for the widespread adoption of electric vehicles. This supply chain network will be able to support the placement of EV charging points on a wider scale. Dennis Kish, COO of EVgo, shed light on the shipment and how it will benefit the entire electric vehicle industry and significantly improve the electric vehicle charging infrastructure. He stated:
"As states award their initial round of NEVI funding, the arrival of EVgo's first batch of BABA fast chargers—with incredible speed for onshoring—signals both a tremendous moment for domestic charger manufacturing and for additional public funding opportunities as more states announce their awards. EVgo and Delta are committed to developing a resilient supply chain here in America, and this collaboration showcases the companies' capability to deliver the high-quality, high-power fast chargers we need to meet the growing demand for fast charging across the country."
Electric vehicles are the future. This is primarily due to the rising awareness that comes with the adverse impact of climate change on the world. Therefore, it is imperative to invest time and effort in improving the industry's structure. However, this is only possible with the technological support of large companies. These companies must lead the industry with technologically equipped solutions. With that, let's look at the 10 biggest EV charging companies in the United States and how they dominate the industry.
10 Biggest EV Charging Companies in the US
Our Methodology
For our methodology, we conducted extensive research to shortlist the 10 biggest EV charging companies in the United States. For our research, we looked up EV ETFs' holdings to source the names of the biggest stocks. We also reviewed reports and lists for finding EV charging startups. Additionally, we looked up competitors of major EV charging companies to source the 10 biggest EV charging companies in the United States.
Our list includes both private and public pure-play EV charging companies. Public companies are ranked based on their market cap as of September 13, 2023. Private companies are ranked based on their estimated funding amounts or annual revenue for the most recent fiscal year, whichever metric was available to us. We sourced and cross checked the annual revenue and estimated fundings from Growjo and Crunchbase. The list is in ascending order of the above-mentioned metrics.
Estimated Annual Revenue: $5.3 Million
Greenlots is a mobility infrastructure solutions provider. The company was acquired by Shell plc (NYSE:SHEL) in 2022, to become Shell Recharge Solutions. The company provides innovative technologies to companies. These solutions allow automakers to establish electric vehicle charging infrastructure at scale. The company has offered solutions in more than 13 countries. With an estimated annual revenue of $5.3 million, Greenlots is one of the biggest electric vehicle charging companies in the United States.
Estimated Annual Revenue: $7.2 Million
AmpUp is an EV charging company based in California, United States. The company aims to make electric vehicle charging convenient and hassle-free for users. The company is a software provider and owns a leading EV charging operating system. With an estimated annual revenue of $7.2 million, the company stands as the ninth biggest EV charging company in the United States.
Estimated Annual Revenue: $79 Million
Electrify America is an electric vehicle charging station network operator based in the United States. The company has over 830 charging stations in the United States, with 118 stations launching soon. Additionally, the company owns over 3,600 fast chargers. The company ranks as the eighth biggest EV charging company in the United States, with an estimated annual revenue of $79 million.
Companies like Electrify America are innovating in the industry, however, that does not come without competition from some of the market leaders such as Tesla Inc. (NASDAQ:TSLA), EVgo Inc. (NASDAQ:EVGO), and ChargePoint Holdings Inc. (NYSE:CHPT).
Market Cap as of September 13, 2023: $147.36 Million
Workhorse Group Inc. (NASDAQ:WKHS) is an equipment manufacturer and technology company based in Ohio, United States. Workhorse Group Inc. (NASDAQ:WKHS) produces electric cars, trucks, and charging stations as well. With a market capitalization of $147.36 million, as of September 13, Workhorse Group Inc. (NASDAQ:WKHS) stands as the seventh-biggest Electric vehicle charging company in the United States.
Market Cap as of September 13, 2023: $245.67 Million
Blink Charging Co. (NASDAQ:BLNK) ranks as the sixth biggest electric vehicle charging company in the United States with a market capitalization of $245.67 million, as of September 13, 2023. With the mission to curb climate change, the company is heavily investing in research and development for new and innovative EV charging solutions. SemaConnect was acquired by Blink Charging Co. (NASDAQ:BLNK) in 2022. SemaConnect is an electric vehicle infrastructure company based in Maryland, United States, producing smart networked electric vehicle charging stations.
Some of the leading companies transforming the EV charging industry include Tesla Inc. (NASDAQ:TSLA), EVgo Inc. (NASDAQ:EVGO), and ChargePoint Holdings Inc. (NYSE:CHPT).
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Disclosure: None. 10 Biggest EV Charging Companies in the US is originally published at Insider Monkey.
ChargePoint is an electric car charging infrastructure provider that develops and administers the technology that drives the world’s largest online network of privately owned electric car charging stations in 12 countries.
The company, which is headquartered in Campbell, California was founded in 2007 by Dave Baxter, Harjinder S. Bhade, Milton T.Tormey, Praveen Mandal, and Richard Lowenthal.
As the number of electric vehicles on the road grows, so does the demand for more charging stations, which are similar to gas stations but utilize electricity rather than gasoline to fill their batteries. The firm has become an industry leader thanks to its electric car charging stations, public EV charging stations, and customer subscription choices.
It’s also claimed that ChargePoint’s technology helps electric utility companies manage their power infrastructure. Brownouts and blackouts can occur when electrical resources are overtaxed. In order to help electric utility providers better manage the power demands put on the grid by intense user activity, ChargePoint technology enables power management through a Power Sharing Algorithm (PSA). This algorithm uses machine learning techniques to flatten demand peaks—minimizing power shortages.
ChargePoint is one of the top electric vehicle charging station companies in the world, and they’re growing at a rapid pace. In fact, they’ve already reached the $146 million revenue mark for 2021!
The company has 1144 employees and grew its employee count by 43 percent in 2021 alone. They have 18,000 charging stations across North America and Europe and continue to expand their network every day.
The methodology with which the competitors of ChargePoint are ranked is based on a variety of data points. Each competitor is evaluated based on revenue generated, the number of employees, the number of charging stations available across how many countries, and anything else that’s being taken into account.
This analysis, in order to ensure comparability, only looks at the electric car-charging competitors of ChargePoint. The competition in its electric utility business lines is therefore not being taken into account (although some of the below-listed companies also operate in those industries).
Lastly, this analysis does not include the indirect competitors of ChargePoint such as companies that purely sell electric vehicles or provide consultancy services for electric vehicles, among others.
So, without further ado, let’s take a closer look at the top 8 competitors of ChargePoint.
Headquarters: Austin, Texas, United States Founder(s): Elon Musk Year Founded: 2003
Tesla CEO Elon Musk has stated that the business intends to extend its Supercharger network to include additional electric vehicles later in 2022. Following the announcement, Goldman Sachs calculated that Tesla could collect more than $25 billion in annual revenue by extending its charging network to other electric vehicles.
Goldman Sachs’ projections included the number of Tesla’s Level 3 Superchargers. According to the investment bank’s research, Tesla has over 3,000 stations with 25,000 or more parking spots. The amount of Level 2 Destination Chargers built was also influenced by Tesla’s relationships with various hotels, restaurants, retail complexes, and resorts.
With over 70,000 employees, Tesla remains ahead of the pack. Tesla’s Supercharger network is set to take the lead in the EV charging sector owing to its early entry into this market. Unlike other EV charging facilities, Tesla’s Supercharger Network increased exponentially as the company extended its global footprint.
Tesla is the only owner and operator of the world’s largest global quick charging network, with over 30,000 Superchargers. Furthermore, Tesla has successfully installed over 19,000 charging stations across North America.
Sources: Crunchbase, Goldman Sachs via Street Guru
Headquarters: Miami Beach, Florida, United States Founder(s): Farkas Michael Year Founded: 2009
In the field of electric vehicles, Blink Charging is a real leader. The company is based in Miami, Florida, and has been around since 2009. It has raised $800k in total funding and is primarily funded by the Commonwealth of Massachusetts.
As of March 2022, it deployed approximately 30,000 charging ports across the United States. The company offers its services through a direct sales force and resellers, as well as sells residential Level 2 chargers through various internet channels.
It has strategic partnerships across transit/destination locations, including airports, auto dealers, healthcare/medicals, hotels, mixed-use, municipal locations, multifamily residential and condos, parks and recreation areas, parking lots, religious institutions, and restaurants. Blink charging stations are available in 40 states across the country, and they’re open to all drivers.
Blink is the largest electric vehicle (EV) charging network in the U.S., with over 5,600 commercial EV charging stations and 8,900 residential charging stations deployed. They also have 15,000+ EV charging stations throughout the U.S., making them one of the biggest charging networks in the country.
Partnerships with strategic commercial, municipal, and retail partners give them direct access to a growing registered member base of 180,000+. The company currently has over 40 models available at its stations, and more are being announced each quarter as battery technology improves and prices drop.
Sources: BlinkCharging, Crunchbase, DNB, Yahoo Finance
Headquarters: Los Angeles, California, United States Founder(s): Andreas Lips Year Founded: 2008
Greenlots has placed electric car charging stations in both public and private buildings in over 13 countries. In Canada and the United States, Greenlots offers level 2 charging stations (240 volts) with an SAE J1772 connector, as well as quick charging stations with a CHAdeMO or CCS Combo converter.
The company was founded in 2008 by Andreas Lips and has raised $13.8 million in total funding. At this time, Greenlots employs 51 to 100 individuals and deployed about 54,000 public EV charging stations across the US and Canada. However, it is worth noting that Shell acquired the company in early 2019.
Subscriptions are not available at Greenlots. Instead, this network prefers the electric car charging infrastructure, which allows anybody to plug in, pay, and charge their vehicle. Once your electric vehicle is connected, you have three alternatives for making a payment: credit card, smartphone app, or phone. You do not need to log in to charge your card, but you may if you want to receive notifications, view your charging history, and see where you’ve come from.
Sources: Chargehub, Crunchbase
Headquarters: Amsterdam, Netherlands Founder(s): Huub Rothengatter, Bram van de Leur Year Founded: 2010
EVBox is a leading global manufacturer of electric vehicle charging stations and charging management software. Based in the Netherlands, EVBox’s estimated annual revenue is currently $359.6 million per year. It has 762 employees and reported an average growth rate of 6% last year. The EVBox network has installed charging stations in 10879 charging areas around the world, including those in Europe, Asia, North America, Africa, and Oceania.
The company was founded by Huub Rothengatter and Bram van de Leur in 2010 after they recognized that there was a need for a more reliable way to charge electric vehicles than what was currently available on the market. Despite a failed IPO in December 2021, EVBox remains a popular EV charging station nationwide.
They decided to create their own system from scratch rather than modify an existing one because it would allow them to develop something that was truly unique and would provide customers with better service at a lower cost than other options on the market today. They have raised over $15.1K from investors such as NYSERDA and ACRE.
Sources: Crunchbase, EVBox
Headquarters: San Diego, California, United States Founder(s): Robert Noble Year Founded: 2006
Envision Solar was founded in 2006 by the pioneering environmental architect Robert Noble, with a unique offering of smart, high-quality solar with appealing and distinctive design. In addition to advertising a company’s environmental credentials, the Solar Tree® structure provides clean energy and improves the aesthetics of any parking lot.
Envision Solar develops and installs solar-powered structures that generate electricity from sunlight. The Solar Tree® is an artful structure that can be used for a variety of applications including solar tree lights, solar trees for retail stores and restaurants, and solar parking canopies.
The company has built over 1,000 Solar Trees® across North America since it was founded in 2006. Envision Solar has raised $2.1 million in funding from investors including Paycheck Protection Program. Envision Solar currently has 81 employees and is privately owned. To date, Envision Solar has successfully deployed over 23,000 charging stations.
Their Solar Tree® structure has won several awards and is maybe the most iconic image of a solar shade structure in the world. When it comes to today’s enterprises, it’s critical to make a strong environmental statement to consumers and employees, therefore they equip you with everything you need to do so. Because of their vision, knowledge, and attention to environmental and design challenges, they are the industry leader.
EV ARCTM is the world’s first entirely automated electric car charging station (Electric Vehicle Autonomous Renewable Charger). It was developed and produced in the United States by Envision Solar, and it is ADA-compliant, so it can fit in a standard parking space.
Sources: CMTC
Headquarters: Toronto, Ontario, Canada Founder(s): Laura Bryson Year Founded: 2016
SWTCH offers cutting-edge EV charging and energy management solutions for densely populated metropolitan areas. Electric vehicle drivers benefit from the company’s changes to the charging process, and charging station owners get more money.
SWTCH’s estimated annual revenue is currently $3.5M per year. The company has 24 employees and an estimated revenue per employee of $147,000. The company’s estimated revenue per employee is much higher than the industry average of $43,000. This indicates that SWTCH has a high return on investment (ROI) due to their high-quality end-to-end and scalable energy management solutions accompanied by their electric vehicle charging technology.
The SWTCH team includes experts in software development, electrical engineering, mechanical engineering, and business strategy who work together to create innovative solutions for EV charging stations worldwide. To date, the company has reported having over 400 charging stations across Canada.
To ensure long-term scalability and flexibility, all SWTCH technology is built on open communication standards. SWTCH’s ultimate goal is to increase EV charging accessibility while also guaranteeing that EVs can be appropriately integrated into the transition to decarbonized infrastructure.
SWTCH’s scalable, future-proof electric car charging and energy management solutions may benefit metropolitan areas with significant population densities. This company provides end-to-end service, supplying, implementing, and managing electric car charging infrastructure adapted to each customer’s and location’s individual needs. SWTCH technology is based on the Open Charge Point Protocol (OCPP), an open standard for electric car charging that provides the most freedom and choice to customers.
Sources: Crunchbase, Greentown Labs
Headquarters: Piscataway, New Jersey, United States Founder(s): Michael Macaluso, Oleg Logvinov Year Founded: 2015
IoTecha’s IoT.ONTM Smart Charging Platform, which is comprised of hardware, software, and cloud components. It benefits the acceleration of the electric vehicle revolution by delivering a complete platform that includes hardware, software, and cloud components.
In the long run, this technology will make it possible to integrate millions of electric autos into the power grid. IoTecha’s most well-known customers are electric automobiles and electric vehicle charging stations, both of which are world leaders in their respective markets.
Products from IoTecha include V2G and HomePlug Protocol Analyzers, Combined Charging System on Modules (including bespoke modules), EV Charging Stations, and Internet of Things devices, among others.
To date, the company has raised $15.7 million in total funding (mostly led by BP Ventures) with the goal to deploy over 70,000 EV charging stations worldwide by 2030. Furthermore, it employs 11 to 50 employees.
Sources: Charin Global, Crunchbase
Headquarters: Graz, Steiermark, Austria Founder(s): Christian Flechl Year Founded: 2016
VOLTERIO’s innovative e-mobility solutions are based on its patented technology, which allows drivers to charge their vehicles safely and conveniently without having to remove their hands from the steering wheel or their eyes from the road. The company’s products include charging stations for public and private use as well as charging cables for mobile phones and other portable devices.
Continental Engineering Services (CES) is collaborating with the electric vehicle company Volterio to develop an intelligent charging robot that will make charging electric vehicles considerably easier in the future. A gadget in the vehicle’s underbody and a unit on the garage floor comprise the fully automated charging system. A smart mechanism mechanically links the two components whenever the vehicle is positioned on top of the ground unit.
The system will be offered for individual residential use with an acceptable capacity of 22 kW alternating current. In the second phase of the project, a public fast-charging system with a charging capacity of more than 50 kW direct current will be developed.
The electric vehicle industry is on the rise, and that means more drivers will be looking for ways to charge their cars. VOLTERIO is here to make charging your car easier than ever. VOLTERIO is privately-owned with $2 million in revenue and 11 to 50 employees. The company services over 70 countries, and has created and defined the worldwide standard for conductive, hands-free charging for electric vehicles with the assistance of the world’s major automakers.
Fast charging systems may be retrofitted into older vehicles. The first systems that might be utilized in mass production will be ready by 2022. Volume production of the system is planned to commence in Germany in 2024.
Sources: Crunchbase, SAE.org
ChargePoint has been on a roll lately. Not only are they one of the largest EV charging networks in the U.S., but they’re also expanding rapidly overseas. But ChargePoint isn’t alone in the EV charging industry. There are plenty of other companies that have been working hard to make sure that EVs can charge safely and efficiently at any time or place—and some of them are much bigger than ChargePoint!
For example, BP and Shell both have extensive oil refining operations around the world—and they’re also developing EV charging stations as part of their business model. These companies have a huge number of gas stations throughout Europe—they’re going to need somewhere to charge when they’re on the road! This collaboration aims to roll out around 500,000 charging ports by 2030. As of now, Shell operates 90,000 charging ports globally while BP has deployed around 11,000.
Take note that while Shell has one of the most extensive charging stations globally, they haven’t been included in the initial list of competitors for one simple reason—their network consists of charging hubs instead of actual EV charging technology developed by Shell.
Another big player is Daimler AG (often referred to simply as Daimler). They’ve been making cars for over 90 years now, so it’s no surprise that they’ve decided to get into EVs as well. Through the Mercedez-Benz charging station network, Daimler has successfully deployed over 500,000 charging stations worldwide.
When it comes to charging operators, Hyundai can’t be missed. By 2030, Hyundai hopes to have 30% of its automotive sales come from electric vehicles. As a result, they’ve been working with EV charging companies to set up high-speed networks along South Korean highways to accommodate the increase. Both Kia and Hyundai, who are part of the same parent company, are working on wireless electric car charging systems at the same time.
The latest Terra 360 by ABB, a Swedish-Swiss MNC, was also a topic of discussion recently because of its claim to charge an EV in 15 minutes. To make it as widely available as possible, they aim to have it throughout North America, South America, and Asia by the year 2022. ABB’s $3 billion IPO of its electric car charger business will also take place next year.
Engineering companies such as Siemens are shaping the way EVs are developed. Siemens Vehicle Electrification’s digital solutions help minimize the time it takes to create new electric vehicles (EVs), increase manufacturing adaptability, and reduce energy consumption. Siemens eMobility’s electric vehicle (EV) chargers are now available for both commercial and residential use. This charger will provide owners and managers with real-time management over their electric car fleet due to its unique ability to interface with on-site building automation systems.
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