EV Charging Stocks Jump as U.S. Unlocks Billions in Federal Funding
The relaunched NEVI program aims to accelerate the build-out of a national charging network, boosting prospects for operators like ChargePoint.
Shares of electric vehicle charging companies rallied on Thursday after the U.S. government fully reactivated a multi-billion dollar federal funding program designed to build out a national highway charging network.
ChargePoint Holdings (CHPT), one of the sector's largest players, saw its stock surge by nearly 23% in afternoon trading. The move followed renewed clarity around the National Electric Vehicle Infrastructure (NEVI) program, a $5 billion initiative aimed at deploying fast chargers along major transportation corridors.
The program, a cornerstone of the administration's electric vehicle ambitions, was officially relaunched in August 2025 after a temporary suspension. The Department of Transportation's Federal Highway Administration issued revised guidance, unlocking funds and allowing states to resume awarding contracts to charging providers.
This infusion of federal capital is seen as a critical catalyst for an industry that has faced high upfront costs for equipment and installation, coupled with a challenging path to profitability. The NEVI program aims to de-risk this investment by covering up to 80% of project costs, accelerating the placement of chargers every 50 miles on key routes.
Investors appeared to favor companies with tangible progress in securing these funds. ChargePoint announced in September that it and its partners had been selected for approximately $90 million in NEVI funding to build roughly 150 fast-charging sites across 21 states.
The market reaction was more mixed for other operators. EVgo (EVGO), which is also a significant recipient of preliminary NEVI awards, saw a modest gain of 1.6%. Meanwhile, shares of Blink Charging (BLNK) declined by about 5.2%, suggesting investors are discerning between companies based on the size and certainty of their awarded contracts.
Despite the renewed optimism, the industry faces significant execution hurdles. While thousands of charging ports have been funded through the program, only a fraction are operational. As of mid-August 2025, just 382 NEVI-funded chargers were active nationwide, compared to over 4,000 that had received funding awards. This gap highlights the persistent challenges of permitting, securing utility connections, and navigating complex supply chains.
The NEVI program's requirements for 97% uptime and standardized payment systems are intended to improve the reliability and user experience of public charging, addressing common complaints from EV drivers. For companies like ChargePoint and EVgo, the federal dollars provide a clear path to expand their networks to federally mandated standards, but the pressure remains to convert funded projects into operational and profitable charging stations.