ChargePoint launches Omni Port conversion kits for EV charging stations

CAMPBELL, Calif. - ChargePoint (NYSE:CHPT), with annual revenue of $407.68M, announced on Wednesday the availability of conversion kits to install its Omni Port adaptable charging solution on older stations. According to InvestingPro data, the company faces significant operational challenges, with negative EBITDA of $201.2M in the last twelve months. The kits join new Level 2 stations already equipped with the technology, which allows any new electric vehicle to charge regardless of connector type without requiring adapters.

The Omni Port system is designed to address the growing diversity of charging connectors as automakers transition toward different standards, including the North American Charging Standard (NACS). According to the company’s press release, the technology automatically provides the correct connector type for any vehicle.

"Omni Port enables customers to future proof their charging infrastructure and eliminates the hassle of dedicating parking spaces to a specific connector type," said Hossein Kazemi, CTO of Hardware at ChargePoint.

The system works through the ChargePoint app, where drivers can enter their vehicle information. When they tap to charge, the station automatically releases the appropriate connector. The company states that Omni Port is included as a standard feature on applicable new chargers at no additional cost.

ChargePoint claims it holds more than 60% market share in publicly available networked AC charging ports in North America, suggesting the technology could have significant reach across the charging network. While InvestingPro analysis indicates the stock is currently undervalued, investors should note that the company’s financial health score is rated as "FAIR" with notable volatility in its stock price movements.

The modular design of ChargePoint stations allows owners to upgrade existing units rather than replacing entire chargers, which the company says minimizes components that need to be swapped and reduces costs.

Based on information from a company press release, ChargePoint has been operating since 2007 and currently connects drivers to over 1.25 million charging ports worldwide. The company is scheduled to report its next earnings on August 27, with analysts maintaining mixed views on its prospects. For deeper insights into ChargePoint’s financial health and growth potential, including 12 additional ProTips and comprehensive analysis, check out the detailed Pro Research Report available on InvestingPro.

In other recent news, ChargePoint Holdings, Inc. has implemented a one-for-twenty reverse stock split of its common stock. This measure was approved by the company’s Nominating and Corporate Governance Committee and became effective at 12:01 a.m. Eastern Time. The reverse split consolidates every twenty shares into one, with proportional adjustments made to equity-based awards, stock options, restricted stock units, outstanding warrants, and convertible notes. This move is aimed at increasing the share price to maintain compliance with the New York Stock Exchange’s minimum trading price requirements. Additionally, ChargePoint has introduced Safeguard Care, a new service designed to ensure the reliability of its electric vehicle charging stations. This service is now available in six initial markets, where trained service providers will perform routine inspections and repairs. These developments reflect ChargePoint’s efforts to address both market compliance and operational reliability.

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