ChargePoint and Stem to accelerate deployment of EV charging and battery storage solutions for DC fast charging

ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, and Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, announced an agreement to accelerate the deployment of EV charging and battery storage solutions for highway corridor DC fast charging and other EV charging applications like fleet charging. By combining EV charging with battery storage and AI driven energy management, EV site hosts can benefit from lower operating costs and added energy resiliency.

ChargePoint will analyze the EV charging demand at EV site locations looking to install DC chargers, assess their eligibility for incentive programs—including the National Electric Vehicle Infrastructure (NEVI)—and work with Stem to determine if a battery energy storage system may reduce the EV site’s operating costs. Additionally, the companies aim to integrate ChargePoint’s Express Plus advanced fast charging platform, with Stem’s clean energy platform, Athena, and on-site energy storage. This joint solution has the potential to help businesses meet their ESG goals, especially when paired with on-site solar, and lower an EV site host’s utility bills by reducing costly demand charges, which can represent a significant portion of EV charging operating costs. EV site hosts in areas with high utility demand charges can reduce or avoid these costs by utilizing battery storage to mitigate demand peaks. Through energy storage-managed EV charging, customers can protect themselves against the risk of potential utility rate changes.

“An integrated ChargePoint and Stem solution broadens the number of sites that can support high-speed charging economically at scale,” said Pasquale Romano, CEO, ChargePoint.

This agreement comes as the federal government is investing billions of dollars in EV charging through the Bipartisan Infrastructure Law, including $7.5 billion for highway and community charging. Funding programs like NEVI are designed to help accelerate the buildout of the infrastructure required to support the widespread adoption of EVs.

“Stem is excited to partner with ChargePoint to help customers quickly design, develop, and operate cost-effective EV charging infrastructure projects that deliver real value,” said John Carrington, CEO at Stem. “The combination of Stem’s solar and storage management leadership and ChargePoint’s EV charging leadership will help empower customers to confidently invest in proven EV strategies with on-site renewables and storage for both immediate and long-term operational, economic and environmental value.”