New York, January 29, 2024 - PrismMarketView - Electric vehicle (EV) charging company, ChargePoint (NYSE: CHPT) has become a trending stock this week, up 17.24% and well-positioned to meet growing demand, as positive EV news dominates headlines and interest in vehicles, batteries and EV charging continues to increase.
ChargePoint raised $232 million to support its path to profitability in 2024, emphasizing a strategic focus on long-term sustainable growth, and earlier this month, the company announced a reorganization that it said would result in significant annual operating expense savings of approximately $33 million to position itself for sustained growth.
Last week, the company became one of the first providers of EV charging solutions to receive Federal Risk and Authorization Management Program (FedRAMP) approval from the United States Federal Government.
FedRAMP requirements include best-in-class data security, dedicated cloud hosting for federal customers, and rigorous standards for authorization, access, and continuous monitoring. The news means that ChargePoint’s cloud software products meet all FedRAMP requirements and will be included in the FedRAMP marketplace in the coming weeks.
Commenting on the news, Teza Mukkavilli, Chief Information Security Officer of ChargePoint, said that ChargePoint has been a trusted partner to many levels of the U.S. government for years, providing EV charging infrastructure and software to help federal agencies lead the transition to electric mobility.
“ChargePoint’s comprehensive cloud solution gives customers real-time visibility into data such as power use, energy costs, station usage, session fees and more. This authorization demonstrates our commitment and proven ability to provide the highest standards of security for our customers, while unlocking potential millions of dollars in U.S. federal government opportunities.”
Teza Mukkavilli, Chief Information Security Officer of ChargePoint
ChargePoint’s cloud software gives customers real-time visibility into data such as power use, energy costs, station usage and session fees.
The company’s market cap stands at $821.425 million.
About FedRAMP
FedRAMP is the U.S. government’s standardized approach to security assessment and authorization for cloud computing products and services. It was established in 2011 to provide a cost effective, risk-based approach for the adoption and use of cloud services by the federal government. FedRAMP empowers agencies to use modern cloud technologies, with emphasis on security and protection of federal information.
About ChargePoint Holdings, Inc.
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe.
PRISM MarketView does not provide investment advice.
Media Contact
Company Name: Prism MarketView
Email: info@prismmarketview.com
Phone: 646-863-6341
Website: https://prismmarketview.com
Company Name: Prism MarketView
Email: info@prismmarketview.com
Phone: 646-863-6341
Website: https://prismmarketview.com
PRISM MarketView Social Media