Public electric vehicle charging infrastructure remains “critical” in driving further EV adoption, said analysts at investment bank TD Cowen. The bank’s analysis shows that the number of public charging ports in the U.S. must grow to 1.7 million by 2030 to keep pace with a growing EV fleet. But questions around funding and installation remain. “A ubiquitous and reliable network of public EV charging infrastructure remains critical in driving further adoption to curtail CO2 emissions from the transportation sector,” said TD Cowen. “If our estimate of 1.7MM public chargers does manifest … we think the industry would be a healthy one with several winners.” The bank concluded that the world will require a “massive and rapid” buildout of charging infrastructure and installation that it estimates would require a total U.S. investment of $104 billion through 2030. Here are some areas that will take up the bulk of that opportunity, as well as stocks that could benefit, according to TD Cowen. Passenger EV charging hardware The bank estimates that $91 billion in investment is required for publicly available U.S. EV charging hardware and installations for passenger vehicles, and another $14 billion for commercial vehicles by 2030. Charging providers such as ChargePoint Holdings , Wallbox , Blink Charging , Tritium , and automation services firm ABB , will compete for those funds in the United States, said TD Cowen. It estimates that of the 20.8 million passenger ports it expects to be installed by 2030, 83% will be home chargers, while the rest are set to be public ports — at workplaces for instance. However, the public ports will take up the bulk of the investment (76%), thanks to higher power needs and complex installations. Heavy-duty fleets An extensive network of public charging infrastructure for trucks is also needed, said TD Cowen, which estimates that commercial heavy duty vehicles will account for 6% of total charging demand by 2030. That separate network is needed as such fleets will cause intense energy spikes on the grid, which today’s power grids are unable to handle, said the bank. “Ultimately, we think the next wave of EV charging companies will have a keen focus on the fleet /medium/heavy-duty sector,” it said. It highlighted names that could benefit: Gage Zero, WattEV, TeraWatt, Voltera and Greenlane. They’re not publicly listed, however. Software TD Cowen estimates that the market for charging software and warranty could reach about $6.6…
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