Feb 11th 2025
We have been "Stopped out" of Chargepoint shares.
O U C H !!! Sometimes speculation can hurt! (even if it's just 1% of your portfolio)
However, the article remains to see what happens. CHPT moved to our watch list for now!
This articles is speculative as, there’s no concrete evidence or official announcement that ChargePoint is on the block or that any particular company has definitive plans to buy them.
With that said, here’s how one might reason about who could be most interested and best positioned to acquire ChargePoint:
1. BP
Why BP?
- BP has already made several moves in EV charging—e.g., acquiring Chargemaster (now BP Pulse) in the U.K. and AMPLY Power in the U.S.
- They have a strategic objective to diversify into lower-carbon businesses.
- Synergies: BP can integrate ChargePoint’s network and technology with its vast global fuel retail footprint, particularly in North America where ChargePoint is strong.
Why It Makes Sense
- Instant Scale: ChargePoint’s extensive network would give BP an immediate, top-tier presence in the U.S. EV charging market.
- Shareholder Pressure: As BP transitions to an “integrated energy company,” a big EV charging acquisition is a visible commitment to that strategy.
2. Shell
Why Shell?
- Shell has been aggressive in the clean energy and EV charging space, acquiring companies like Greenlots in the U.S. and Ubitricity in Europe.
- Shell’s gas station network and convenience retail model could seamlessly add another major EV charging brand to its portfolio.
Why It Makes Sense
- Global Reach: Shell operates in nearly every corner of the globe, so acquiring ChargePoint would bolster Shell’s expansion of EV charging stations in North America—and potentially integrate ChargePoint hardware/software in other regions.
- Proven Track Record: Shell has demonstrated it’s willing to buy established charging companies rather than build from scratch.
3. Chevron
Why Chevron?
- Chevron is somewhat late to the EV charging race compared to BP and Shell. It made smaller-scale moves (e.g., partnering with EVgo), but not a blockbuster acquisition yet.
- If Chevron wants to catch up fast, ChargePoint—with hardware, software, and thousands of locations—would be a big leap forward.
Why It Makes Sense
- Competitive Response: With BP and Shell scaling in EV charging, Chevron might not want to be left behind in the future fueling landscape.
- U.S. Focus: ChargePoint’s largest market is the U.S., which aligns well with Chevron’s strong North American presence.
4. TotalEnergies
Why TotalEnergies?
- TotalEnergies (formerly Total) is actively investing in renewables and EV charging across Europe. They’ve acquired several smaller charging players and are building out networks in France and beyond.
- They could see ChargePoint as a chance to expand rapidly in North America—an area they’re not as strong in yet compared to Europe.
Why It Makes Sense
- Diversification: TotalEnergies is rebranding itself as a broad-based energy company. Picking up a major EV charging firm like ChargePoint would bolster that identity.
- Technology & Software: ChargePoint’s robust cloud-based software platform could be integrated globally with TotalEnergies’ existing networks.
5. Large Utilities or Conglomerates
- Potential Players: NextEra Energy, Iberdrola, Engie, E.ON, or even Berkshire Hathaway (through its energy subsidiary).
- Why a Utility?
- Utilities have a natural link to EV charging—electricity supply is their core business, and installing chargers helps grow their load and services.
- Why It Makes Sense
- Grid Integration Expertise: Utilities already manage power distribution, so owning a charging network offers potential vertical integration.
- Regulatory & Infrastructure Experience: Utilities are used to capital-intensive projects and have relationships with regulators, helping to streamline infrastructure deployment.
6. An Automotive or Tech Giant
- Potential Players: GM, Ford, or even Amazon.
- Note: Chargepoint recently partnered with GM to extend their EV charging network)
- Why an OEM or Tech Firm?
- GM and Ford (and other automakers) have partnered with third-party charging networks but haven’t outright purchased one of the largest networks.
- Amazon might be interested in EV charging for its delivery fleet and consumer ecosystem.
- Why It Makes Sense
- Vertical Integration: Automakers are increasingly looking to control more of the EV value chain—battery supply, software, and charging infrastructure.
- Ecosystem Play: A tech giant could bundle EV charging with other services (e.g., Amazon’s logistics and retail ecosystem).
The “Best Positioned” Takeaway
- BP and Shell arguably have the most well-defined strategies and track records in the EV charging space among oil majors, making them the likeliest candidates if a deal were ever to materialize.
- Chevron or TotalEnergies might be a close second if they decide to leapfrog organically building a U.S. network.
- Utilities or Tech Giants could be surprise acquirers, but they’d have to justify an acquisition of ChargePoint’s scale and align it with their core business models.
In the end, any prospective buyer would be looking for:
- Immediate Scale and Network: ChargePoint is one of the largest EV charging networks, particularly in North America.
- Brand and Technology: ChargePoint’s software, hardware, and partnerships (with businesses, municipalities, and fleets) would save an acquirer years of development time.
- Strategic Fit: Whether it’s an oil major pivoting to renewables, a utility expanding its electric footprint, or an OEM/tech giant securing charging for its customers, each potential acquirer must see a clear path to synergy and long-term ROI.
Again, all of this is speculative—but from a strategic standpoint, BP or Shell are commonly viewed as the most logical suitors if (and it’s a big “if”) ChargePoint were ever up for sale.
ED Note: Full Disclosure
We have been accumulating CHPT shares!
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