Look at EVgo (EVGO). The stock took off and is now challenging resistance dating back to late 2022. In fact, if it can break above $7.50, it could potentially run back to $10 a share.

All after the company crushed earnings, with solid guidance.

Fourth-quarter sales of $27.3 million and negative EBITDA of $20.1 million were better than forecasts. The Street was looking for about $20 million in sales and EBITDA of about negative $24 million. Moving forward, EVGO expects for 2023 sales to come in between $105 million and $150 million, which is ahead of Street forecasts of $144 million. It also expects to see negative EBITDA of $69 million for the year, which is nearly $6 million better than estimates.

Longer-term, consider this.

The global community wants millions of EVs on the roads over the next few years. However, without charging stations – like those provided by EVGO – they can’t run.

Plus, the number of charge points in the US is poised to grow from about 4 million today to an estimated 35 million in 2030, according to PwC. In addition, the EV charging market could grow to $100 billion by 2040, fueled in part by the new infrastructure bill that aims to add 500,000 EV chargers by 2030. Also, the Biden Administration is committed to build a national network of 500,000 EV charging stations by 2030. There’s also the Inflation Reduction Act, which will reportedly boost vehicle electrification in the U.S.

For example, according to the Electrification Coalition: “The federal tax credit on charging equipment has been extended through 2032. For individual/residential uses, the tax credit remains unchanged at 30%, up to $1,000. For commercial uses, the tax credit Is 6% with a maximum credit of $100,000 per unit (up from $30,000 per property). The equipment must be placed in a low-income community or non-urban area.”

Again, keep an eye on charging stocks like EVGO.