The charging industry still has a long way to go to successfully implement the proper infrastructure across Canada as demand for EVs continues to skyrocket. Recently government investments into public charging infrastructure have only yielded around 2,100 chargers in the GTA after spending nearly $15M. With some estimates saying Canada needs a total of 1.7M+ publicly available chargers to satisfy all demand by 2035 when 100% of new car sales go electric (not even including home infrastructure), that’s placing a $12B+ price tag on the Canadian charging infrastructure industry, not including any allowance for maintenance and replacements as newer technology comes out.
https://www.cbc.ca/1.6752224
As an early player in the industry $HC.N is a charging company with a significant amount of upside due to its recent moves and current valuation.
- Already surpassed $1M in quarterly revenue and have implemented 1,400+ chargers with Level 3 now in their arsenal.
- The wide variety of clients could be leveraged in the future as $HC.N becomes the go-to company for charging from these respective clients.
- Continued business developments with the roaming agreement with Electric Circuit, helping increase the access to charging infrastructure for clients and to improve revenues for both companies.
With a valuation of only $26.6M, at their rate of growth, it’s safe to say they’re undervalued at the current levels when compared to peers in the charging space. As they continue to improve their value proposition and secure more deals, the price action will naturally follow.