ChargePoint Holdings, Inc. (NYSE:CHPT) shares are trading down Thursday. The company announced new technology to better support the future of the trucking industry.
What Happened: ChargePoint announced its support for the Megawatt Charging System (MCS), the latest addition to ChargePoint's leading DC fast charging lineup. The company said the system is expected to be capable of providing enough energy to power approximately 1,000 homes.
The MCS cable and connector will be available on ChargePoint's PowerLink 2000 stations, part of the modular Express Plus DC fast charging platform.
The new system currently offers up to 1.2 megawatts of power. The charging system is expected to enable output of up to 3 megawatts in the future. The ChargePoint system is also designed for charging in marine and aviation applications. The immense rate of charge is expected to help enable the electrification of commercial trucking, the company said.
"Megawatt technology is the first step toward electrifying the commercial trucking industry," said Hossein Kazemi, CTO for Hardware at ChargePoint.
"Megawatt charging solves one half of the electrification equation for trucking. The companies developing electric trucks can now leverage this infrastructure to test and enable their vehicles until they meet – or even exceed – the distances covered by internal combustion trucks."
Separately, ChargePoint on Wednesday announced that it will report financial results for the first quarter after the market close on June 5. Analyst estimates are calling for a loss of 13 cents per share and revenue of $105.791 million, according to data from Benzinga Pro.
Related Link: 3 Clean Tech Stocks With Over 40% Upside Per JPMorgan Analysts
CHPT Price Action: At the time of writing, ChargePoint shares were down 1.99% at $1.85, per Benzinga Pro.
Image: Wikimedia Commons.