More electric vehicles will likely mean more charging stations. Here are the ASX shares building EV charging stations.
The post Tritium is making news again, but do any ASX shares have exposure to EV charging stations? appeared first on The Motley Fool Australia. –
The CEO of Brisbane-based Tritium has voiced her belief that electric vehicles (EVs) will soon be cheaper than internal combustion cars in the next 4 years. But ASX fans might be disappointed to learn the company producing EV charging stations isn’t listed on the ASX.
Tritium’s CEO Jane Hunter told the Australian Financial Review‘s Infrastructure Summit that the cost of EVs is largely dependent on the cost of batteries and the cost of batteries is dropping.
Additionally, according to reporting by The Australian, the Federal Government’s Future Fuels strategy – set to be released today – will herald the creation of a network of EV charging stations. In fact, it will reportedly see $250 million put towards the cause.
So, putting two and two together, Australia might see a boom in the number of new EVs hitting our streets soon. It follows we’ll also need plenty of EV charging stations.
While ASX investors won’t be buying shares in Tritium any time soon, there are a few companies working in the field that are listed – or approaching a listing – on the ASX.
Let’s take a look at which ASX shares have exposure to EV charging stations.
ASX stocks exposed to EV charging stations
Tritium isn’t expected to make a home on the ASX, but there are 2 stocks market watchers might want to keep an eye on.
Ampol Ltd (ASX: ALD)
The fuel retailer might not be the first ASX stock market watchers think of when seeking stocks affiliated with EV charging. Though, the company is getting started in the space.
Ampol has recently partnered with the Australian Renewable Energy Agency (ARENA) to build a network of EV fast-charging stations.
Under the partnership, Ampol will be equipping more than 100 of its service stations with EV charging stations.
Right now, the Ampol share price is $31.69, 0.35% lower than it was at the end of yesterday’s session.
Rectifier Technologies Limited (ASX: RFT)
This ASX-listed microcap is producing and selling EV charging stations.
The company has historically worked to create power conversion products. It currently produces a number of power modules suitable for EV charging.
However, perhaps more excitingly, it’s in the process of releasing both an EV charger and a bi-directional EV charger.
Rectifier is having a great day on the ASX on Tuesday. At the time of writing, its share price is 4.6 cents, 28% higher than its previous close.
Honourable mention: Bell Resources
While still a way off ASX listing, Bell Resources operates Bell Hub, a company focused on building EV charging stations.
Bell Hub is planning to operate a network of “ultra-fast” charging stations, available for public use alongside car washing facilities.
The post Tritium is making news again, but do any ASX shares have exposure to EV charging stations? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.