ChargePoint Holdings, Inc. ( CHPT ) disclosed a low-cost charging solution designed to facilitate fleet electrification.

The Level 2 charger, priced at $699, reduces the barrier to entry for fleets while providing access to one of the world’s most advanced fleet and telematics software platforms.

ChargePoint’s comprehensive suite of products ensures a seamless charging experience for fleet operators and drivers, is expected to lower total ownership costs, and assists fleets in achieving their emissions reduction goals.

ChargePoint’s CPF50 charger provides a flexible and affordable solution for fleets transitioning to electric vehicles.

In the heavy-duty vehicle sector, ChargePoint ( CHPT ) anticipates that megawatt charging will transform the viability of electrified long-haul transport.

These chargers can deliver energy at speeds up to 20 times faster than current DC chargers for passenger vehicles, enabling long-haul trucks to recharge in under an hour.

Rick Wilmer, CEO of ChargePoint ( CHPT ) said, “With our lowest cost charger for commercial vehicles we have a solution that makes charging more accessible for small businesses who want to electrify their fleet, or for large fleets that are focused on reducing total cost of ownership.”

”We’re making the hardware more affordable, and when combined with our powerful fleet software platform, the offering can meet the charging needs of fleets of all sizes to optimize their savings.”

In September, ChargePoint ( CHPT ) stated that it is focusing on innovations like “Plug and Charge,” streamlining the EV charging process and enhancing user experience.

The company emphasized software advancements for real-time efficiency while automakers invest in next-gen EVs to overcome adoption barriers.

Price Action: CHPT shares are down 1.12% at $1.325 at the last check Thursday.

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