Shares of ChargePoint Holdings Inc. were getting a jolt Tuesday after the maker of charging solutions for electric vehicles said it would start supporting NACS, the standard designed by Tesla Inc.
ChargePoint CHPT, +6.06% will make available NACS connector options for new orders, and for customers that have installed CP6000, CPE 250 or Express Plus offerings. The addition “enables customers to serve the charging needs of any EV in any parking space,” the company said in a release.
“Our highly modular charging platforms, combined with our new NACS connector options, allow customers to be confident that their investment in EV charging is successful for any connector scenario,” Chief Product Officer Bill Loewenthal added in the release.
ChargePoint’s stock was up nearly 2% in afternoon action Tuesday.
The announcement marks another win for Tesla TSLA, +3.80% and its NACS (North American Charging Standard). The company recently announced deals with rival carmakers Ford Motor Co. F, +2.13%, General Motors Co. GM, +2.13% and Rivian Automotive Inc. RIVN, +3.64%, through which those companies will adopt NACS, with their drivers able to access Tesla’s Supercharger network.
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“We note that this combination of adopting OEMs [original equipment makers] likely cements the NACS charging standard winning out over the CCS [Combined Charging System] alternative in due time,” Barclays analyst Dan Levy wrote after the Rivian announcement.
See more: Tesla’s EV charging standard is becoming widely adopted, in another boost for the stock
But the magnitude of Tesla’s potential to capitalize financially from charging wins remains a topic of debate on Wall Street. Levy said he thinks Tesla’s charging standard will dominate, but he added that the recent deals will offer more marketing benefits than financial ones in the immediate term — and he downgraded Tesla’s stock last week in the wake of a sharp move higher.
Guggenheim’s Ronald Jewsikow weighed in with a cautious take Monday, saying that the charging announcements leading up to the ChargePoint one didn’t seem a “meaningful driver of upside.”
Read: Tesla investors should pump the brakes on Supercharger enthusiasm, one bear says
Nonetheless, Tesla shares were ahead about 3% in Tuesday afternoon trading. They’ve surged more than 100% so far this year, while ChargePoint’s stock has slipped 20%.
