Electric vehicle (EV) news from DPW Holdings (NYSEMKT:DPW) on Friday morning has DPW stock cruising higher and higher.
The company announced in a press release that its power electronics business, Coolisys, and other partner companies will start testing its EV battery products. This will include possible options that will allow an EV to receive a full charge on a 150-mile range battery in a little more than 30 minutes. That said, Coolisys said that it expects to receive the first orders of its EV battery products beginning in the fourth quarter of 2020.
Amos Kohn, president and CEO of Coolisys, had this to say about the announcement:
“We are looking forward to testing our new EV charger products with our key partner companies. These new products are well-positioned to address the expected rapid expansion of infrastructure required to support broad adoption of electric vehicles globally. Our entrance into the EV charger market significantly expands the breadth of our product offerings and we expect to receive initial orders for these products in the fourth quarter of 2020.”
The EV charging stations market is projected to reach $27.7 billion by 2027, according to the release. That’s much better than the estimated $2.5 billion last year, and would represent an annual growth rate of 34.7%. Therefore, this is massive EV news — and could be a major investment for the future of DPW.
DPW stock was up 17.7% as of Friday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.