The tech investor is ambitious that its major holding company islooking to install EV charging stations at fast food outlets.
Shares of DPW Holdings, Inc. (DPW) are eyeing towards its 52-week high range as its power electronics business is set to install electric vehicle charging stations at well-known food chains.
The stock skyrocketed in the premarket on Monday as it started the session at $3.05 from the prior close of $2.13. DPW is trading closer to its 52-week high range of $0.53-$6.55. The day’s range is $2.75-$6.39.
As of 1:44 P.M. EDT, PDW was trading at $6.02 leaning at 182.63%, a whopping increase of +$3.89 during the last 24-hours. The volume is also high just under 200 million compared to the average trading volume of 3.9 million. The stock has surged up to 91% Year-to-date.
DPW’s Coolisys Technologies Corp. is working on a new plan to install ACECool™ EV changers at fast-food franchisees both domestically and globally. This development goes with the company’s revenue sharing program.
DPW will support the program through its capital on hand and fund Coolisys to initiate the program. DPW and Coolisys are expecting a positive response from franchise owners and operators.
Initially, Coolisys plans to launch this program in California, Nevada, and Canada. The parties that would be part of the program, will play their specific role including advertising and networking. The costs will be divided and then the revenue will be shared accordingly.
Coolisys anticipatesinitiating the program with a target of over 1K locations. The company will announce its other network partners at the start of next year. In addition, the power electronics firm will adopt this model in other geo-focused and strategic industry-focused areas.
The company is looking forward to increasing EV demand and the expanding EV market. The government’s support for the electrification of transport will boost Coolisys’ plans.
“The opportunities for Coolisys in the burgeoning EV marketplace are anticipated to drive our sales growth over the next 60 months and beyond,” said the CEO of Coolisys, Amos Kohn.
From 2017 to 2018, the EV sales grew 65% worldwide, totaling 2.1 million EVs. The sales during 2019 remain to follow a steady trend. During 2020, the pandemic affected the sales and it dropped 25% in the Q1 of 2020.
However, despite the global epidemic the sales and demand for EVs remained high after the first quarter.
Based on a study,the projected growth of Electric Vehicles will consist of 10% of global passengervehicle sales by 2025. It will continue to rise and expected to reach 28% in 2030 and 58% in 2040.
With the increasing EV market, the EV chargers will be in high demand and that’s what Coolisys is aiming for. The company wants to get hold of the charging sector. According to McKinsey, approximately $30 billion is anticipated to be spent on the rollout of EV chargers by 2030. While, the U.S. market could be worth $15 billion.
The forecasted stats show a massive market for Coolisys. However, it’s still too early to access Coolisys potential growth in this program. Let’s see how the company executes its new franchise program.