The transition to electric vehicles is underway, and it will benefit various suppliers, such as electric car makers, software providers, battery producers, EV charging stocks, and lithium miners. Investors can choose to invest directly in electric car stocks or companies that manufacture EV batteries to benefit from this megatrend.

Since holding electric vehicle shares might be uncertain, it is advised for diversification via traded funds or index funds instead. Despite the EV market’s speculative nature, some attractive EV growth stocks are still available. Here are three EV charging stocks worth considering.

ChargePoint (CHPT)

ChargePoint (NYSE:CHPT) is a dominant player in the EV charging industry, operating in more than 14 countries. It has a strong position in the U.S. market and is expected to benefit from the growing adoption of EVs. With forecasts that exceed a 50% rise in sales in the years to come, the business is expected to keep up its excellent revenue expansion.

ChargePoint has consistently demonstrated 90-100% revenue growth for the past five quarters. While it has faced declining profits, analysts predict that it will begin to decrease its losses by next year. This could lead to significant growth opportunities for investors.

Despite a 30% dip in CHPT shares over the last year, the company’s track record instills hope for its future. The firm currently serves 80% of Fortune 50 companies, and as these businesses incorporate more EVs into their fleets, CHPT’s revenue and profits are expected to increase. Given its outstanding achievement and competitive edge, it is reasonable to predict that the business will break within the next three years.

After the market closes, ChargePoint Holdings, a top EV charging network, will announce its Q1 financial results on June 1, 2023. Management will host a conference call on the same day at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) to discuss the results.

Blink Charging (BLNK)

Investing in Blink Charging (NASDAQ:BLNK) could be a promising opportunity for those seeking to invest in the clean energy vehicle infrastructure industry. The business intends to grow domestically and abroad, but the value of its stock hasn’t yet completely represented that possibility. Investors could reap significant long-term gains by investing in the company now, although some volatility may be expected.

Blink Charging’s reach extends beyond the U.S. with strong global expansion. Recently, they re-branded EB Charging to Blink Charging UK after acquiring the business in April 2022. This strategic move adds over 1,225 chargers to their footprint in the U.K. and Ireland.

Blink Charging is expanding both nationally and internationally, with contracts in the U.S., the U.K., and India. Nevertheless, numerous shareholders disregard the business’s ability to thrive worldwide, creating a chance to participate in its expansion. Despite volatility, BLNK stock is likely to provide excellent long-term returns.

EVgo (EVGO)

EVgo (NASDAQ:EVGO) is set to expand its fast-charging network in California without spending any of its own funds, thanks to a $6.6 million award from the state. This move will add more than 100 DC fast charging stalls across 17 locations in central and eastern California, which will significantly boost the company’s top and bottom lines and help lift EVGO’s stock price. With high EV penetration in California, EVgo is one of the best EV charging growth stocks as it continues to expand rapidly. Analysts predict the company’s revenue will reach $140 million in 2023 and $266.6 million in 2024.

EVgo released its Q4 earnings report on March 30, showing a 283% YoY increase in revenue to $27.3 million. The company’s full-year revenue was up 146% to $54.6 million. EVgo added around 670 new charging stalls in 2022, bringing its total number of stalls to 2,800. While analysts have varying opinions on EVgo’s prospects, many investors and hedge funds are confident in its ability to provide charging solutions to the growing EV market, which is supported by eco-friendly policies and the increasing adoption of electric vehicles.

Although EVgo’s revenue projection for 2023 was lower than expected, the company still anticipates its revenue to more than double. According to analysts, losses are expected to decrease over the next two years. Overall, EVgo is poised for growth due to its increasing user base, revenue growth, and progress toward profitability.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.