Yahoo Finance Eaton (ETN) Builds EV Charging Network in the Notre Dame Campus
Eaton ETN announced that it is assisting University of Notre Dame in developing new electric vehicle (EV) charging infrastructure for use by its students, faculty, staff and maintenance fleet. These EV charging units will allow Notre Dame to meet the increasing demand for EV charging across its campus and accelerate progress toward achieving carbon neutrality by 2050.
Eaton is providing its Green Motion Building chargers to help Notre Dame provide safe and reliable EV charging at its campus. The charging stations can be monitored and optimized using ETN’s Charging Network Manager software, which is included with the chargers. The software will allow Notre Dame to remotely oversee its charging stations, manage access control and monetization, and reduce costs with load management from a single, intuitive dashboard.
The company has been using its expertise to create charging infrastructure for residential and commercial users. Setting up EV charging infrastructure in Notre Dame will create an opportunity for the company to develop EV infrastructure in other universities in the United States and reduce vehicle emissions.
EV Will Cut Emission
EVs are gradually taking center stage and per studies, in the next few decades, more EVs will be on the roads compared with conventional fuel-driven vehicles. Per International Energy Agency (IEA) transport-related pollution, accounts for over 15% of global energy-related emissions. Per IEA, based on the current trends, the rollout of electric vehicles globally can reduce the need for nearly 6 million barrels of oil a day by 2030. More EVs on the roads means a reduction in emission levels.
Per BloombergNEF’s annual Long-Term Electric Vehicle Outlook report, 100 million electric passenger vehicles will be on the road by 2026, up from 27 million EVs at the end of 2022. Per the report, there could be as many as 700 million EVs on the road globally by 2040.
To accelerate the buyer's decision toward a shift in their preference from conventional fuel-driven vehicles a vast network of cost-effective electric charging units needs to be installed. Many oil and gas, utilities and power management solution providers are working to develop the EV infrastructure.
Eaton is developing comprehensive electric vehicle charging infrastructure solutions and services to unite the power needs of buildings and electric vehicles with on-site renewable energy generation. The company is creating a network that will assist in planning, deploying, and managing sustainable systems that support electric vehicle charging safely and reliably.
TotalEnergies TTE a multi-energy provider is present throughout the value chain of electric charging. The company continuously invests in charging infrastructure to promote the deployment of electric mobility on a large scale. It is also developing its network with more than 30,000 charging points in the major cities of Europe and Singapore.
Utilities like PG&E Corporation PCG among others is going to install nearly 7,500 EV charging stations throughout Northern and Central California to support the increasing usage of EVs in the state.
Since the potential of the EV market is huge, companies from different sectors are investing in the EV charging infrastructure. The companies are trying to provide sustainable solutions to the rising demand from EV markets.
Price Performance
Over the past six months, shares of ETN have risen 36.2% compared with the industry’s growth of 18.8%.
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Zacks Rank & Another Key Pick
Eaton currently has a Zacks Rank #2 (Buy). Another top-ranked stock from the same space worth considering is Powell Industries Inc. POWL, which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term (three-to-five years) earnings growth rate of Powell Industries is pinned at 14%. The Zacks Consensus Estimate for fiscal 2024 and 2025 earnings per share indicates an increase of 19.9% and 17.7%, respectively, in the past 60 days.
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