ChargePoint Holdings Inc. (NYSE:CHPT) shares gained 2.7% in premarket trading Wednesday after the electric vehicle charging company announced it had secured its third consecutive cooperative purchasing contract with Sourcewell.
The renewed agreement enables public agencies across the U.S. and Canada — including municipalities, schools, and transit authorities — to buy ChargePoint’s EV charging hardware, software, and services through a simplified procurement process with preferred pricing. The renewal extends a partnership that originally began in 2017.
ChargePoint said it won the contract following a “rigorous request for proposal process” designed to ensure full compliance with local and regional procurement standards. Through this framework, more than 50,000 participating agencies will now have continued access to the company’s charging solutions.
“This latest agreement extends our longstanding relationship with Sourcewell to accelerate and simplify the adoption of EV charging solutions for local governments, schools and other public agencies,” said David Vice, Chief Revenue Officer at ChargePoint.
Founded in 1978, Sourcewell is a self-funded public organization that facilitates cooperative purchasing programs, leveraging group buying power to provide members with competitive pricing and efficiency in procurement.
The renewal arrives at a time when public-sector electrification efforts across North America are gaining momentum, as agencies expand their EV fleets and charging infrastructure to achieve long-term sustainability targets.