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TotalEnergies TTE announced that it acquired Noridian CPO, a subsidiary of Wenea Group, which owns 200 electric vehicle charging sites in Spain. The sites utilize renewable electricity. These are located along major highways and in urban and peri-urban areas in all 17 regions of Spain.

Global Surge in Electric Vehicle Usage

Per the International Energy Agency, demand for electric cars is increasing across the globe. The surge in demand for electric vehicles (“EVs”) is not only seen in China, the United States and Europe but is also surging in developing economies.

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.

This massive surge in EV usage across the globe will also require the development of EV charging infrastructure around the world. TotalEnergies is among the frontrunners in providing EV charging solutions.

Presence in EV Charging

TotalEnergies is present throughout the value chain of electric charging. The company has ample renewable power generation capacity and also operates electric vehicle charging units.

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.

TotalEnergies also supports its professional customers in their transition to electric mobility by offering them services for the deployment and supervision of charging stations.

Utilities Investing in EV Charging Units

To reap the benefits of increasing demand for EV charging units, utility operators have started to invest in EV charging facilities. Duke Energy DUK is partnering with Electrify America to install more than 700 charging stations across North Carolina.

PG&E Corporation PCG 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.

Over the past six months, shares of TTE have risen 8.2% compared with the industry’s growth of 9.9%.

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Zacks Rank & A Key Pick

TotalEnergies currently has a Zacks Rank #3 (Hold). A better-ranked stock from the same space worth considering is RGC Resources RGCO, which is currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

RGC Resources reported an average positive earnings surprise of 198.3% in the past four quarters. The Zacks Consensus Estimate for fiscal 2024 and 2025 indicates year-over-year growth of 1.75% and 9.48%, respectively.

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