Why Volta Shares Have Been Charging Higher This Week
The stock of electric vehicle (EV) charging company Volta (NYSE: VLTA) has itself charged higher this week. Volta shares are about 13% above last Friday's closing price early in the final day of this week's trading, according to data provided by S&P Global Market Intelligence.
When the Bipartisan Infrastructure Law passed last year, it included about $5 billion to help build charging infrastructure throughout the United States to support the transition to EVs. Charging equipment companies like Volta soared this week after the first $900 million was approved to begin that process.
The Biden administration has said it wants to add 500,000 EV chargers across the country to alleviate the range anxiety that keeps some consumers away from making the switch to EVs. This week, the administration approved the plans submitted by more than two thirds of the states to begin that process. U.S. Transportation Secretary Pete Buttigieg said in a statement, "With the first set of approvals we are announcing today, 35 states across the country -- with Democratic and Republican governors -- will be moving forward to use these funds to install EV chargers at regular, reliable intervals along their highways."
Source Fool.com
