DPW Holdings (DPW) Stock Climbs On Residential EV Charger News

DPW Holdings DPW Stock News

DPW Holdings Inc (NYSEAMERICAN: DPW) is making a run for the top in the premarket hours this morning, and for good reason. The company announced the launch of a new residential electric vehicle charging system. Here’s what’s going on:

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DPW Stock Rockets On Residential EV Charger News

As mentioned above, DPW is making a move for the top in the premarket hours after the comapny announced the coming launch of  anew product. The company said that its power electronics business, Coolisys Technologies, will begin accepting preorders for its level 2 residential EV wall mount charging system.

The preorders for the system will be accepted between November 15, 2020 and December 31, 2020. If consumers preorder in this time frame, the cost of the charging system will start at $499. DPW also said that the system will be available on Amazon starting on January 1, 2021. On Amazon.com, the price tag will be $599.  So, consumers will save $100 by preordering.

The new chargers run on 240 volts and are compatable with the J1772 standard. The chargers will also come with the option to add an adapter that allows for the charging of Tesla vehicles.

In a statement, Amos Kohn, President and CEO of the DPW subsidiary, Coolisys:

We are pleased to announce the launch date and pricing of our residential EV wall mount charging system. Coolisys’ compact, space saving wall mount AC charging system is easy to install and uses advanced charging technology in providing highly efficient and reliable charging service for electric vehicles. We believe our EV charger product line is well positioned to address the expected rapid expansion of infrastructure required to support broad adoption of electric vehicles globally.

This News Is Huge

The news released by DPW Holdings this morning is overwhelmingly positive. The fact of the matter is that as consumers, businesses, and governments alike are looking for ways to reduce their carbon footprint on our planet.

One of the big shifts that’s happening as a result of this environmental awareness is a push toward electric vehicles. After all, the burning of fossil fuels in transportation is one of the leading drivers of global warming.

With a shift to electric vehicles, affordable, in home chargers are needed to support the budding industry. That’s where DPW and its subsidiary, Coolisys, come in. The company has developed and is marketing an electric vehicle charger that costs less than the latest and greatest in smartphones. That’s HUGE, making DPW stock one to watch closely.

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