Why Bloom Energy, ChargePoint, and QuantumScape Soared Today
Shares of clean energy companies Bloom Energy (NYSE: BE), Chargepoint Holdings (NYSE: CHPT), and QuantumScape (NYSE: QS) soared on Friday, rallying 6.1%, 14%, and 6.8%, respectively, as of 2:14 p.m. ET. Although the broader markets and technology stocks were also up strongly, the outsize gains for these three stocks likely had to do with today's House vote on the Inflation Reduction Act.
Having already passed the Senate, the Inflation Reduction Act's centerpiece is the $370 billion in subsidies and credits to spur clean energy investment in the U.S. That stands to benefit each of these three companies.
There are a whole host of tax credits and incentives for clean energy in the bill, spanning both consumer purchases of electric vehicles, battery storage, energy-efficient electric appliances, and energy-saving building upgrades, as well as credits for manufacturing investments related to clean energy technologies.
Source Fool.com
