(MENAFN - Yolo Wire) There was some big news coming out of California this morning after a EV charging system company announced a partnership with General Motors and will install hundreds of charging points at key locations across the US, according to a press release.

Shares of %ChargePoint Holdings Inc. (NYSE: $CHPT) rallied strongly on the news, with traders pushing this penny stock up to $1.30/share (+12.07%) at the early session high. This move could be an indication of things to come as this stock attempts to break out of a slightly downtrending consolidation.

ChargePoint designs, develops, and markets networked electric vehicle charging system infrastructure and cloud-based services that enable consumers to locate, reserve, and authenticate EV charging. The company's hardware product lineup includes solutions across home, commercial, and fast-charging applications. ChargePoint derives the majority of its revenue from the United States.

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