Allego Announces Successful Pilot Program for High-Powered Truck Charging; Initial 2024 Network Roll-out Planned

Rhea-AI Summary

Allego N.V. (NYSE: ALLG) achieves impressive 22% utilization rate at high-power commercial charging station pilot program for electric trucks and light duty vehicles, in collaboration with Sogaris, validating the need for efficient truck charging infrastructure and highlighting Allego's ability to deliver effective ultra-fast solutions for the growing electric truck industry.

Positive

• Impressive 22% utilization rate in five weeks, compared to Allego's third quarter 2023 mature charging utilization rate of 15%
• Equipped with two 300 kW ultra-fast charging points aimed directly for truck and light duty vehicles
• Inaugurated the first high-power charging station for electric trucks and light duty vehicles at the Sogaris’ urban logistic platform in Rungis, just outside of Paris, France
• Plans to roll out first commercial ultra-fast truck charging stations in Europe in 2024
• Partnership with logistics companies like Sogaris to support the vision of a future of emission-free mobility

Negative

• None.

• In the first five weeks of operation, the high-powered truck charging site has had an outperforming 22% utilization rate, compared to Allego’s third quarter 2023 mature charging utilization rate of 15%. Allego equipped the station with two 300 kW ultra-fast charging points aimed directly for truck and light duty vehicles.
• The success of this initial pilot phase validates the concept of dedicated Allego high-powered truck and light duty vehicle charging stations, enabling a 2024 rollout of first commercial ultra-fast truck charging stations in Europe.

ARNHEM, Netherlands--(BUSINESS WIRE)-- Allego N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading pan-European public electric vehicle fast and ultra-fast charging network, is pleased to announce the results from its high-power commercial charging station pilot program for electric trucks and light duty vehicles.

Equipped with two 300 kW ultra-fast charging points, the site has already achieved an impressive utilization rate of 22% in five weeks. This initiative, in collaboration with Sogaris, an urban logistics property leader in France, validates the industry's need for efficient truck charging infrastructure and highlights Allego's ability to deliver effective ultra-fast solutions for the growing electric truck industry.

On October 12, 2023, Allego and Sogaris inaugurated the first high-power charging station for electric trucks and light duty vehicles at the Sogaris’ urban logistic platform in Rungis, just outside of Paris, France. By installing the first prototype station at the Sogaris Rungis site, Allego and Sogaris have demonstrated their shared commitment to sustainable transportation solutions. This innovative charging station allows for a rapid charging experience, with a 30-minute charging time for light duty vehicles and approximately one hour for heavy duty trucks.

In 2024, the Company expects to begin rolling out its first additional high-powered truck chargers aimed at high density locations in order to maximize utilization rates. Allego’s proprietary Alamo tool proved vital in initial site selection and will continue to play an important part of the Company’s analysis and deployment of its charging network to maximize return on investment.

Mathieu Bonnet, Chief Executive Officer of Allego, said, “Commercial truck charging infrastructure is the keystone to fully enable a transition to electric vehicles. Yet, truck charging is in its early stages and much less ubiquitous compared to passenger vehicles. We have been working to integrate truck charging into our portfolio and, while these numbers are in the early stages, these initial results indicate that the industry is ready and so are we. This opens up great potential for Allego as we continue to expand our charging network. By partnering with logistics companies like Sogaris who share our vision of a future of an emission-free mobility, we are seeing this vision transform into reality.”

With European legislation setting targets to make commercial charging accessible spanning all major motorways, the question of truck charging is not “if” but, rather, “when.” The successful pilot phase of Allego's high-power charging station for electric trucks and light duty vehicles marks an important achievement in showing the need of supporting the electrification of transport vehicles.

About Allego

Allego is a leading provider of electric vehicle charging solutions, dedicated to accelerating the transition to electric mobility with 100% renewable energy. Allego has developed a comprehensive portfolio of innovative charging infrastructure and proprietary software, including its Allamo and EV Cloud software platforms. With a network of over 35,000 charging ports across over 17,000 public and private locations spanning 16 countries, Allego delivers independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. Founded in 2013 and publicly listed on the NYSE in 2022, Allego now employs a team of 200 people striving every day to make charging accessible, sustainable, and enjoyable for all.

For more information, please visit www.allego.eu.

About Sogaris

Sogaris is a real estate company specializing in real estate solutions for urban logistics and last-mile deliveries. The group is developing a network of logistics spaces designed for dense cities and capable of supporting the reduction of the environmental footprint of the mobility of goods. Sogaris has thus developed new asset classes specifically dedicated to this activity: logistics hotels and local logistics spaces.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Allego intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,”, “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, Allego’s expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) changes adversely affecting Allego’s business, (ii) the price and availability of electricity and other energy sources, (iii) the risks associated with vulnerability to industry downturns and regional or national downturns, (iv) fluctuations in Allego’s revenue and operating results, (v) unfavorable conditions or further disruptions in the capital and credit markets, (vi) Allego’s ability to generate cash, service indebtedness and incur additional indebtedness, (vii) competition from existing and new competitors, (viii) the growth of the electric vehicle market, (ix) Allego’s ability to integrate any businesses it may acquire, (x) Allego’s ability to recruit and retain experienced personnel, (xi) risks related to legal proceedings or claims, including liability claims, (xii) Allego’s dependence on third-party contractors to provide various services, (xiii) data security breaches or other network outage, (xiv) Allego’s ability to obtain additional capital on commercially reasonable terms, (xv) Allego’s ability to remediate its material weaknesses in internal control over financial reporting, (xvi) the impact of COVID-19, including COVID-19 related supply chain disruptions and expense increases, (xvii) general economic or political conditions, including the Russia/Ukraine conflict or increased trade restrictions between the United States, Russia, China and other countries, and (xviii) other factors detailed under the section entitled “Risk Factors” in Allego’s filings with the Securities and Exchange Commission. The foregoing list of factors is not exclusive. If any of these risks materialize or Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Allego presently does not know or that Allego currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans or forecasts of future events and views as of the date of this press release. Allego anticipates that subsequent events and developments will cause Allego’s assessments to change. However, while Allego may elect to update these forward-looking statements at some point in the future, Allego specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Allego’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231130684553/en/

Investors

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Media

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Source: Allego N.V.

FAQ

What is the utilization rate of Allego's high-power commercial charging station pilot program for electric trucks and light duty vehicles?

The site has achieved an impressive utilization rate of 22% in five weeks, compared to Allego’s third quarter 2023 mature charging utilization rate of 15%.

Where was the first high-power charging station for electric trucks and light duty vehicles inaugurated?

The first high-power charging station was inaugurated at the Sogaris’ urban logistic platform in Rungis, just outside of Paris, France.

What are the future plans for Allego in terms of ultra-fast truck charging stations?

Allego expects to begin rolling out its first commercial ultra-fast truck charging stations in Europe in 2024.

Who is Allego collaborating with for the high-power commercial charging station pilot program?

Allego is collaborating with Sogaris, an urban logistics property leader in France, for the pilot program.

What is the capacity of the ultra-fast charging points at Allego's high-power commercial charging station?

The site is equipped with two 300 kW ultra-fast charging points aimed directly for truck and light duty vehicles.

What is the expected charging time for light duty vehicles and heavy duty trucks at the innovative charging station?

The charging time is approximately 30 minutes for light duty vehicles and one hour for heavy duty trucks.