EVgo Higher Network Throughput Signals Economy Emerging from Pandemic

Rhea-AI Summary

EVgo, the largest public fast charging network for electric vehicles, reports that its charging network's power dispensed has surpassed pre COVID-19 levels, indicating economic recovery and increasing EV adoption. Over the last month, daily throughput has exceeded 2019 figures, coinciding with a milestone of over 250,000 customers. The rise in EV sales, which grew by 62% year-on-year in Q1 2021, further supports this trend. EVgo plans to enhance its network with hundreds of new charging locations, aiming to facilitate convenient and reliable charging for all users.

Positive

• Daily throughput exceeds pre COVID-19 levels, indicating economic recovery.
• Surpassed 250,000 customers on the charging network.
• EV sales increased by 62% year-on-year in Q1 2021.
• Hundreds of new fast charging locations under development.

Negative

• None.

EVgo, the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today announced that power being dispensed on its public charging network now exceeds pre COVID-19 levels, signaling both a return of economic activity and the growth of EV usage and adoption. This trend is consistent with data related to retail, travel, and automotive sector activity, and is a welcome sign of recovery as we emerge from the pandemic.

(Photo: Business Wire)

Over the last 30 days, average daily throughput on EVgo’s network exceeded pre COVID-19 levels from late 2019 and early 2020. Further supporting the positive economic trajectory, EVgo recently announced achieving more than 250,000 customers on its charging network nationwide

“The activity we’re seeing on our network tells us that the U.S. economy is recovering and electrification of transportation is continuing apace,” said Cathy Zoi, CEO of EVgo. “Signs of the economic recovery are everywhere, as lives, behaviors and routines return to normal and drivers resume everyday activities – including shopping, recreation, road trips, and a return to the workplace. As more and more drivers resume pre-pandemic life, the data is validating that great locations are key for EV charging usage. EVgo’s network is realizing a significant throughput uptick, as increased EV adoption further enhances our growth trajectory.”

A number of market participants are noting similar trends. Regency Centers Corporation, one of the largest operators of shopping centers in the country, recently cited that foot traffic across its portfolio in April 2021 has recovered to between 90% and 100% of 2019 levels. Additionally, AAA projects 37 million people will travel at least 50 miles for the upcoming 2021 Memorial Day weekend, representing a 60% increase over 2020’s estimated 23 million travelers.

According to an analysis of the U.S. auto market issued by Cox Automotive and Kelley Blue Book in April 2021, EV sales during the first quarter of 2021 increased in both absolute terms and as a percentage of total vehicle sales. Per the study, electrified vehicle sales accounted for an estimated 7.8% of total vehicle sales in the first quarter of 2021, up from 4.8% in the first quarter of 2020 – a 62% year-on-year increase. Furthermore, first quarter 2021 EV sales increased by 45% over the prior year, representing more than 4-times the pace of sales growth for total vehicle sales. Automakers have announced more than $300 billion of original equipment manufacturer investments in electrification, and according to EVAdoption.com, 21 Battery Electric Vehicle models are offered for sale in the U.S. today, with an additional 18 models expected to come to market before the end of 2021.

“Surging economic activity and more EVs on the road are a powerful combination for EVgo and clean transportation as a whole,” said Jonathan Levy, CCO of EVgo. “Our strategy is consistent and simple – to locate, own and operate fast chargers where people want to be. Making EV charging convenient and reliable for drivers, fleets, and other partners is what EVgo does. We are thrilled to see more customers charging up and getting back to their daily lives with the confidence and convenience of our charging solutions, capable of delivering around 150 miles of charging range in as little as 15 minutes¹. With hundreds of new fast charging locations in construction and under development, the EVgo team remains focused on delivering value to EV drivers and partners in more locations and in more ways as we keep our foot on the accelerator.”

About EVgo

EVgo is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s charging network serves over 65 metropolitan areas across 34 states, owns and operates the most public fast charging locations in the US. and serves more than 250,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet. EVgo’s parent company is LS Power, a New York-headquartered development, investment and operating company focused on leading edge solutions for the North American power and energy infrastructure sector. On January 22, 2021, EVgo announced that it entered into a definitive business combination agreement with Climate Change Crisis Real Impact I Acquisition Corporation (“CRIS”) (NYSE: CLII). For more information visit evgo.com and lspower.com.

About LS Power

LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has developed, constructed, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects, and has developed more than 660 miles of high voltage electric transmission. Additionally, LS Power actively invests in businesses focused on renewable energy and renewable fuels, as well as distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo. Across its efforts, LS Power has raised in excess of $47 billion in debt and equity capital to support North American infrastructure. For more information, please visit www.lspower.com.

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¹ Note: Because the rate of charge is impacted by the capability of the vehicle, as well as its state of charge and the power of the charger, the time to charge will vary by EV. 150 miles in 15 minutes equates to a 200kW charge for 15 minutes for an EV with 3mi/ kWh capability. EVgo’s fast charging network includes configurations from 50kW through 350kW.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210521005172/en/

FAQ

What recent performance highlights has EVgo reported?

EVgo reported that its charging network throughput has surpassed pre COVID-19 levels and has achieved over 250,000 customers.

How much have EV sales increased according to recent data?

EV sales increased by 62% year-on-year in the first quarter of 2021.

What is EVgo's plan for its charging network?

EVgo plans to enhance its charging network with hundreds of new fast charging locations.

What does the increase in charging activity signal for the economy?

The increase in charging activity signals a recovery in economic activity and a rise in electric vehicle adoption.

How does EVgo contribute to the electrification of transportation?

EVgo operates the largest public fast charging network powered by 100% renewable energy, supporting the growth of electric vehicles in the U.S.