EVgo Inc. - EVGO STOCK NEWS

EVgo Inc. (NASDAQ: EVGO) announced a secondary offering where EVgo Holdings, , an affiliate of LS Power, plans to sell 23,000,000 shares of Class A common stock. LS Power may grant underwriters a 30-day option to purchase an additional 3,450,000 shares. EVgo will not receive any proceeds from this offering, as all proceeds will go to LS Power. J.P. Morgan, Goldman Sachs & Co. , Morgan Stanley, and Evercore ISI are serving as lead book-running managers. The offering's completion depends on market conditions, with no guaranteed timeline or final terms.

EVgo Inc. (NASDAQ: EVGO) has secured a $1.25 billion guaranteed loan facility from the U.S. Department of Energy to support the nationwide deployment of approximately 7,500 new fast charging stalls. This expansion will increase EVgo's network to at least 10,000 fast charging stalls by 2029, more than tripling its current footprint.

The project is expected to create over 1,000 U.S. jobs, including 700+ contracted positions in construction, engineering, development, and operations. The loan facility includes $1.05 billion in principal and up to $193 million in capitalized interest, with a 17-year tenor and 5-year deployment period starting 2025. EVgo has contributed 1,594 existing charging stalls as project collateral.

The company plans to deploy new charging architecture beginning in second half of 2026, focusing on streamlining the charging process while improving energy efficiency.

EVgo (NASDAQ: EVGO) and General Motors have achieved a significant milestone by surpassing 2,000 public fast charging stalls across the United States. The charging infrastructure spans 390 locations in 45 metropolitan markets across 32 states, doubling their footprint in just over a year. The companies are progressing toward their target of 2,850 DC fast charging stalls nationwide, including 400 public fast charging stalls at flagship destinations in major metropolitan markets.

Their 2,000th stall, located in Murrieta, CA, features five 350kW fast chargers capable of serving up to 10 vehicles simultaneously. The collaboration focuses on installing chargers in amenity-rich locations such as grocery stores, retail centers, and city centers, particularly serving customers unable to charge at home or work.

EVgo (NASDAQ: EVGO) announced an expansion of its partnership with Meijer to install up to 480 new fast charging stalls across six Midwest states. The company plans to deploy 30 new stations by 2026 and another 30 by 2027 at Meijer locations throughout Michigan, Illinois, Wisconsin, Indiana, Ohio, and Kentucky. Currently, EVgo operates 24 charging stalls at six Meijer stores in Michigan and Ohio. The expansion aligns with Meijer's sustainability goals, as the retailer has already surpassed its target of reducing carbon emissions by 50% ahead of schedule. The project is expected to be partially supported by EVgo's recent $1.05 billion conditional loan commitment from the Department of Energy.

EVgo reported record Q3 2024 results with revenue reaching $67.5 million, up 92% year-over-year. Network throughput hit 78 GWh, marking the 7th consecutive quarter of triple-digit growth at 111% year-over-year. The company added over 270 new operational stalls, reaching approximately 3,680 stalls in operation. Customer accounts grew by 147,000, totaling over 1.2 million. EVgo received a $1.05 billion conditional loan commitment from the DOE and raised its 2024 guidance midpoints for revenue to $250-265 million and Adjusted EBITDA to ($38)-($32) million.

EVgo Inc. (Nasdaq: EVGO), a major public fast charging network for electric vehicles, has scheduled its third quarter 2024 financial results release for Tuesday, November 12, 2024. The company will host a webcast at 8 a.m. ET (5 a.m. PT) featuring the EVgo management team. Investors can access the webcast through EVgo's investor relations website, and a dial-in option is available for both U.S. and international callers. Supporting materials, including the earnings press release and presentation, will be available on the company's website before the webcast.

EVgo Inc. (NASDAQ: EVGO) has signed a memorandum of understanding (MOU) with Delta Electronics, Inc. to co-develop next-generation EV charging architecture. The collaboration aims to improve customer experience, enhance charger reliability, and drive cost efficiencies. Key features of the new architecture include:

- Advanced software and all-in-one power electronics
- Contactless payment interface
- Ultra high-power 400kW dispensers
- Extended cable length for better maneuverability
- Dynamic power sharing across up to six charging stalls

EVgo expects to complete final design and testing by the second half of 2026. The company aims to lower gross capital expense per stall by 30% while increasing peak power delivery by nearly 20 percentage points. This initiative is part of EVgo's ReNew™ program, focused on enhancing the overall customer experience for EV drivers.

EVgo Inc. (NASDAQ: EVGO) has received a conditional commitment for a $1.05 billion loan guarantee from the U.S. Department of Energy to expand its fast charging network across the U.S. This financing is expected to support the construction of approximately 7,500 new DC fast charging stalls in community locations by 2030.

The expansion will focus on increasing access in areas serving multifamily housing residents and those relying primarily on public charging. Over 40% of the new stalls are anticipated to be in marginalized areas, aligning with the Biden-Harris administration's Justice40 initiative. The project is estimated to create more than 1,000 jobs, with top state markets including Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas.

EVgo plans to leverage the 30C tax credit from the Inflation Reduction Act to support the buildout. The financing structure allows EVgo flexibility to scale its network without raising additional equity. The company will collaborate with utilities, state agencies, and retail site hosts to accelerate infrastructure deployment.

EVgo Inc. (NASDAQ: EVGO), a leading public fast charging network for electric vehicles, has appointed Paul Dobson as Chief Financial Officer, effective October 1, 2024. Dobson brings over 30 years of experience in finance and operations, particularly in the energy sector. He most recently served as CFO of Ballard Power Solutions. In his new role, Dobson will focus on solidifying EVgo's path to profitability while expanding its nationwide network.

CEO Badar Khan expressed confidence in Dobson's ability to lead EVgo's finance function and contribute to the company's growth. Dobson's previous experience includes roles at Hydro One, Direct Energy , and CIBC. He holds an MBA from the University of Western Ontario and is a CPA, CMA.