EVgo Added to Russell 3000® and Russell 2000® Indexes

Rhea-AI Summary

EVgo Inc. (NASDAQ: EVGO) has been added to the Russell 3000® and Russell 2000® Indexes, effective June 27, 2022. This inclusion reflects EVgo's market capitalization among the 4,000 largest US stocks. As the largest public fast charging network for electric vehicles, EVgo operates over 850 charging locations in more than 30 states, serving around 375,000 customers. The Russell indexes are significant benchmarks for approximately $12 trillion in assets, thereby increasing investor exposure and awareness of EVgo's mission to promote electric vehicle adoption.

Positive

• Inclusion in the Russell 3000® and Russell 2000® Indexes expands investor exposure to EVgo.
• Membership will likely enhance credibility and visibility among institutional investors.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), the nation’s largest public fast charging network for electric vehicles (EVs), has been added to the broad-market Russell 3000^® and Russell 2000^® Indexes at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US market opens on June 27, 2022.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 6, ranking them by total market capitalization. Membership in the US all-cap Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000^® Index or small-cap Russell 2000^® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“We are proud to be added to the Russell family of indices as a new member of the Russell 2000,” said Cathy Zoi, CEO of EVgo. “We are excited to increase investor exposure to the EVgo story and drive greater awareness for our mission of expediting mass adoption of electric vehicles for everyone.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000^® and Russell 2000^® Indexes as well as the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About EVgo

EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles. As of the end of the first quarter 2022, with more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. 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.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220627005193/en/

For Investors:

Ted Brooks, VP of Investor Relations

investors@evgo.com

310-954-2943

For Media:

press@evgo.com

Source: EVgo

FAQ

What is the significance of EVgo's inclusion in the Russell 2000 Index?

Being included in the Russell 2000 Index increases EVgo's visibility among institutional investors and enhances its credibility.

When did EVgo join the Russell 3000 Index?

EVgo was added to the Russell 3000 Index on June 27, 2022.

How many charging locations does EVgo operate?

As of the first quarter of 2022, EVgo operates over 850 charging locations across more than 30 states.

What market capitalization ranking is required for Russell Index inclusion?

Inclusion is based on the ranking of the 4,000 largest US stocks by total market capitalization.

How many consumer accounts does EVgo have?

EVgo serves approximately 375,000 customer accounts.