EVgo and Delta Electronics Announce Strategic Collaboration to Advance Nationwide Access to EV Charging

Rhea-AI Summary

EVgo Inc. (NASDAQ: EVGO), the largest public fast charging network for electric vehicles in the U.S., has signed a new supply agreement with Delta Electronics. This pact includes the provision of 1,000 fast chargers capable of delivering up to 350kW, aimed at supporting EVgo's expansion and deployment objectives. CEO Cathy Zoi emphasized the collaboration's importance for enhancing charging accessibility. Delta, recognized for its high-efficiency power solutions, has shipped over one million EV chargers globally, reinforcing its expertise in the e-mobility sector.

Positive

• New supply agreement with Delta Electronics enhances EVgo's fast charging capabilities.
• Acquisition of 1,000 fast chargers with up to 350 kW output supports expansion goals.
• Collaboration positions EVgo to meet increasing demand for EV charging infrastructure.

Negative

• None.

New supply agreement will mitigate supply chain risk and support fast charging deployment targets

LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (NASDAQ: EVGO) (EVgo), the nation’s largest public fast charging network for electric vehicles (EVs), today announced that it has entered into a new supply agreement with Delta Electronics, a global provider of power and energy management solutions and leader in EV charging solutions. Under the agreement, Delta will supply EVgo with 1,000 fast chargers with up to 350kW power output, which supports EVgo’s recently announced project with General Motors (GM) and Pilot Company, as well as other EVgo eXtend and fleet projects and expansions to EVgo’s owned and operated charging network.

(Photo: Business Wire)

“EVgo is dedicated to making EV charging convenient and reliable for all, which makes it critical that our network is comprised of high-quality chargers backed by a track record of innovation, reliability and technology leadership,” said Cathy Zoi, CEO of EVgo. “EVgo and Delta share a reputation as industry first-movers and this collaboration will showcase our complementary strengths and expertise, while supporting EVgo’s momentum and deployment targets to expand access to world-class EV charging experiences across the U.S.”

“For over 50 years, Delta has been leveraging its core competence in high-efficiency power electronics to provide energy-saving solutions capable of nurturing megatrends that support sustainability. Our e-mobility track record includes not only having shipped over one million EV chargers to our worldwide customers but also long-term cooperation with world-class EV manufacturers in North America, Europe and Asia. We are excited to partner with a leader like EVgo, especially as the United States aims for rapid growth in e-mobility,” said Kelvin Huang, President of Delta Electronics Americas Region.

Founded in 1971, Delta Electronics brings decades of experience in power and energy management solutions, guided under its corporate mission “to provide innovative, clean and energy-efficient solutions for a better tomorrow.” Delta operates approximately 200 facilities worldwide, including manufacturing, sales, and R&D centers. With strong system integration capabilities, the company offers a broad spectrum of smart green solutions across EV charging, industrial automation and smart manufacturing, building automation, telecom power, data center infrastructure, renewable energy, energy storage and display, to nurture the development of smart factories and sustainable cities. The Delta units for EVgo will primarily consist of 350 kW EV chargers with a power-sharing functionality.

For more information on the locations of fast chargers within EVgo’s charging network, visit www.evgo.com. For more information about Delta Electronics, please visit www.delta-americas.com.

About EVgo

EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles. As of the end of the second 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 444,000 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 Delta Electronics

Delta Electronics, founded in 1971, is a global leader in switching power supplies and energy management products with a thriving portfolio of smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, "To provide innovative, clean and energy-efficient solutions for a better tomorrow," Delta leverages its core competence in high-efficiency power electronics and its CSR-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across five continents.

Throughout its history, Delta Electronics received various global awards and recognition for its business achievements, innovative technologies and dedication to CSR. Since 2011, Delta has been listed on the DJSI World Index of the Dow Jones Sustainability™ Indices (DJSI) for 11 consecutive years. In 2021, Delta was also recognized by CDP with leadership level ratings for its substantial contribution to climate change and water security issues and named Supplier Engagement Leader for its continuous development of a sustainable value chain.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005199/en/

EVgo

For Investors:

Ted Brooks, VP of Investor Relations

investors@evgo.com

310-954-2943

For Media:

press@evgo.com

Delta Electronics Americas Region

Adrian Sferle

Marketing & Communications Manager

adrian.sferle@deltaww.com

+1-510-945-7285

Source: EVgo

FAQ

What is the recent supply agreement announced by EVgo?

EVgo announced a supply agreement with Delta Electronics for 1,000 fast chargers with up to 350 kW power output.

How does the new agreement affect EVgo's expansion plans?

The agreement supports EVgo's targets for fast charging deployment and enhances accessibility for EV drivers.

Why is the partnership with Delta Electronics significant for EVgo?

Delta's expertise and track record in providing reliable EV charging solutions align well with EVgo’s mission to enhance charging convenience.