EVgo and Meijer Expand Partnership to Install up to 480 New Fast Charging Stalls at Meijer Locations Across Midwest

Rhea-AI Summary

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.

Positive

• Significant expansion with up to 480 new charging stalls across six states
• Strategic partnership with major retailer enhances market presence
• Potential funding support from $1.05B DOE loan commitment
• Clear execution timeline with specific targets for 2026 and 2027

Negative

• Substantial capital investment required for infrastructure deployment
• Extended timeline for full implementation through 2027

Insights

Market Research Analyst

This expanded partnership marks a significant scaling of EV infrastructure in the Midwest retail sector. The planned deployment of 480 new charging stalls across 60 Meijer locations represents a major expansion from the current 24 stalls at 6 stores. The strategic value lies in Meijer's extensive regional presence and the natural synergy between grocery shopping and EV charging times.

The rollout schedule, targeting 30 stations by 2026 and another 30 by 2027, is supported by EVgo's $1.05 billion conditional loan commitment from the DOE. This positions EVgo favorably in capturing the growing Midwest EV market, where charging infrastructure has historically been The partnership also benefits from Meijer's strong environmental credentials, including their early achievement of 50% carbon emission reduction goals.

Financial Analyst

The deal significantly strengthens EVgo's revenue potential and market position. With an average of 8 charging stalls per location across 60 sites, this expansion could generate substantial recurring revenue through increased utilization rates. The partnership with a major retailer like Meijer provides prime real estate locations and a built-in customer base of regular shoppers.

The DOE's $1.05 billion conditional loan commitment provides important financial backing for this expansion, reducing capital strain on EVgo's balance sheet. The phased implementation approach through 2027 allows for measured capital deployment while establishing a strong foothold in the Midwest market, where EV adoption is accelerating but charging infrastructure remains undersupplied.

Next phase of partnership to bring fast charging to as many as 60 Meijer properties across six states

LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced an expansion to its longstanding partnership with Meijer, a Midwest grocery retailer, to bring more public fast charging infrastructure to Meijer store locations throughout its six-state footprint. As part of this expanded relationship, EVgo plans to deploy up to 480 new public fast charging stalls at Meijer properties across Michigan, Illinois, Wisconsin, Indiana, Ohio, and Kentucky.

An EVgo fast charging station at a Meijer in Royal Oaks, MI. (Photo: Business Wire)

To date, EVgo has opened 24 public fast charging stalls at six Meijer stores in Michigan and Ohio, and as part of the expanded partnership, the Company expects to open up to 30 new stations at Meijer stores by the end of 2026, and 30 more stations by the end of 2027.

“Fast charging should be an effortless part of drivers’ daily routines, and nothing is more routine than a trip to the grocery store,” said EVgo President, Dennis Kish. “EV adoption is growing in the Midwest, and by adding hundreds of new fast charging stalls with the region’s leading supercenter, EVgo’s partnership with Meijer shows our companies’ shared commitment to delivering an elevated charging experience for EV drivers living or traveling throughout the Midwest.”

Today, Meijer offers EV charging options at more than 35% of its store locations—and this expanded partnership with EVgo will play a vital role in providing greater access to public charging for Meijer customers. In addition to EV charging, Meijer is committed to reducing its carbon footprint across its core business functions with various initiatives focused on energy efficiency and renewable energy, and the retailer has also received numerous awards from the Environmental Protection Agency’s (EPA) GreenChill partnership. In September 2024, Meijer announced it surpassed its goal of reducing its carbon emissions by 50% one year ahead of schedule.

“Access to electric vehicle charging is an essential pillar of our broader sustainability goals and we’re proud to partner with EVgo as part of our ongoing environmental stewardship efforts,” said Erik Petrovskis, Director of Environmental Compliance and Sustainability at Meijer. “As we continue to connect more customers with these charging resources, we are able to make notable progress toward minimizing our shared emissions and ensuring a more sustainable future for all.”

This expanded partnership is part of EVgo’s broader work to provide a customer-centric nationwide charging network, which is expected to be supported in part by the recent conditional commitment EVgo received for a loan guarantee of up to $1.05 billion from the Department of Energy Loan Programs Office if the financing is finalized.

For more information about the EVgo network, visit www.evgo.com. To find the locations of nearby EVgo chargers, please visit www.evgo.com/find-a-charger/ or check the EVgo app for real-time pricing and charger availability.

*Actual charging time will vary based on vehicle’s charging speed, battery size, and initial state of charge.

Forward Looking Statements

This press release contains forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, our anticipated plans for opening EV fast charging stations at Meijer stores and the expected benefits of the expanded partnership. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” and elsewhere in our Quarterly Reports of Form 10-Q and our Annual Reports on Form 10-K, filed with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. As a result, you should not rely on any forward-looking statements as predictors of future results. Any forward-looking statements in this release are based on the limited information currently available to EVgo as of the date hereof, which is subject to change and EVgo will not necessarily update these forward-looking statements, even if new information becomes available in the future.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 1,000 fast charging locations across 40 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

About Meijer

Meijer is a privately owned, family-operated retailer that serves customers at more than 500 supercenters, grocery stores, neighborhood markets, and express locations throughout the Midwest. As the pioneer of the one-stop shopping concept, more than 70,000 Meijer team members work hard to deliver a friendly, seamless in-store and online shopping experience featuring an assortment of fresh foods, high-quality apparel, household essentials, and health and wellness products and services. Meijer is consistently recognized as a Great Place to Work and annually donates at least 6 percent of its profit to strengthen its communities. Additional information on the company can be found by visiting newsroom.meijer.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241119934482/en/

EVgo Contacts

For Investors:

investors@evgo.com

For Media:

press@evgo.com

Meijer Media Contact

|MeijerMediaHotline@meijer.com

Source: EVgo

FAQ

How many new charging stalls will EVgo (EVGO) install at Meijer locations?

EVgo plans to install up to 480 new fast charging stalls at Meijer locations across six Midwest states.

When will EVgo (EVGO) complete the new charging stations installation at Meijer?

EVgo plans to open up to 30 new stations by the end of 2026, and an additional 30 stations by the end of 2027.

How many EVgo (EVGO) charging stalls are currently operating at Meijer stores?

EVgo currently operates 24 public fast charging stalls at six Meijer stores in Michigan and Ohio.

Which states will get new EVgo (EVGO) charging stations at Meijer locations?

The new charging stations will be installed across Michigan, Illinois, Wisconsin, Indiana, Ohio, and Kentucky.