EVgo and Regency Centers Open Newest Fast Charging Station in Longstanding Partnership, Expanding Footprint to More Than 120 Stalls Across U.S.

Rhea-AI Summary

EVgo and Regency Centers have announced the opening of a new fast charging station at Blakeney Town Center in Charlotte, North Carolina, situated at 9870 Rea Rd near Interstate 485.

This expansion is part of their ongoing partnership started in 2020, which has resulted in over 120 public fast charging stalls across 40 locations in 10 states. The new station features high-power 350kW fast chargers, capable of charging two vehicles simultaneously.

The initiative is supported by the North Carolina Department of Environmental Quality and General Motors. The companies plan to open more than 20 new fast charging stalls over the next year, with further locations anticipated in Maryland, Massachusetts, and Texas.

Mark Peternell, VP of Sustainability at Regency Centers, highlighted the stations as an amenity that supports EV adoption and sustainability goals.

Positive

• Opening of a new fast charging station in Charlotte, North Carolina at Blakeney Town Center.
• Expansion of partnership between EVgo and Regency Centers, with over 120 fast charging stalls across 40 locations in 10 states.
• Future plans to open 20+ new fast charging stalls over the next year.
• New stations will feature high-power 350kW chargers, enhancing charging efficiency.
• Funding support from North Carolina Department of Environmental Quality and collaboration with General Motors.

Negative

• None.

Insights

Financial Analyst

EVgo Inc. and Regency Centers Corporation have announced the opening of a new fast charging station in Charlotte, North Carolina, expanding their total footprint to more than 120 stalls across the U.S. This is a positive milestone for both companies, indicating sustained growth and ongoing investment in the EV infrastructure sector.

From a financial perspective, the expansion efforts are likely to enhance EVgo's revenue streams through higher utilization rates and increased customer engagement. Moreover, locating these stations in high-traffic retail areas like Regency Centers' properties can attract a consistent flow of EV drivers, potentially boosting retail sales within these centers.

While this expansion may incur upfront capital expenditures, the long-term revenue growth and market positioning benefits could outweigh these initial costs, making this a strategic investment. The collaboration with General Motors and funding support from the North Carolina Department of Environmental Quality further strengthens EVgo's financial positioning by sharing the financial burden and reducing operational risks.

Investors should consider the broader trend of rising EV adoption, which is likely to continue driving demand for fast charging infrastructure. This strategic move aligns well with industry predictions and reinforces EVgo’s market leadership.

Market Research Analyst

The collaboration between EVgo and Regency Centers to expand their fast charging network is a significant step in addressing the growing demand for EV infrastructure. Market dynamics indicate a sharp increase in the adoption of electric vehicles, spurred by consumer preference for sustainable options and supportive government policies, such as tax incentives and environmental regulations.

This initiative positions both companies to capture a larger share of the burgeoning EV market. By offering fast charging stations in high-traffic retail locations, they can capitalize on the dual benefit of drawing EV drivers and enhancing the appeal of Regency Centers' retail properties.

The deployment of high-power 350kW fast chargers is a noteworthy feature, as it addresses a key pain point for EV owners: long charging times. This technological enhancement can significantly reduce charging duration, making EVs more practical for long-distance travel and everyday use. Consequently, this investment can accelerate the adoption rate of electric vehicles, benefiting the overall market ecosystem.

Overall, the strategic placement and advanced technology of these charging stations put EVgo and Regency Centers in a promising position to support and benefit from the EV revolution.

Companies plan to open over 20 new fast charging stalls over the next year

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), and Regency Centers Corporation (NASDAQ: REG) (“Regency” or “Regency Centers”), today announced the opening of a new fast charging station at Blakeney Town Center in Charlotte, North Carolina. The Blakeney Town Center station is conveniently located at 9870 Rea Rd in Charlotte near the city’s major roadways, including Interstate 485, with multiple shopping and dining options for EV drivers, along with a suite of other amenities.

EVgo fast charging stations at Regency properties across the U.S. (Photo: Business Wire)

The latest station opening builds upon the partnership between EVgo and Regency Centers, which first began in 2020. To date, the companies have opened more than 120 public fast charging stalls at approximately 40 Regency properties across 10 states, with additional stations at locations in Maryland, Massachusetts, and Texas slated to open over the next year. All new stations opened under the partnership are expected to feature at least one high-power 350kW fast charger capable of simultaneously charging two vehicles.

“As EVgo continues to deploy fast charging infrastructure across the country, partners like Regency Centers play a vital role in our ability to provide charging options in convenient locations with a variety of amenities,” said Marcy Bauer, Senior Vice President of Deployment at EVgo. “The opening of our latest station in Charlotte is yet another success story in our longstanding relationship with Regency, and we look forward to building additional charging stations through the partnership over the coming years.”

The new station was built with funding support from the North Carolina Department of Environmental Quality and as part of EVgo’s collaboration with General Motors. With the addition of this station in Charlotte, EVgo and Regency Centers have now opened a total of seven sites across major metropolitan areas in North Carolina, including Charlotte, Durham, and Raleigh.

“Our retail communities bring people together to shop, dine, and gather, making public charging stations a nice amenity for EV drivers visiting our properties,” said Mark Peternell, VP of Sustainability at Regency Centers. “By growing our partnership and providing increased access to reliable and convenient public fast charging options from networks like EVgo, we can support the widespread adoption of EVs in the U.S. as well as our sustainability goals.”

For more information about the EVgo charging network, please visit www.evgo.com.

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 more than 35 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 Regency Centers

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240626429071/en/

For Investors:

investors@evgo.com

For Media:

press@evgo.com

Source: EVgo

FAQ

What recent expansion has EVgo (EVGO) announced?

EVgo has announced the opening of a new fast charging station at Blakeney Town Center in Charlotte, North Carolina.

How many fast charging stalls have EVgo and Regency Centers opened to date?

EVgo and Regency Centers have opened over 120 fast charging stalls across approximately 40 locations in 10 states.

What are EVgo's plans for future fast charging stall installations?

EVgo plans to open more than 20 new fast charging stalls over the next year, with locations in Maryland, Massachusetts, and Texas.

What is the power capacity of the new fast chargers installed by EVgo?

The new fast chargers installed by EVgo feature high-power 350kW capabilities, capable of simultaneously charging two vehicles.

Who supports the funding for EVgo’s new station in Charlotte?

The funding support for EVgo’s new station in Charlotte comes from the North Carolina Department of Environmental Quality and a collaboration with General Motors.