EVgo Celebrates More Than 1 Million Customer Accounts Across the U.S. as EV Adoption Continues to Grow

Rhea-AI Summary

EVgo (NASDAQ: EVGO), one of the U.S.'s largest public fast charging networks for electric vehicles, announced reaching over one million registered customer accounts. The number of accounts surged by 400% since April 2020, highlighting the growing adoption of EVs and demand for charging infrastructure.

In Q1 2024, network utilization was at 19% nationwide, with gigawatt-hour throughput nearly tripling compared to Q1 2023. EVgo's Autocharge+ feature, available for over 50 EV models, saw a fourfold increase in charging sessions year-over-year. Additionally, nearly 40% of EVgo's stalls are now 350 kW chargers, up from 22% at the end of March 2023.

CEO Badar Khan emphasized EVgo's goal of creating a customer-centric network, with 100,000 potential stalls identified with site host partners, signaling further expansion to meet rising demand.

Positive

• EVgo reached over 1 million registered customer accounts, indicating strong market penetration.
• Customer accounts increased by 400% since April 2020, showing rapid growth.
• Network utilization was at 19% nationwide in Q1 2024.
• Gigawatt-hour throughput nearly tripled year-over-year in Q1 2024.
• Autocharge+ sessions quadrupled in Q1 2024 compared to Q1 2023.
• Nearly 40% of EVgo's stalls now feature 350 kW chargers, up from 22% in March 2023.
• 100,000 potential stalls identified with site host partners for future expansion.

Negative

• No significant negative business aspects reported in the press release.

EVgo more than doubles total number of registered customer accounts in less than two years, pointing to increased rates of EV adoption and rising demand for fast charging infrastructure

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 that the Company reached more than one million registered customer accounts nationwide. EVgo customer accounts have skyrocketed—increasing by 400% since April 2020.

(Photo: Business Wire)

This momentum reflects growing EV adoption rates in the U.S. as well as increased demand for public charging infrastructure. During the first quarter of 2024, utilization on the EVgo network was approximately 19% nationwide, and the gigawatt hour throughput on the network nearly tripled year over year compared to the first quarter of 2023. EVgo more than doubled its registered accounts in under two years, having last celebrated reaching 500,000 accounts in October 2022.

As demand grows on the network, EVgo continues to roll out features that optimize the customer experience, including Autocharge+, EVgo’s streamlined plug and charge payment feature, which is now available to more than 50 EV models. Total charging sessions initiated by Autocharge+ more than quadrupled in the first quarter of 2024 compared to the first quarter of 2023. In addition to simplified payment options, EVgo continues to roll out more high-power charging, with nearly 40% of EVgo's stalls now powered by a 350 kW charger, an increase from 22% at the end of March 2023.

“EVgo is laser focused on building a customer-centric charging network that now serves over one million drivers,” said EVgo CEO, Badar Khan. “And as more drivers make the switch to electric, we’re seeing demand on the EVgo network skyrocket. With 100,000 potential stalls already identified with site host partners, we look forward to serving many more drivers as we continue to grow our footprint across the U.S.”

For more information about the EVgo charging network, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240521442821/en/

For Investors:

investors@evgo.com

For Media:

press@evgo.com

Source: EVgo

FAQ

What milestone did EVgo (EVGO) recently achieve?

EVgo recently surpassed one million registered customer accounts nationwide.

How much did EVgo's customer accounts grow since April 2020?

EVgo's customer accounts grew by 400% since April 2020.

What was the nationwide network utilization for EVgo in Q1 2024?

The network utilization for EVgo was approximately 19% nationwide in Q1 2024.

How did EVgo's gigawatt-hour throughput change in Q1 2024 compared to Q1 2023?

EVgo's gigawatt-hour throughput nearly tripled in Q1 2024 compared to Q1 2023.

What is the growth rate of Autocharge+ sessions for EVgo?

Autocharge+ sessions for EVgo more than quadrupled in Q1 2024 compared to Q1 2023.

What percentage of EVgo's stalls now have 350 kW chargers?

Nearly 40% of EVgo's stalls now have 350 kW chargers.

How many potential stalls has EVgo identified for future expansion?

EVgo has identified 100,000 potential stalls with site host partners for future expansion.