EVgo Doubles Down on Commitment to Begin NACS Deployments in 2024
EVgo (NASDAQ: EVGO), a leading public fast charging network for electric vehicles, will start deploying North American Charging Standard (NACS) connectors in 2024. These connectors, being standardized as SAE J3400, will be integrated into EVgo's fast charging network, which already includes CCS and NACS vehicles. The company's network utilization increased to 19% in Q1 2024, from 9% in Q1 2023. EVgo aims to expand its footprint through new site host partnerships, planning over 100,000 potential stalls. Notably, 40% of EVgo’s stalls now have high-power 350kW chargers, nearly doubling from last year. EVgo also offers Autocharge+, a streamlined payment feature available for over 50 vehicle models, including all Tesla models compatible with the CCS adapter.
- EVgo to deploy NACS connectors, adding more flexibility for users.
- Network utilization increased to 19% in Q1 2024 from 9% in Q1 2023.
- Plans to expand footprint with over 100,000 potential stalls.
- 40% of EVgo’s stalls equipped with high-power 350kW chargers, up from last year.
- Autocharge+ feature available for over 50 vehicle models, including all Tesla models.
- No specific financial figures reported for revenue or expenses.
- Potential high costs associated with deploying NACS connectors and 350kW chargers.
- Increased competitive pressure in the EV charging market.
Insights
EVgo's announcement about deploying NACS connectors on its fast charging network is a significant move in the EV charging market. The increase in overall utilization from
The introduction of NACS connectors and the deployment of high-power 350kW chargers by EVgo is a strategic technological advancement. The ability to serve both CCS and NACS vehicles enhances EVgo's versatility and market attractiveness, especially for Tesla drivers. This technical upgrade positions EVgo to better serve newer EV models with advanced battery technology. Additionally, the streamlined payment feature, Autocharge+, simplifies the user experience, promoting customer satisfaction and repeat usage. This technological edge is important in establishing EVgo as a leader in the fast-evolving EV charging landscape.
From a market perspective, EVgo's move to adopt NACS connectors and expand its high-power charging capabilities meets the growing demand for efficient and rapid charging solutions. The strategic rollout in key markets with high NACS vehicle penetration will likely boost charger utilization and attract more users, particularly Tesla drivers. Such a strategy is expected to elevate EVgo's market presence and could lead to increased market share. Investors, however, need to be aware of potential challenges such as competition from other charging networks and the need for continuous technological upgrades to stay competitive.
Seismic shift in competitive landscape opens opportunity to further drive utilization of the EVgo network, expand footprint with new site host partners, and serve more Tesla EV drivers
(Photo: Business Wire)
As part of its commitment to serve all EVs, stations included in the roll-out will serve both CCS and NACS vehicles. Deployments will begin in key markets with high NACS vehicle penetration, enabling the Company to maximize charger utilization. Overall utilization on the EVgo network in the first quarter of 2024 was approximately
"The seismic shift in the competitive landscape for EV charging has opened new opportunities to drive usage on the EVgo network and accelerate our network expansion by fostering new site host partnerships,” said Badar Khan, CEO of EVgo. “EVgo had previously identified more than 100,000 potential stalls with strategic site host partners, and with recent industry changes, we welcome further dialogue with our current and potential partners on how we can collaborate to deploy more fast charging infrastructure in convenient locations for drivers.”
EVgo’s NACS roll-out will be unique given the network’s proliferation of high-power 350kW chargers that require liquid cooled cable technology. Today, nearly
Both Tesla and future non-Tesla NACS vehicles will be able to take advantage of Autocharge+, EVgo’s streamlined payment feature that allows drivers to plug in and initiate a charge without the use of an app, credit card, or RFID card. Autocharge+ mirrors the Plug and Charge experience and is available to over 50 vehicle models, including all Tesla models today that are compatible with the CCS adapter made by Tesla.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in 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 providers, 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.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," “proposed,” "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, express or implied statements regarding the anticipated timeframe for EVgo to begin deploying NACS connectors; the anticipated benefits of those deployments, including higher utilization, an expanded network footprint, the development of new site host partnerships, and an increase in customers who are Tesla EV owners; and the technological capabilities of EVgo’s charging stations, including the ability to serve CCS and NACS vehicles and facilitate payment via EVgo’s Autocharge+ payment feature. These statements are subject to numerous assumptions, risks and uncertainties and on the current expectations of EVgo’s management, and are not predictions of actual performance. See “Risk Factors” in EVgo’s Annual Report on Form 10-K filed with the SEC on March 6, 2024, as well as its other filings with the SEC, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward-looking statements in this press release are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
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Source: EVgo
FAQ
When will EVgo deploy NACS connectors?
What is the increase in EVgo's network utilization?
How many potential stalls is EVgo planning to deploy?
What percentage of EVgo’s stalls have 350kW chargers?
What is Autocharge+?
