EVgo Receives First Shipment of Build America, Buy America 350kW High-Power Fast Chargers from Delta Electronics

Rhea-AI Summary

EVgo receives first shipment of 350kW chargers from Delta Electronics built to Build America, Buy America Act standards

Positive

• EVgo received the first-ever shipment of 350kW fast chargers from Delta Electronics, marking a milestone in developing a domestic supply chain for EV charging.
• The collaboration between EVgo and Delta resulted in expedited delivery of the chargers, months ahead of the scheduled date.
• The Bipartisan Infrastructure Law created $7.5 billion in funding for EV charging stations, providing additional funding opportunities for EVgo.

Negative

• None.

EVgo and Delta’s shared commitment to onshoring the supply chain for high-power DC fast charging resulted in expedited delivery of National Electric Vehicle Infrastructure-eligible equipment

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 it received the first-ever shipment of 350kW fast chargers from Delta Electronics that are manufactured according to Build America, Buy America Act (BABA) standards. Delivered from Delta Electronics’ recently opened factory in Plano, Texas, this first shipment marks a milestone in developing the robust domestic supply chain needed to support the rapid growth in EV adoption across the U.S. and unlock funding through the National Electric Vehicle Infrastructure (NEVI) Formula Program. Delta has delivered 10 chargers to date, and EVgo expects to receive additional 350kW BABA-compliant chargers from Delta Electronics later this year.

EVgo Receives First Shipment of 350kW Chargers from Delta Electronics Built to Build America, Buy America Act Standards (Photo: Business Wire)

Through close collaboration, EVgo and Delta accelerated the manufacturing timeline for the domestically produced 350kW fast charger, resulting in the first delivery months ahead of the originally scheduled date. The Bipartisan Infrastructure Law, signed into law by President Biden in 2021, created $7.5 billion in funding for EV charging stations. This 350kW equipment is manufactured to meet BABA standards issued by the Federal Highway Administration, which is required for any charging stations that receive federal funding. To date, EVgo and its eXtend partners have been selected for millions in preliminary awards from NEVI programs in Ohio, Colorado, and Pennsylvania.

“As states award their initial round of NEVI funding, the arrival of EVgo’s first batch of BABA fast chargers—with incredible speed for onshoring—signals both a tremendous moment for domestic charger manufacturing and for additional public funding opportunities as more states announce their awards,” said Dennis Kish, COO of EVgo. “EVgo and Delta share a commitment to developing a resilient supply chain here in America, and this collaboration showcases the companies’ capability to deliver the high-quality, high-power fast chargers we need to meet the growing demand for fast charging across the country.”

“We are very pleased with our close cooperation with EVgo and are proud that we have achieved our commitment faster than expected,” said Kelvin Huang, President of Delta Electronics Americas Region. “Our Plano facility’s successful deployment of the BABA-compliant 350kW EV charger serves as a testament to our proficiency in meeting customers’ requirements through local assembly. Our collective efforts will not only accelerate the expansion of fast charging across the nation but also contribute significantly to the realization of a sustainable society, a core objective Delta ardently strives for.”

In addition to its work to onshore its supply chain, EVgo is also actively working with its suppliers to help ensure future chargers will integrate the North American Charging Standard (NACS), which is currently making its way through standards bodies.

For more information about the EVgo charging network, visit www.evgo.com. For more information about Delta Electronics, please visit www.delta-americas.com.

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. Since 2019, EVgo has purchased renewable energy certificates to match the electricity that powers its network. As one of the nation’s largest public fast charging networks, EVgo’s owned and operated charging network includes around 900 fast charging locations, 60 metropolitan areas and 30 states. EVgo continues to add more DC fast charging locations across the U.S., 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, robust software products 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 Delta

Delta, founded in 1971, is a global leader in switching power supplies and thermal 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 ESG-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 5 continents.

Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies, and dedication to ESG. Since 2011, Delta has been listed on the DJSI World Index of Dow Jones Sustainability™ Indices for 12 consecutive years. In 2022, Delta was also recognized by CDP with double A List 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 for the 3rd consecutive year.

Cautionary Note on 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 EVgo’s future financial performance; the availability of chargers that are compliance with Build America, Buy America Act standards; and the anticipated award of funding in connection with the NEVI program and associated state programs. 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 30, 2023, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230911483041/en/

EVgo

For Investors: investors@evgo.com

For Media: press@evgo.com

Delta Electronics Americas Region

Public Relations

Cindy Y. Lin

+1 (510) 266-4111

cindy.y.lin@deltaww.com

Source: EVgo