EVgo Releases Best Practices Document for EV Charging Infrastructure Public Funding Ahead of Federal Funds Being Released to State Departments of Transportation (DOTs)

Rhea-AI Summary

EVgo (NASDAQ: EVGO) has released a guide titled “Best Practices for Charging Infrastructure Funding Program Design” to assist state Departments of Transportation in leveraging the $5 billion National Electric Vehicle Infrastructure Program (NEVI). This guide, part of EVgo's “Connect the Watts” initiative, outlines five key principles for effectively managing funds and expediting EV infrastructure development. EVgo emphasizes the importance of public-private collaboration to maximize federal funding for electrified transportation in the U.S.

Positive

• Launch of guide to assist states in utilizing NEVI funding.
• EVgo's experience enhances credibility for states seeking to deploy EV infrastructure.
• Aims to accelerate mass EV adoption and improve charging accessibility.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and the only U.S. public charging network powered by 100% renewable electricity, today released a new guide featuring best practices gleaned from over a decade of operating experience designed to help state Departments of Transportation (DOTs) and their partners with administering funds from the recently announced $5 billion National Electric Vehicle Infrastructure Program (NEVI). Titled “Best Practices for Charging Infrastructure Funding Program Design,” the guide is the latest in EVgo’s “Connect the Watts” series and outlines five program design principles for states to consider and implement in their EV Infrastructure Deployment Plans in order to receive necessary funding, develop their much-needed infrastructure on time and accelerate the mass adoption of electrified transportation in the United States.

Under the Biden Administration’s $5 billion NEVI program, states are required to submit EV Infrastructure Deployment Plans outlining their proposed use of federal funds received by August 1, 2022. “Best Practices for Charging Infrastructure Funding Program Design” draws upon the company’s decade-plus experience deploying fast charging infrastructure to help states develop their programs and expedite infrastructure development. The new Connect the Watts guide also draws from EVgo’s deep background in clean energy, investing and federal energy policy. EVgo's leadership team has a long history of working with policymakers across the aisle and across the country, from executive experience at the federal level to state agencies and regulatory bodies.

“At EVgo, we continue to champion close collaboration between the public and private sectors to realize the full potential of federal funding and move the needle further on mass EV adoption,” said Cathy Zoi, Chief Executive Officer at EVgo. “As state DOTs across the country gear up to administer the newly announced funds, EVgo’s distillation of a decade of experience can serve as a valuable guide – demystifying the steps necessary to effectively support EV growth and accelerate electrification.”

Today’s announcement builds upon EVgo’s thought leadership initiatives on public funding programs, including past best practices documents and a full set of public comments in response to the NEVI request for stakeholder input. The company’s latest guide outlines best practices for states in regard to maintaining timelines, scouting and evaluating potential charging locations, ensuring equitable access in rural and disadvantaged communities, working alongside charging network operators as well as public and other interagency partners to ensure compliance with NEVI and obtain approval from their Departments of Transportation.

“Best Practices for Charging Infrastructure Funding Program Design” is part of EVgo’s “Connect the Watts” program, an initiative aimed at bringing the EV charging infrastructure community together to identify and implement best practices for charger deployment. To download “Best Practices for Charging Infrastructure Funding Program Design,” click here.

About EVgo

EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 310,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220223005547/en/

For Investors:

Ted Brooks, VP of Investor Relations

investors@evgo.com

310-954-2943

For Media:

press@evgo.com

Source: EVgo

FAQ

What is EVgo's recent guide about?

EVgo's guide titled “Best Practices for Charging Infrastructure Funding Program Design” helps state DOTs manage funds from the $5 billion NEVI program.

How does EVgo support state Departments of Transportation?

EVgo provides expertise and best practices based on over a decade of experience to aid in the development of EV infrastructure.

What is the significance of the $5 billion NEVI program?

The NEVI program allocates $5 billion for states to develop electric vehicle charging infrastructure, promoting electrified transportation.

When must states submit their EV Infrastructure Deployment Plans under NEVI?

States are required to submit their EV Infrastructure Deployment Plans by August 1, 2022.

What is the objective of EVgo's Connect the Watts initiative?

Connect the Watts aims to unite the EV charging community to share best practices for charger deployment.