EVgo Selected by California Energy Commission for Proposed Awards of $6.6 Million to Deploy More Than 100 New DC Fast Charging Stalls Across 17 Locations

Rhea-AI Summary

EVgo Inc. has announced a proposed award of $6.6 million from the California Energy Commission’s CALeVIP 2.0 program, aimed at expanding fast charging infrastructure across central and eastern California. This funding supports the Golden State Priority Project, focusing on disadvantaged and low-income communities. EVgo plans to deploy over 100 DC fast charging stalls featuring 350kW chargers at 17 locations, including Fresno and San Jose, enhancing accessibility and convenience for EV users. The company emphasizes its commitment to equitable charging solutions and public-private partnerships to promote rapid EV adoption.

Positive

• Secured $6.6 million in proposed funding for fast charging infrastructure.
• Plans to deploy over 100 DC fast charging stalls in underserved communities.
• Focus on equitable placement of charging stations supports environmental justice.

Negative

• None.

Public funding leverages private sector investments to expand the growth of fast charging in central and eastern California with a focus on equitable placement to support environmental justice

LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (NASDAQ: EVGO), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced it has been selected for proposed awards of $6.6 million from the California Energy Commission’s (CEC) California Electric Vehicle Infrastructure Project (CALeVIP) 2.0 program. The funding is designed to aid the deployment of fast charging infrastructure in the central and eastern regions of California through the Golden State Priority Project (GSPP), which provides rebates for the installation of DC fast chargers capable of at least 150kW, focusing exclusively on disadvantaged community or low-income community census tracts. With the rebate, EVgo will be deploying high-power 350kW chargers at each of the locations supported through this program as part of the company’s ongoing commitment to delivering a best-in-class charging experience.

EVgo Fast-Charging Station in Castro Valley, CA (Photo: Business Wire)

“EVgo recognizes the ongoing importance of public-private partnerships to enable rapid EV adoption, and the California Energy Commission is a true leader in incenting market acceleration and private sector investment through programs like CALeVIP 2.0,” said Jonathan Levy, Chief Commercial Officer at EVgo. “EVgo and the CEC share a commitment to Electric for All that includes ensuring fast charging infrastructure is distributed equitably and installed in communities across demographics and geographies.”

Launched in January 2023, the GSPP was the first project available through CALeVIP 2.0 with a focus on equity and swift charger installation. With the proposed funding, EVgo will build more than 100 DC fast charging stalls across 17 locations in central and eastern California, including Fresno, Hayward, Manteca, El Cerrito, Antioch and San Jose. More than 40% of EVgo’s existing fast charging network in California is located in disadvantaged and/or low-income census tracts, and with these 17 fast charging projects, EVgo can bring more convenient and affordable charging solutions to neighborhoods that will benefit most from the electrification of transportation.

In addition to its focus on equity, GSPP incorporates a number of public funding best practices, including a focus on higher-power equipment and project readiness, prioritizing projects likely to be able to deliver near-term results for Californians.

For more information about the EVgo charging network, visit www.evgo.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 its founding in 2010, EVgo has led the way to a cleaner transportation future and its network has been powered by 100% renewable energy since 2019 through the purchase of renewable energy certificates. 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 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 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 are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial performance and the anticipated award of funding and EVgo’s deployment of chargers in connection with the CALeVIP 2.0 program. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release. 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.

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Source: EVgo