Welcome to our dedicated page for EVgo news (Ticker: EVGO), a resource for investors and traders seeking the latest updates and insights on EVgo stock.
EVgo Inc. (Nasdaq: EVGO) is a prominent leader in the electric vehicle (EV) charging industry, operating one of America’s largest public EV fast charging networks. EVgo’s mission is to accelerate the mass adoption of electric vehicles through its extensive network that spans across more than 35 states, featuring over 1,000 fast charging locations. The company prides itself on owning, maintaining, and operating all of its stations, providing a seamless and reliable charging experience for EV drivers.
EVgo’s fast chargers are eight times faster than conventional Level 2 chargers, with its DC fast chargers offering 50kW power that can be upgraded to 350kW. This enables EVgo to cater to all electric vehicle models currently available in the US, making it a versatile and accessible choice for a wide range of EV users. Additionally, the company offers over 350 Level 2 chargers to complement its fast charging network.
EVgo partners with a variety of entities including national and regional chains of grocery stores, automotive original equipment manufacturers, hotels, shopping centers, gas stations, parking lot operators, local governments, and independent property owners. These partnerships help EVgo strategically locate and deploy its EV charging infrastructure, ensuring optimal accessibility and convenience for users.
Recent achievements highlight EVgo’s continuous growth and innovation in the sector. In Q1 2024, EVgo, in collaboration with SLB Capital Advisors, executed four significant sale leaseback transactions valued at approximately $27 million for properties in Los Angeles, Santa Monica, San Diego, and Brooklyn. These properties will feature fast charging stalls owned and operated by EVgo, marking a strategic expansion in key urban markets. This move not only underscores EVgo's commitment to enhancing charging infrastructure but also introduces sale leaseback as a viable financing tool within the renewable energy space.
Moreover, EVgo has partnered with Toyota Motor North America to install high-power 350kW chargers in underserved communities such as Baldwin Park and Sacramento, California. This initiative, aimed at promoting equitable EV charging access, is part of Toyota's
EVgo's PlugShare platform has surpassed 5 million check-ins globally, reflecting a growing EV community. The platform now features over 600,000 charging stations, marking a 50% increase in stations listed year-over-year. This milestone follows the platform's recent achievement of reaching 2.5 million registered users. In the first half of 2022 alone, over 100,000 DC fast charging stations were added, demonstrating PlugShare's critical role in supporting EV adoption and providing drivers with essential real-time information.
EVgo, the leading public fast charging network for electric vehicles, will release its Q2 2022 financial results on August 9, 2022, before market open. Following this, a conference call will take place at 11:00 AM Eastern Time, featuring members of EVgo's management team. Investors can access a live webcast via the Events & Presentations page on the company’s website. With over 850 charging locations powered by 100% renewable energy, EVgo serves more than 375,000 customer accounts across over 60 metropolitan areas.
The City of Philadelphia has partnered with EVgo to enhance public charging access for municipal electric vehicles. This initiative aligns with the city's goal to transition its fleet of 6,400 vehicles to zero emissions by 2030, significantly contributing to its carbon neutrality target by 2050. EVgo, a leader in electric vehicle charging, will provide access to its renewable-powered charging network at discounted rates. In Philadelphia, the fleet will utilize over 30 DC fast chargers and 7 Level 2 chargers located in strategic areas, promoting the use of clean transportation.
EVgo has formed a significant partnership with General Motors and Pilot Company to deploy 2,000 charging stalls nationwide through the EVgo eXtend initiative. This collaboration will see the installation of 350 kW charging stations across 500 Pilot and Flying J locations, enhancing EV charging accessibility in over 40 states. EVgo will handle the installation, maintenance, and operation of the chargers, which supports GM's all-electric future vision while expanding EVgo's network. This project aims to alleviate range anxiety for EV drivers and promote the adoption of electric vehicles.
GM and Pilot Company announced a collaboration to establish a national DC fast charging network powered by EVgo eXtend, enhancing long-distance electric travel in the U.S. The network will feature 2,000 charging stalls co-branded as "Pilot Flying J" and integrated into GM's Ultium Charge 360 ecosystem, accessible to all EV brands. GM's investment in EV infrastructure totals nearly $750 million, aiming to install charging stations every 50 miles. The initiative targets 3,250 fast chargers by 2025 and combines public and private funding to reduce range anxiety for EV drivers.
EVgo Inc. (NASDAQ: EVGO) has been added to the Russell 3000® and Russell 2000® Indexes, effective June 27, 2022. This inclusion reflects EVgo's market capitalization among the 4,000 largest US stocks. As the largest public fast charging network for electric vehicles, EVgo operates over 850 charging locations in more than 30 states, serving around 375,000 customers. The Russell indexes are significant benchmarks for approximately $12 trillion in assets, thereby increasing investor exposure and awareness of EVgo's mission to promote electric vehicle adoption.
EVgo has announced a collaboration with GM to introduce Plug and Charge technology for all GM electric vehicles (EVs) equipped with DC fast-charging capability on the EVgo network. This innovative service allows users to initiate fast-charging sessions effortlessly, enhancing the charging experience by eliminating the need for mobile apps or RFID cards. The integration of Autocharge technology aims to boost convenience and security for EV drivers. EVgo, operating over 850 locations across 30 states, continues to lead in electric vehicle infrastructure.
EVgo Inc. has been selected for proposed awards totaling $3.6M from the California Energy Commission for the REACH grants, aimed at deploying new high-powered fast chargers near multi-family housing. This initiative will provide discounted rates for local residents and enhance access to EV charging for underserved communities. The project addresses the needs of over 6 million Californians living in apartment buildings, promoting adoption of electric vehicles. EVgo aims to increase infrastructure access for low-income individuals and communities with fewer charging options.
EVgo, the largest public fast charging network for electric vehicles in the U.S., announces its senior management team's participation in investor conferences hosted by Bank of America, Evercore ISI, and JP Morgan in June. The company has released an updated investor presentation, accessible on their investor relations website. EVgo operates over 850 charging locations in more than 30 states and serves approximately 375,000 customers, aiming to lead the transition to electric transportation through its 100% renewable energy-powered network.
EVgo has been awarded a five-year Blanket Purchase Agreement with the U.S. General Services Administration (GSA) to provide Electric Vehicle Supply Equipment (EVSE) for federal fleets. As a subcontractor to OSC~WEBco, EVgo will help electrify the government fleet of over 650,000 vehicles, currently less than 3% electric. This partnership facilitates quicker procurement for federal agencies to install charging stations. The Biden-Harris administration aims for 100% zero-emission vehicle acquisitions by 2035, supported by a proposed budget of $300 million for GSA in FY23.
FAQ
What is the current stock price of EVgo (EVGO)?
What is the market cap of EVgo (EVGO)?
