EVgo Inc. - EVGO STOCK NEWS

EVgo has announced a new commercial agreement with Cadillac to offer 2023 LYRIQ drivers two years of unlimited fast charging on EVgo's network. This initiative aims to enhance the EV ownership experience and facilitate the transition to electric vehicles. The agreement builds on a broader collaboration with General Motors, targeting the construction of 3,250 high-powered DC fast charging stalls by 2025. With over 850 charging locations and powered by 100% renewable energy, EVgo continues to expand its infrastructure to support EV adoption across the U.S.

EVgo reported first-quarter 2022 revenue of $7.7 million, marking an 86% increase year-over-year, primarily driven by higher retail and fleet charging revenues. Network throughput reached 8.0 GWh, a 95% increase compared to Q1 2021. The company added 129 new charging stalls, totaling 2,110 stalls in operation or under construction. Despite a gross loss of $0.6 million and a net loss of $55.3 million, adjusted gross profit improved to $2.9 million with a margin of 37%. EVgo maintains a robust growth outlook for 2022.

EVgo has partnered with the City of Portland to enhance electric vehicle charging infrastructure by installing eight direct current fast chargers (DCFC) and up to 44 Level 2 chargers on city property. This initiative aligns with Portland's goals to cut emissions by 80% by 2050 and transition to 100% clean energy by 2040. The project aims to alleviate charging concerns for residents and support the city’s fleet, boosting electric vehicle adoption. EVgo’s chargers will provide rapid charging capabilities, allowing drivers to charge up to 80% in just 15-45 minutes.

EVgo will announce its first quarter 2022 financial results on May 11, 2022, before market open. The announcement will be followed by a conference call at 11:00 AM ET, accessible through a live webcast on its Investor Relations page. With over 850 fast charging locations across the U.S., EVgo serves more than 340,000 customers. The company leverages partnerships with various stakeholders to enhance electric vehicle (EV) adoption through its extensive charging network.

EVgo announces the opening of its first fast charging station in Hagerstown, MD, funded through Maryland's Appendix D settlement fund. Located at Valley Park Commons, the station features four charging stalls with two 100 kW and two 350 kW fast chargers. This opening is part of Maryland's effort to reduce greenhouse gas emissions by 50% by 2030. The station was built in partnership with Nissan and supported by the Electric Corridor Grant Program. The ribbon-cutting ceremony is scheduled for April 25 at 10 a.m. ET.

Chase announced a partnership with EVgo to install public fast electric vehicle charging stations at 50 U.S. branch locations starting this summer. This initiative aims to enhance environmental sustainability, aligning with Chase's goal to expand on-site solar power to an additional 400 branches by the end of 2022. The chargers, powered by 100% renewable energy, are expected to deliver up to 9.4 million kWh annually, equating to nearly 30 million EV miles. This strategic move addresses the growing demand for EV infrastructure as the U.S. aims for 145 million electric vehicles by 2030.

EVgo Inc. (Nasdaq: EVGO), a leader in fleet electrification and the largest public fast charging network in the U.S., announced investor meetings scheduled from April 4 to April 8, 2022, in Europe. The meetings will include senior management team members, such as CEO Cathy Zoi. An updated investor presentation will be available on their investor relations website before the meetings. EVgo operates over 850 charging locations across 30 states, serving around 340,000 customers, all powered by 100% renewable electricity.

EVgo has been awarded over $3.6 million in proposed grants from the California Energy Commission (CEC) to develop 72 new fast charging stalls across California, benefiting rideshare drivers. The initiative, in partnership with Uber, aims to enhance EV infrastructure access in rideshare-dense areas, particularly in Los Angeles and the Bay Area. The new stations will feature fast charging capabilities up to 350 kW, promoting the adoption of electric vehicles and supporting cleaner transportation. This project aligns with California's Clean Miles Standard goals.

EVgo Inc. reported significant growth in 2021, achieving a 52% revenue increase to $22.2 million and a 68% rise in network throughput to 26.4 GWh. The company ended the year with approximately 340,000 customer accounts, marking an 80% share of non-Tesla US EV sales. Adjusted gross profit surged to $5.2 million, while the GAAP gross loss narrowed to ($6.8 million). EVgo aims for revenue of $48-$55 million in 2022, targeting 3,000-3,300 charging stalls operational or under construction. Recent partnerships with Toyota and Subaru bolster its market position.