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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 has launched its first fast-charging station in Kansas at Oak Park Mall, Overland Park, in partnership with CBL Properties. This initiative aims to meet the growing demand for public EV charging, allowing users to charge up to 80% in just 15-45 minutes while shopping. The addition is part of a broader effort by EVgo to expand its charging network in response to increasing EV adoption. The company currently operates over 800 fast charging locations across 35 states, serving over 310,000 customers.
EVgo has announced that its PlugShare platform has surpassed 2 million registered users, reflecting a 100% year-over-year increase in registrations. In 2021 alone, the app saw over 1 million downloads and users provided 1.3 million ratings of charging experiences, enhancing the platform's utility for electric vehicle drivers. The community-driven feedback lets users share experiences and find charging stations efficiently, underpinning PlugShare's growth as the go-to app for the EV network.
EVgo announced the appointment of Dennis Kish as Chief Operating Officer, effective January 2022. Kish brings over 30 years of experience from companies including Google Fiber and Qualcomm. He will manage charger installations and network expansion, focusing on improving operational efficiency and customer satisfaction. CEO Cathy Zoi expressed confidence that Kish's infrastructure expertise will enhance EVgo's reliability and growth. EVgo operates the largest public fast charging network for electric vehicles, powered entirely by renewable energy, with over 800 locations across the U.S.
EVgo has launched a redesigned mobile app aimed at enhancing user experiences and increasing network utilization. The app features a modern design, improved search capabilities, and integrates with EVgo Rewards™ for customer savings. With over 1,500 fast chargers across 35 states, the app allows users to create customized vehicle profiles and access charging locations easily. Users can now reserve chargers and receive coupons from nearby businesses. The app is available on iOS and will be on Android next week, aligning with EVgo's mission to simplify electric vehicle adoption.
EVgo has achieved a significant milestone with its PlugShare platform, surpassing one million app downloads since 2021, the highest in its history. This growth reflects a nearly 30% increase in user count and participation year-over-year, as electric vehicle (EV) adoption rises globally. Following EVgo's acquisition of Recargo in July 2021, the companies have collaborated to enhance EV user experiences, focusing on reliable charging and software solutions. With 800+ fast charging locations, EVgo leads in the EV charging network powered entirely by renewable energy.
EVgo (NASDAQ: EVGO) has been selected for proposed grants from the California Air Resources Board to install new high-powered DC fast chargers, contributing to the state's electrification goals. This initiative will add five new charging locations and 38 stalls in California, including a prominent hub in Los Angeles. The funding, part of the California Volkswagen Mitigation Environmental Trust, aims to enhance EV access, especially in disadvantaged communities. Currently, EVgo operates over 330 sites in California, enabling 80% of residents to access a fast charger within 10 miles.
EVgo Inc. (Nasdaq: EVGO) reported a robust third quarter of 2021, achieving a 29% revenue growth quarter-over-quarter to $6.2 million and a 31% increase in network throughput to an all-time high of 8.0 GWh. Customer accounts rose to approximately 310,000. Despite a gross loss of ($1.7 million), adjusted gross profit improved to $1.4 million with a gross margin of 22.2%. The company increased its full-year revenue guidance to $20-22 million. The engineering pipeline expanded to nearly 2,500 fast charging stalls, reflecting EVgo's commitment to enhancing EV infrastructure.
EVgo has expanded its EV charging program for rideshare drivers using Uber, aiming to enhance network utilization and support the electrification of rideshare vehicles. The program now offers discounts based on drivers' Uber Pro status, with potential savings of up to 30% on charging costs. About 34% of drivers surveyed travel between 400 to 800 miles weekly, highlighting the need for public fast charging. This initiative aligns with Uber's goal of becoming a fully zero-emission platform by 2030.
EVgo has expanded its partnership with General Motors to deploy 3,250 fast charging stalls across the U.S. by 2025, increasing the number from a previous target of 2,750. This expansion responds to rising demand for EV infrastructure and adds 500 charging stalls across 52 metropolitan areas. Currently, stations are operational in eight states. The initiative supports EVgo's commitment to reliable, renewable energy-based charging solutions, with a pipeline of over 2,000 sites planned for future development. This collaboration aims to enhance accessibility and promote widespread EV adoption.
EVgo Inc. (NASDAQ: EVGO) has received grants from the Pennsylvania Department of Environmental Protection to install new 350 kW DC fast charging stations, expanding its network in the state. This initiative, supported by the Driving PA Forward program, adds to the existing 3 stations and 10 DCFC chargers already operational. EVgo has partnered with popular brands like Wawa and Sheetz, emphasizing convenient charging locations. Customer accounts in Pennsylvania have surged by 140% since 2020, reflecting increased EV adoption.
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