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 and General Motors are expanding their collaboration to deploy 400 fast charging stalls at flagship destinations across major U.S. metropolitan areas. These new stations will feature 350kW fast chargers, ample lighting, canopies, pull-through stations, and security cameras. Most flagship stations will have up to 20 stalls, with some locations offering even more. The stations will be co-branded by EVgo and GM Energy and located near amenities like shopping and dining.
The first flagship location is expected to open in 2025. This initiative is part of a larger plan to build a total of 2,850 DC fast charging stalls. EVgo and GM celebrated the opening of their 1,000th fast charging stall in August 2023 and aim to install their 2,000th stall by the end of 2024.
EVgo Inc. (Nasdaq: EVGO), a leading public fast charging network for electric vehicles, has announced a virtual town hall on October 2, 2024, at 8:30AM ET. CEO Badar Khan will host the event, answering questions from current and prospective shareholders about the business, EV industry future, and strategy for shareholder value generation.
The town hall, moderated by VP of Investor Relations Heather Davis, will be accessible at https://investors.evgo.com/overview/default.aspx. This unique opportunity allows shareholders of any size to engage directly with the CEO. Questions can be submitted until September 25th at 10:00AM ET through a provided link.
Khan expressed enthusiasm about opening dialogue with shareholders and customers, sharing his perspective on EVgo and the EV industry's future.
EVgo Inc. (NASDAQ: EVGO), a major public fast charging network for electric vehicles, has announced significant network enhancements through its EVgo ReNew™ program. Key improvements include:
1. Equipment upgrades: Over 500 stalls across 20+ states upgraded or replaced since 2022, with plans for 150 more in 2024.
2. High-power charging: 115% increase in 350kW chargers over the past year.
3. Larger stations: 80% increase in sites serving 6+ vehicles.
4. New Canary Model: A data-driven tool for faster diagnostics and repairs.
5. Reduced repair times: 67% reduction in mean time to repair since Q1 2023.
6. Enhanced software: Improved cable monitoring and connectivity.
7. Extensive testing: Interoperability testing on 70+ EV models.
These enhancements aim to improve customer experience and strengthen EVgo's market position amid growing competition.
EVgo Inc. (Nasdaq: EVGO) reported record second quarter 2024 results, with revenue reaching $66.6 million, a 32% year-over-year increase. The company achieved its 6th consecutive quarter of triple-digit year-over-year network throughput growth, reaching 66 GWh, a 164% increase. Charging network revenue grew 146% year-over-year to $36.4 million. EVgo added over 220 new operational stalls, ending the quarter with approximately 3,440 stalls in operation. The company gained over 131,000 new customer accounts, surpassing 1 million total accounts. EVgo raised the midpoint of its total revenue guidance by $10 million, now projecting $240-$270 million for 2024. The company's Adjusted EBITDA guidance is ($44)-($34) million.
EVgo Inc. (NASDAQ: EVGO), a leading public fast charging network for electric vehicles, has expanded its leadership team with experienced talent from Tesla and General Motors. The new hires include:
1. Martin Sukup (former Tesla) as Executive VP of Engineering
2. Jeff Inhofer (former Tesla) as VP of Electric Vehicle Supply Equipment Engineering
3. Alex Keros (former GM) as Senior VP of Product (effective August 12, 2024)
These additions aim to strengthen EVgo's position as the charging network of choice amid a shifting competitive landscape. The new leaders will focus on developing next-generation charging architecture to enhance customer experience and achieve cost efficiencies.
EVgo Inc. (Nasdaq: EVGO), a leading public fast charging network for electric vehicles in the US, has announced its plans to release second quarter 2024 financial results on Thursday, August 1, 2024. The company will host a webcast at 8 a.m. PT (11 a.m. ET) on the same day to discuss the results. Investors and interested parties can access the live webcast through EVgo's investor relations website. For those unable to join the webcast, a toll-free call-in option is available. The press release containing financial results and the presentation will be accessible on EVgo's website prior to the webcast, with an archive available afterwards.
EVgo and Regency Centers have announced the opening of a new fast charging station at Blakeney Town Center in Charlotte, North Carolina, situated at 9870 Rea Rd near Interstate 485.
This expansion is part of their ongoing partnership started in 2020, which has resulted in over 120 public fast charging stalls across 40 locations in 10 states. The new station features high-power 350kW fast chargers, capable of charging two vehicles simultaneously.
The initiative is supported by the North Carolina Department of Environmental Quality and General Motors. The companies plan to open more than 20 new fast charging stalls over the next year, with further locations anticipated in Maryland, Massachusetts, and Texas.
Mark Peternell, VP of Sustainability at Regency Centers, highlighted the stations as an amenity that supports EV adoption and sustainability goals.
EVgo (NASDAQ: EVGO), a prominent public fast-charging network for electric vehicles, has appointed Keith Hutchison as its first Chief People Officer (CPO). Hutchison, with over 20 years in HR within the energy and EV sectors, will oversee the entire employee lifecycle including attraction, recruitment, development, retention, and rewards. This strategic hiring move comes amid significant shifts in the EV charging industry's competitive landscape, aiming to position EVgo as an employer of choice. Hutchison's previous roles include CPO at Tritium and Chief HR & Diversity Officer at National Grid USA, where he led recognized people-focused initiatives.
EVgo has seen a significant rise in rideshare charging on its public fast charging network, with commercial throughput tripling from Q1 2023 to Q1 2024. Notably, rideshare charging accounted for 24% of the total throughput in Q1 2024, compared to 11% in Q1 2021. On average, rideshare drivers charged 5 times more than retail customers in 2023. EVgo is enhancing its services, including API integration with Lyft, to better serve rideshare drivers. The company collaborates with rideshare firms like Uber and Lyft, which aim for a zero-emission future by 2040, and partners with other light-duty fleets.
Toyota Motor North America has announced the deployment of DC fast chargers in Baldwin Park and Sacramento, California, under its 'Empact' vision. This initiative aims to provide equitable EV charging solutions, particularly to underserved communities. The high-power 350kW chargers are part of a collaboration with EVgo, a leading public fast charging network, and will be operational by 2025. In addition, Toyota's Clean Assist program, which matches residential charging with renewable electricity to reduce emissions, generates revenue that has been reinvested into California's transportation electrification. The deployment locations were selected based on criteria such as resident income levels, demographics, air quality, and potential for EV adoption. The new chargers will be strategically placed in high-traffic areas to support local populations and promote EV use.
FAQ
What is the current stock price of EVgo (EVGO)?
What is the market cap of EVgo (EVGO)?
