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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
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