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 Inc. has announced a proposed award of
EVgo reported significant growth in its Q4 2022 financial results, with revenue rising to $27.3 million, a 283% increase year-over-year, and a full-year revenue of $54.6 million, up 146% compared to 2021. Network throughput reached 14.4 GWh in Q4, marking a 76% increase from the previous year, and overall customer accounts surpassed 553,000. Despite these gains, the company faced net losses of $17.0 million in Q4 and $106.2 million for the year. EVgo plans to expand its network, aiming for 3,400-4,000 DC fast charging stalls by year-end 2023, while introducing guidance for total revenue between $105 to $150 million.
EVgo (NASDAQ: EVGO) has launched a promotional campaign in collaboration with Warner Bros. Pictures for the film Shazam! Fury of the Gods. Starting March 17, 2023, customers can earn 250 bonus EVgo Rewards points by sharing a selfie at specially branded EVgo charging stations in major U.S. cities like Los Angeles, San Francisco, Seattle, San Diego, and Denver. The EVgo Rewards program allows users to accumulate points for charging and social media interactions, redeemable for charging credits. This initiative aims to enhance customer engagement and promote EVgo's loyalty program.
EVgo Inc. (Nasdaq: EVGO) has announced it will report its fourth quarter and full year 2022 results on March 30, 2023, hosting a conference call at 8:00 a.m. PT / 11:00 a.m. ET. The company confirmed it holds no cash deposits in Silicon Valley Bank and expects to meet its previously provided financial guidance for 2022. Interested parties can access the live webcast via the Investor Relations page on EVgo's website. EVgo operates a significant network of fast charging stations powered by 100% renewable energy and aims to facilitate the adoption of electric vehicles.
EVgo (Nasdaq: EVGO) has announced a strategic reorganization to enhance its operational focus for 2023, prioritizing expansion of its public charging network and infrastructure projects. The company expects to achieve 2022 results within earlier provided guidance and will present its earnings on March 15, 2023. A recent Delaware Chancery Court ruling validated its capital structure, addressing previous uncertainties. Despite reducing headcount by approximately 40 employees, EVgo aims to improve efficiency by optimizing its cost structure while hiring in key operational roles to meet rising demand for electric vehicle charging.
EVgo Inc. (NASDAQ: EVGO) announces the expansion of its digital coupon platform, EVgo Advantage, to select Cumberland Farms and Wawa locations across several East Coast states, including Massachusetts, Connecticut, New York, Pennsylvania, Maryland, Virginia, and Florida. This program delivers on-the-spot promotions to enhance the charging experience for EV drivers, as a 2022 EVgo survey found that 87% of EV drivers shop at local retailers while charging. Launched in 2019, EVgo Advantage aims to increase customer engagement and foot traffic, showcasing EVgo's commitment to enhancing the EV charging landscape.
EVgo Inc. (NASDAQ: EVGO) has announced the inaugural National EV Charging Recognition Program, honoring ‘EV Charging Heroes’ for their commitment to EV charging infrastructure deployment. Celebrated leaders include site hosts, utilities, and contractors recognized for their contributions. The award ceremony will take place virtually on January 19 at 11 a.m. PT. Notable awardees include Sterling Organization, PSE&G, and OWL Services. CEO Cathy Zoi emphasized the importance of collaboration in supporting EV adoption and recognized the significant efforts by awardees to enhance public fast charging networks. EVgo aims to publicize the recognition criteria for future awards.
FAQ
What is the current stock price of EVgo (EVGO)?
What is the market cap of EVgo (EVGO)?
