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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 Inc. has launched EVgo ReNew, an enhanced maintenance program aimed at improving the reliability of its charging stations. This program will upgrade or retire hundreds of charging stations over the next year, enhancing charger availability for electric vehicle (EV) drivers. The initiative focuses on six core pillars including diagnostics, rapid response, and continuous customer service. As of 2022, EVgo upgraded or removed 125 charging stalls and aims for further enhancements in 2023.
EVgo has partnered with Amazon to enhance the EV charging experience through Alexa. This collaboration allows drivers to find, navigate to, and pay for charging stations using voice commands. The integration will utilize PlugShare to provide a comprehensive charging map and real-time availability. EVgo aims to improve convenience for electric vehicle owners and supports Amazon's commitment to climate goals. The partnership expands access to over 150,000 U.S. public charging stations and builds on EVgo's recent innovations, including the Autocharge+ feature.
EVgo has launched a discount program for Lyft drivers to promote electric vehicle (EV) adoption. This initiative demonstrates their commitment to enhance access to fast charging solutions. Drivers can save up to 45% on charging costs and enjoy waived monthly fees at over 850 EVgo locations nationwide. The program is part of a broader strategy to transition rideshare vehicles to electric and reduce emissions. Cathy Zoi, EVgo's CEO, emphasizes the role of rideshare drivers in community electrification efforts.
EVgo (NASDAQ: EVGO) has opened a new public fast charging station at Marina Square Shopping Center, San Leandro, California, supported by the California Energy Commission and Uber. The facility features 100kW and 350kW chargers, serving up to four vehicles simultaneously. This station enhances EV charging access for rideshare and retail drivers in the Bay Area, crucial for high-demand areas like near Oakland International Airport. EVgo's network now includes over 850 locations nationwide, aiming to provide efficient charging options for all EV drivers.
EVgo has announced a collaboration with Subaru, enabling drivers of the 2023 Solterra EV SUV to receive a $400 charging credit for using EVgo's public fast charging network. This agreement reinforces Subaru’s commitment to enhancing the EV ownership experience, allowing customers to either redeem the charging credit or receive a home charger installation credit. EVgo operates over 850 fast charging locations across the U.S., offering a comprehensive network for electric vehicle drivers, powered by 100% renewable energy.
EVgo has launched a new electric vehicle fast charging station at Brookdale ShopRite in Bloomfield, NJ, featuring charging from 100kW to 350kW for up to four vehicles simultaneously. Supported by the PSE&G Electric Vehicle Charging Program, this initiative aims to enhance access to EV charging in local communities. The ShopRite store recently underwent renovations and is committed to improving customer experiences, including sustainability efforts. EVgo operates over 850 public fast charging locations nationwide, powered by 100% renewable energy.
EVgo Inc. (NASDAQ: EVGO) recently introduced a new promotional charging plan for Tesla Model S, 3, X, and Y drivers, featuring Autocharge+ technology. This service is accessible at nearly all EVgo DC fast charging stations using the CCS Combo 1 Adapter. The promotional plan includes a free three-month trial of the EVgo Plus subscription, which allows for lower charging rates and free reservations at select locations. This offer is valid until December 31, 2022, and aims to enhance the charging experience for Tesla users.
EVgo reported a significant revenue growth of 70% year-over-year in Q3 2022, achieving $10.5 million in revenue, driven by increased retail charging and ancillary revenue. Network throughput rose by 51%, totaling 12.1 GWh. The company added 188 new stalls and approximately 54,000 new customer accounts, reaching 498,000 overall. However, EVgo posted a net loss of $50.9 million and a gross loss of $3.2 million. For 2022, revenue guidance remains at $48-$55 million, with an updated stall target of 2,800-3,100 by year-end.
EVgo has partnered with MHX, a logistics operator in California, to support their fleet electrification project. The collaboration includes deploying EVgo fast charging infrastructure at MHX's Fontana location, featuring high-power 350kW chargers capable of serving multiple vehicles simultaneously. This initiative is backed by 24/7 support and is partially funded by California grants aimed at promoting zero-emission vehicles.
MHX will also introduce 10 new electric trucks to their fleet, enhancing their operations across California's logistics network.
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