EVgo and GM Take Charging to the Next Level with New Flagship Destinations Set to Optimize the Charging Experience

Rhea-AI Summary

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.

Positive

• Expansion of charging network with 400 new fast charging stalls
• Implementation of high-power 350kW chargers
• Strategic placement near amenities to enhance customer experience
• Planned deployment of up to 20 stalls per flagship station
• Ongoing collaboration towards 2,850 total DC fast charging stalls

Negative

• First flagship location not opening until 2025
• Reallocation of funds from existing projects to new flagship locations

Insights

Market Research Analyst

This collaboration between EVgo and GM represents a significant shift in EV charging infrastructure. The planned 400 fast charging stalls at flagship locations are set to redefine the charging experience, potentially boosting EV adoption rates. Key features like 350kW fast chargers, canopies and pull-through stations address major pain points for EV users.

From an investor's perspective, this move could strengthen EVgo's market position and drive revenue growth. The $1.2 billion U.S. EV charging market is projected to grow at a CAGR of 36.9% from 2023 to 2030. EVgo's strategic partnership with GM and focus on premium charging experiences could help capture a larger market share.

However, investors should note the long-term nature of this project, with the first flagship location expected to open in 2025. This extended timeline may impact short-term financial performance and requires patience for potential returns.

Tech Expert

The technical specifications of these flagship stations are impressive. The 350kW fast chargers represent the cutting edge of charging technology, capable of adding up to 200 miles of range in just 15 minutes for compatible vehicles. This addresses one of the main barriers to EV adoption: charging speed.

The modular design using prefabrication is a smart move, allowing for quicker deployment and future scalability. This approach could give EVgo a competitive edge in rapidly expanding its network to meet growing demand.

The integration of amenities and services near charging stations creates a holistic charging ecosystem, potentially increasing customer satisfaction and loyalty. This could lead to higher utilization rates and improved profitability per station.

However, the success of this initiative will depend on the reliability and uptime of the charging network, which has been a challenge for the industry. EVgo will need to ensure robust maintenance and support systems to maximize the potential of these flagship stations.

Collaboration includes 400 fast charging stalls at flagship locations offering customer-centric features such as canopies, lighting, nearby amenities and pull-through access

LOS ANGELES--(BUSINESS WIRE)-- After years of collaborating to increase public charging access, EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks, and General Motors (“GM”) today announced that they are expanding upon their work together and taking charging to the next level by deploying 400 fast charging stalls at flagship destinations in major metropolitan areas across the U.S.

A rendering of a flagship station featuring a protective canopy and pull-through design for easy access. (Photo: Business Wire)

With features such as 350kW fast chargers, ample lighting, canopies, pull-through stations and security cameras, the flagship stations are poised to set a new benchmark in the EV charging landscape, by addressing the growing demand for convenient, reliable and customer-centric charging solutions in the markets that need them most.

Most flagship stations are expected to feature up to 20 stalls, with select locations providing significantly higher stall counts, ensuring that there are critical charging hubs to best serve the growing number of EV drivers on the road. Flagships will be deployed coast to coast, including in metropolitan areas in states such as Arizona, California, Florida, Georgia, Michigan, New York and Texas. Co-branded by EVgo and GM Energy, the flagship stations will be located near a diverse set of amenities including shopping, dining, coffee shops and other services drivers can take advantage of while they charge.

“The future of EV charging is larger stall count locations, high-power charging, and designing around features that customers love – such as pull-through access, canopies and convenient amenities. Through this next evolution of EVgo and GM’s esteemed collaboration, the future of EV charging is here,” said Dennis Kish, President at EVgo. “In order to be the charging provider of choice, we need to lead on customer satisfaction, and we will continue to innovate to deliver a charging experience that is convenient, comfortable, and dependable for current and future EV drivers.”

The first flagship location is expected to open in 2025. The new stations will frequently leverage EVgo’s prefabrication approach to expedite construction timelines and offer modularity to ease future expansion.

“Ensuring that our customers have seamless access to convenient and reliable charging is imperative, and this effort will take it to the next level,” said GM Energy VP Wade Sheffer. “Through our collaborations with industry leaders like EVgo, we continue to innovate and expand customer-centric charging solutions that will meet the evolving needs of EV drivers across the country.”

In addition to the agreement to build flagship locations, EVgo and GM continue to collaborate on their ongoing metropolitan charging footprint buildout. The companies plan to build a total of 2,850 DC fast charging stalls, with funding reallocated to deliver premium charging experiences for EV drivers at flagship locations. The companies celebrated the opening of their 1,000^th fast charging stall in August 2023 and expect to install their 2,000^th stall by the end of 2024.

For more information about the EVgo fast charging network and station locations, visit www.evgo.com.

About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

About GM
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is GM's battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. Risks and uncertainties that could affect the Company’s financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of EVgo” in EVgo’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”), as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward-looking statements in this press release are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Cautionary Note on Forward-Looking Statements
This communication and related comments by management, may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgment about possible future events and are often identified by words like “aim,” “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. In making these statements, we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are beyond our control. These factors, which may be revised or supplemented in subsequent reports we file with the SEC, include, among others, the following: (1) our ability to deliver new products, services, technologies and customer experiences; (2) our ability to timely fund and introduce new and improved vehicle models; (3) our ability to profitably deliver a broad portfolio of EVs; (4) the success of our current line of internal combustion engine vehicles; (5) our highly competitive industry; (6) the unique technological, operational, regulatory and competitive risks related to the timing and commercialization of AVs, including the various regulatory approvals and permits required for operating driverless AVs in multiple markets; (7) risks associated with climate change; (8) global automobile market sales volume; (9) inflationary pressures, persistently high prices, uncertain availability of raw materials and commodities, and instability in logistics and related costs; (10) our business in China, which is subject to unique operational, competitive, regulatory and economic risks; (11) the success of our ongoing strategic business relationships and of our joint ventures; (12) the international scale and footprint of our operations, which exposes us to a variety of unique political, economic, competitive and regulatory risks; (13) any significant disruption at any of our manufacturing facilities; (14) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; (15) pandemics, epidemics, disease outbreaks and other public health crises; (16) the possibility that competitors may independently develop products and services similar to ours, or that our intellectual property rights are not sufficient to prevent competitors from developing or selling those products or services; (17) our ability to manage risks related to security breaches and other disruptions to our information technology systems and networked products; (18) our ability to comply with increasingly complex, restrictive and punitive regulations relating to our enterprise data practices; (19) our ability to comply with extensive laws, regulations and policies applicable to our operations and products, including those relating to fuel economy, emissions and AVs; (20) costs and risks associated with litigation and government investigations; (21) the costs and effect on our reputation of product safety recalls and alleged defects in products and services; (22) any additional tax expense or exposure or failure to fully realize available tax incentives; (23) our continued ability to develop captive financing capability through GM Financial; and (24) any significant increase in our pension funding requirements. A further list and description of these risks, uncertainties and other factors can be found in our most recent Annual Report on Form 10-K and our subsequent filings with the SEC. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except where we are expressly required to do so by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240912774116/en/

EVgo

For Investors:

investors@evgo.com

For Media:

press@evgo.com



General Motors

Sanaz Marbley

Sanaz.marbley@gm.com

Source: EVgo

FAQ

How many new fast charging stalls are EVgo and GM planning to deploy?

EVgo and GM are planning to deploy 400 new fast charging stalls at flagship destinations across major U.S. metropolitan areas.

What features will the new EVgo and GM flagship charging stations include?

The new flagship stations will feature 350kW fast chargers, ample lighting, canopies, pull-through stations, and security cameras to enhance the charging experience.

When is the first EVgo and GM flagship charging location expected to open?

The first flagship charging location is expected to open in 2025.

How many charging stalls will typically be available at each EVgo and GM flagship station?

Most flagship stations are expected to feature up to 20 charging stalls, with select locations providing even higher stall counts.

What is the total number of DC fast charging stalls EVgo (EVGO) and GM plan to build?

EVgo and GM plan to build a total of 2,850 DC fast charging stalls as part of their ongoing collaboration.