EVgo Opens First Public Fast Charging Site with Innovative Prefabrication Approach
- EVgo opens its first prefabricated fast charging station in League City, TX, reducing construction costs by an average of 15% at eligible sites.
- The prefabrication approach is expected to reduce station installation timelines by up to 50%.
- EVgo's network throughput is growing five times faster than the increase in EVs in operation (VIO) in the fourth quarter of 2023.
- The prefabrication model will include 350kW high-power fast chargers and features like Wi-Fi infrastructure, lighting, security cameras, and integrated canopies.
- EVgo plans to open prefabricated stations in Florida, Nebraska, North Carolina, and California in 2024.
- None.
The announcement by EVgo Inc. regarding the launch of its first fast charging station using a new prefabrication technique is a significant development within the electric vehicle (EV) infrastructure sector. Prefabrication is a method where various components of a structure are manufactured in a factory setting and then transported to the site for assembly, which contrasts with traditional construction methods where the majority of work is done on location.
The projected cost savings of 15% and the reduction in installation timelines by up to 50% represent a substantial improvement in the capital efficiency and scalability of EVgo's operations. This approach could potentially enhance EVgo's competitive position in the market by allowing for more rapid expansion of their charging network, which is important given the burgeoning EV market and the corresponding demand for reliable charging infrastructure.
Moreover, the reported throughput growth of the EVgo network, which is outpacing the increase in EVs in operation, suggests a robust utilization of their services. This could translate into stronger revenue streams for EVgo, particularly as the adoption of EVs continues to accelerate and the need for fast charging solutions becomes more pronounced.
The opening of EVgo's prefabricated fast charging station is not only a technical achievement but also carries financial implications. The reduction in construction costs and installation timelines can improve the company's return on investment for each new station and potentially increase the attractiveness of EVgo's stock to investors.
Considering the infrastructure bill passed by the U.S. government, which includes significant investments in EV charging infrastructure, EVgo's new deployment approach positions the company to capitalize on these opportunities more effectively than competitors who may not have similar cost and time-saving technologies.
Additionally, the expansion into states like Florida, Nebraska, North Carolina and California, with the inclusion of high-power chargers capable of simultaneous charging, addresses a growing market need and could drive additional customer traffic to EVgo's network. The added features such as Wi-Fi, lighting and security cameras improve customer experience and could increase brand loyalty and usage rates.
The adoption of prefabrication techniques by EVgo signifies an environmentally conscious move as it typically results in less waste and reduced energy consumption during the construction phase. From an environmental economics perspective, this is a positive development that aligns with the broader goals of the EV industry to reduce carbon emissions.
The increased efficiency in deploying charging infrastructure can accelerate the transition to electric vehicles by ensuring that the necessary support network keeps pace with vehicle sales. This can have a long-term positive impact on reducing greenhouse gas emissions from the transportation sector, which is a significant contributor to climate change.
The strategic positioning of charging stations in diverse geographic locations also suggests an inclusive approach to EV infrastructure development, potentially increasing the adoption of EVs in areas that have been underserved. This could lead to more balanced economic development and environmental benefits across different regions.
First in series of charging stations leveraging accelerated deployment approach designed to reduce installation timelines and costs
EVgo's first prefabricated fast charging station in
With EVgo network throughput growing five times faster than the increase in EVs in operation (VIO) in the fourth quarter of 2023, the prefabrication approach enables EVgo to scale more quickly to meet drivers’ demand for convenient and reliable charging options. In addition to cost savings, the prefabrication approach is also expected to reduce station installation timelines by as much as
“The opening of our first prefabricated site is a testament to the innovation driving cost reductions and accelerating deployment timelines to scale our growth engine,” said Dennis Kish, President of EVgo. “As demand for public fast charging infrastructure continues to grow, we anticipate leveraging this model at eligible sites to quickly deploy charging stations across the U.S.”
Outside of
EVgo’s prefabricated approach is made possible with support from partners such as WB Engineers+Consultants, Miller Electric, and others.
For more information about the EVgo fast charging network, 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 providers, featuring over 950 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.
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," “proposed,” "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, express or implied statements regarding the anticipated cost and time savings and improvements in the customer experience resulting from EVgo’s adoption of a prefabricated infrastructure deployment model for construction and installation of charging sites; EVgo’s ability to deploy a range of features on prefabricated charging infrastructure; and anticipated timeframes for the opening of prefabrication projects. These statements are subject to numerous assumptions, risks and uncertainties and on the current expectations of EVgo’s management, and are not predictions of actual performance. See “Risk Factors” in EVgo’s Annual Report on Form 10-K filed with the SEC on March 6, 2024, as well as its other filings with the SEC, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240321127697/en/
For Investors:
investors@evgo.com
For Media:
press@evgo.com
Source: EVgo
FAQ
What is EVgo's ticker symbol?
Where is EVgo's first prefabricated fast charging station located?
How much are construction costs expected to be reduced by using the prefabrication approach?
By how much are station installation timelines expected to be reduced with the prefabrication approach?
What features are expected to be included in the prefabricated stations?
In which states does EVgo plan to open prefabricated stations in 2024?
