Evgo Inc. Stock Price, News & Analysis

EVgo has launched a redesigned mobile app aimed at enhancing user experiences and increasing network utilization. The app features a modern design, improved search capabilities, and integrates with EVgo Rewards™ for customer savings. With over 1,500 fast chargers across 35 states, the app allows users to create customized vehicle profiles and access charging locations easily. Users can now reserve chargers and receive coupons from nearby businesses. The app is available on iOS and will be on Android next week, aligning with EVgo's mission to simplify electric vehicle adoption.

EVgo has achieved a significant milestone with its PlugShare platform, surpassing one million app downloads since 2021, the highest in its history. This growth reflects a nearly 30% increase in user count and participation year-over-year, as electric vehicle (EV) adoption rises globally. Following EVgo's acquisition of Recargo in July 2021, the companies have collaborated to enhance EV user experiences, focusing on reliable charging and software solutions. With 800+ fast charging locations, EVgo leads in the EV charging network powered entirely by renewable energy.

EVgo (NASDAQ: EVGO) has been selected for proposed grants from the California Air Resources Board to install new high-powered DC fast chargers, contributing to the state's electrification goals. This initiative will add five new charging locations and 38 stalls in California, including a prominent hub in Los Angeles. The funding, part of the California Volkswagen Mitigation Environmental Trust, aims to enhance EV access, especially in disadvantaged communities. Currently, EVgo operates over 330 sites in California, enabling 80% of residents to access a fast charger within 10 miles.

EVgo Inc. (Nasdaq: EVGO) reported a robust third quarter of 2021, achieving a 29% revenue growth quarter-over-quarter to $6.2 million and a 31% increase in network throughput to an all-time high of 8.0 GWh. Customer accounts rose to approximately 310,000. Despite a gross loss of ($1.7 million), adjusted gross profit improved to $1.4 million with a gross margin of 22.2%. The company increased its full-year revenue guidance to $20-22 million. The engineering pipeline expanded to nearly 2,500 fast charging stalls, reflecting EVgo's commitment to enhancing EV infrastructure.

EVgo has expanded its EV charging program for rideshare drivers using Uber, aiming to enhance network utilization and support the electrification of rideshare vehicles. The program now offers discounts based on drivers' Uber Pro status, with potential savings of up to 30% on charging costs. About 34% of drivers surveyed travel between 400 to 800 miles weekly, highlighting the need for public fast charging. This initiative aligns with Uber's goal of becoming a fully zero-emission platform by 2030.

EVgo has expanded its partnership with General Motors to deploy 3,250 fast charging stalls across the U.S. by 2025, increasing the number from a previous target of 2,750. This expansion responds to rising demand for EV infrastructure and adds 500 charging stalls across 52 metropolitan areas. Currently, stations are operational in eight states. The initiative supports EVgo's commitment to reliable, renewable energy-based charging solutions, with a pipeline of over 2,000 sites planned for future development. This collaboration aims to enhance accessibility and promote widespread EV adoption.

EVgo Inc. (NASDAQ: EVGO) has received grants from the Pennsylvania Department of Environmental Protection to install new 350 kW DC fast charging stations, expanding its network in the state. This initiative, supported by the Driving PA Forward program, adds to the existing 3 stations and 10 DCFC chargers already operational. EVgo has partnered with popular brands like Wawa and Sheetz, emphasizing convenient charging locations. Customer accounts in Pennsylvania have surged by 140% since 2020, reflecting increased EV adoption.

EVgo is collaborating with the Los Angeles Department of Water and Power (LADWP) to expand its network of EV charging stations in the LA region, enhancing its position as the largest public fast charging network. The plan includes the construction of new sites, building on 18 existing stations in the LADWP area. This partnership aligns with California's goal of deploying 1.2 million chargers by 2030. Furthermore, LADWP's introduction of a new commercial EV charging rate aims to boost infrastructure development, ensuring equitable access to charging for all communities.

EVgo, the largest public fast charging network for electric vehicles in the U.S., will announce its Q3 2021 financial results on November 10, 2021, before market open. This announcement will be followed by a conference call at 11:00 AM ET, which investors can access via a live webcast or by phone. The company continues to lead in transportation electrification, operating over 800 fast charging locations across 35 states, serving more than 300,000 customers. The webcast archive will be available shortly after the call.