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 one of the nation’s largest providers of public fast charging infrastructure for electric vehicles, and its news flow reflects ongoing developments across its charging network, partnerships and financing activities. This page aggregates company news so readers can see how EVgo is expanding its footprint, enhancing technology features and reporting on financial performance.
Recent press releases highlight EVgo’s collaboration with the Kroger Family of Stores to deploy additional high-power fast charging stalls at grocery locations across multiple states, enabling customers to charge while they shop. Other announcements cover the EVgo eXtend network developed with Pilot Company and General Motors, which brings fast charging to Pilot and Flying J travel centers along major interstate corridors, and the use of domestically manufactured prefabricated charging skids to speed station deployment and integrate features such as Wi-Fi infrastructure, lighting, security cameras and canopies.
EVgo’s news also includes updates on technology and customer experience, such as milestones for its Autocharge+ feature that allows compatible EVs to begin charging simply by plugging in after a one-time enrollment. Financial news items report quarterly results, network throughput, customer account growth and details of a senior secured, non-recourse credit facility intended to fund the construction, installation, deployment and operation of additional fast charging stalls nationwide.
Investors, EV drivers and industry observers can use this news feed to follow EVgo’s announced station openings, network expansion plans, partnerships with retailers and automakers, and key financial disclosures. Returning to this page provides a consolidated view of how EVgo communicates its progress and priorities in the public fast charging market.
EVgo (NASDAQ: EVGO), one of the U.S.'s largest public fast charging networks for electric vehicles, announced reaching over one million registered customer accounts. The number of accounts surged by 400% since April 2020, highlighting the growing adoption of EVs and demand for charging infrastructure.
In Q1 2024, network utilization was at 19% nationwide, with gigawatt-hour throughput nearly tripling compared to Q1 2023. EVgo's Autocharge+ feature, available for over 50 EV models, saw a fourfold increase in charging sessions year-over-year. Additionally, nearly 40% of EVgo's stalls are now 350 kW chargers, up from 22% at the end of March 2023.
CEO Badar Khan emphasized EVgo's goal of creating a customer-centric network, with 100,000 potential stalls identified with site host partners, signaling further expansion to meet rising demand.
EVgo (NASDAQ: EVGO), a leading public fast charging network for electric vehicles, will start deploying North American Charging Standard (NACS) connectors in 2024. These connectors, being standardized as SAE J3400, will be integrated into EVgo's fast charging network, which already includes CCS and NACS vehicles. The company's network utilization increased to 19% in Q1 2024, from 9% in Q1 2023. EVgo aims to expand its footprint through new site host partnerships, planning over 100,000 potential stalls. Notably, 40% of EVgo’s stalls now have high-power 350kW chargers, nearly doubling from last year. EVgo also offers Autocharge+, a streamlined payment feature available for over 50 vehicle models, including all Tesla models compatible with the CCS adapter.
EVgo Inc. reported record first quarter 2024 results with revenue reaching $55.2 million, a 118% increase year-over-year. The network throughput reached 53 GWh, up by 194% year-over-year. The company added 250 new operational stalls, totaling approximately 3,780 stalls in operation or under construction. EVgo also added nearly 109,000 new customer accounts, reaching over 981,000 overall. The company's business model of owning and operating a fast-charging network is driving growth, with plans to achieve adjusted EBITDA breakeven in 2025.
EVgo Inc. (NASDAQ: EVGO) won the 1st Place Leadership Award for Level 3 Electric Vehicle Charging from the Los Angeles Department of Water & Power (LADWP) for its DC fast charging expansion in Los Angeles. The company's network grew by 90% in the metro area, showcasing its commitment to supporting California's climate goals.
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