EVgo

EVgo Inc. is an electric vehicle fast charging network in the United States, with more than 950 charging locations . The company's charge stations are located in 35 states and are compatible with all major auto manufacturers.

History

EVgo was created in 2010 as part of a settlement between NRG Energy and the California Public Utilities Commission in the aftermath of the Enron scandal. The company was required to invest $100 million in the installation of public electric vehicle chargers. In 2016, EVgo was sold to investment group Vision Ridge Partners, and then again, in 2020, to LS Power.

EVgo's common stock began trading on the NASDAQ on July 2, 2021, under the ticker symbol EVGO. The same month, EVgo acquired Recargo, the California company which develops the PlugShare electric vehicle charging station locator application, for US$25 million.

In June 2022, the company announced a partnership with General Motors (GM) to expand compatibility and access for GM vehicles. Along with this announcement, EVgo also unveiled the EVgo eXtend project in collaboration with General Motors (GM) and Pilot Company. This initiative aims to deploy 2,000 high-power fast charging stalls at Pilot and Flying J locations across the U.S. The charging stalls, with a capacity of 350 kW, will be installed, operated, and maintained by EVgo and networked through EVgo eXtend. These sites are planned among major charging corridors and current Pilot/Flying J travel stops with canopies, pull-through stations, and other amenities. At the annual CES tech trade show in January 2023, EVgo announced a partnership with online retailer Amazon to allow drivers with Alexa-equipped cars to locate, schedule and pay for charging using Alexa, with a planned roll-out later in 2023. The company installed its 1000th fast DC charger on August 1, 2023, in Woodridge, Illinois.EVgo and General Motors Open 1,000th DC Fast Charging Stall as Part of Metropolitan Charging Collaboration
/ref> As of December 2023, these new stations are now available in 13 states with 17 locations available to the public.

In May 2024, Evgo reached more than one million registered customer accounts which is a 400% increase in customer accounts since April 2020. In September 2024, EVgo and GM announced another project collaboration that will result in EVgo deploying 400 additional charging stalls at flagship destinations in major metropolitan areas across the U.S. These flagship stations are expected to feature 350kW fast chargers, ample lighting, security cameras, canopies to provide overhead cover for drivers charging, and pull-through stations for ease-of-charging when towing. In addition, these flagship stations will include up to 20 stalls with select locations providing significantly higher stall counts.

Operations

EVgo charging stations use CCS Combo 1 and CHAdeMO connectors, and at some locations, North American Charging System (Tesla) connectors. (Tesla drivers can also use their own CCS and CHAdeMO adapters).

EVgo currently has agreements with various automakers for their electric vehicles to use its network of chargers or provide discounted charging rates or complimentary charging, including GM, Honda, and Toyota. In 2022, EVgo launched Plug and Charge for compatible General Motors vehicles, and Autocharge+ for compatible CCS and Tesla vehicles when using a CCS adapter. These protocols automatically arrange for payment when a car is plugged in.

EVgo stations tend to be located at convenience stores and other retail establishments which already have parking lots, allowing drivers to make purchases while their cars are charging. It is also receiving funding to build stations near apartment buildings in California, among other government accelerated-build programs. EVgo also provides chargers for a fleet of Kenworth T680E semi-tractor trailers at the Fontana, California facility of logistics company MHX. Various government agencies and car manufactures have discount programs on the EVgo network, as do ridesharing companies Uber and Lyft. EVgo also partners with Hertz, providing special charging rates to drivers renting any EV model at a Hertz location across the country.

In November 2023, EVgo also announced an expanded partnership with Meijer, a regional grocery retailer, to install and operate new fast charging stations in the Midwest. The EVgo stations will be located in Ohio and feature up to six stalls with high-power 350kW chargers, aiming to provide quick charging services for EV drivers.

In December 2024, EVgo secured $1.25bn in funding from Department of Energy (United States). The company estimated these funds could help install 7,500 new stalls—effectively tripling EVgo’s presence.

See also

*Charging station
* Electric vehicle network

References

External links

EVgo
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Charging stations
Electric vehicle infrastructure developers
Companies based in Los Angeles
Technology companies based in Greater Los Angeles
American companies established in 2010
Companies listed on the Nasdaq
Technology companies established in 2010
2010 establishments in California