EVgo

EVgo operates the largest EV DC fast-charging network in the US. The company operated 850+ fast-charging sites across 34 states as of February 2022 and plans on tripling in size over the next 5 years. The charging stations are fully powered using renewable energy and the charging fee is around USD 0.29 per kWh. EVgo had a customer base of around 553,000 at the end of 2022. 

Key customers and partnerships

General Motors named EVgo the preferred charging provider for its Ultium Charge 360 fleet service. The company also has partnerships with Tesla and Nissan. In December 2022, EVgo partnered with Lyft, where rideshare drivers on the Lyft platform were provided an EV charging discount program. In January 2023 , EVgo partnered with Amazon to provide an Alexa-enabled EV charging experience. In November 2023 , the company partnered with Hertz to launch a collaborative initiative to offer special charging rates for those renting EVs from Hertz.

In January 2024 , the EVgo extended its agreement with Toyota to provide a year of free fast charging for drivers who purchase or lease 2024 bZ4X models.

Funding and financials

In April 2023 , EVgo was selected for proposed awards of USD 6.6 million from the California Energy Commission’s (CEC) California Electric Vehicle Infrastructure Project (CALeVIP) 2.0 program. The funding will be used to deploy fast-charging infrastructure in the central and eastern regions of California through the Golden State Priority Project (GSPP).

Prior to this, in June 2022, EVgo was awarded a USD 3.6 million grant from the California Energy Commission (CEC) to install DC Fast Chargers near multi-family housing units in California. Following this, in April 2023, the company received a USD 6.6 million grant from the California Energy Commission to aid in the deployment of fast-charging infrastructure in the central and eastern regions of California.

EVgo was listed on Nasdaq through a SPAC merger in July 2021. The deal raised USD 630 million at a valuation of USD 2.6 billion. The proceeds were to be used to build new charging stations focusing on growth.