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EVgo

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EVgo Inc.
Company typePublic
IndustryElectric vehicle infrastructure
FoundedOctober 6, 2010; 14 years ago (2010-10-06), in Los Angeles, California, U.S.[1]
Headquarters
Los Angeles, California
,
U.S.
Key people
Badar Khan (CEO)
ProductsElectric vehicle chargers
ParentLS Power
SubsidiariesRecargo, Inc.
Websiteevgo.com

EVgo Inc. is an electric vehicle fast charging network in the United States, with more than 950 charging locations as of August 2023.[2][3][4] The company's charge stations are located in 35 states and are compatible with all major auto manufacturers.[5][6]

History

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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.[7] In 2016, EVgo was sold to investment group Vision Ridge Partners, and then again, in 2020, to LS Power.[8][9]

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.[10][11][12]

In June 2022, the company announced a partnership with General Motors (GM) to expand compatibility and access for GM vehicles.[13] 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.[14][15][16] The company installed its 1000th fast DC charger on August 1, 2023, in Woodridge, Illinois.[17] As of December 2023, these new stations are now available in 13 states with 17 locations available to the public.[18]

In May 2024, Evgo reached more than one million registered customer accounts which is a 400% increase in customer accounts since April 2020.[19] 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.[20]

An EVgo charging station

Operations

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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).[21]

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, Chevrolet, Cadillac, 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.[22] These protocols automatically arrange for payment when a car is plugged in.[17]

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,[23] 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.[24] Various government agencies and car manufactures have discount programs on the EVgo network, as do ridesharing companies Uber[25] and Lyft.[26] EVgo also partners with Hertz, providing special charging rates to drivers renting any EV model at a Hertz location across the country.[27]

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.

Charging

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EVgo offers some of the fastest charging speeds available in the U.S., deploying high-powered chargers capable of delivering up to 350 kilowatts (kW) for compatible vehicles. EVgo provides stations with a minimum of 50 kW and a maximum of up to 350 kW for simultaneous charging, which can be found in their newest stations.

Because of the variety of charging ports offered (CCS, CHAdemo, NACS, J-1772), EVgo chargers are compatible with almost every EV model available on the road today. A vehicle’s connector type and maximum charging speed are determined by the vehicle’s manufacturer.

Drivers of electric vehicles can find EVgo stations through a mobile app, or pay per charge through their credit card. EVgo charges a session fee to initiate a charge, in which members save on the session rate and the initiation fee. Using the app, users can use a map to locate nearby charging stations, check real-time availability, receive directions, and start charging. There's an option to reserve charging stations in select locations across the U.S. through the EVgo Reserve Now™ program. Users can earn points by charging their EV and redeem them for charging credit through the EVgo Rewards™ program. Additionally, eligible vehicles can enroll in Autocharge+, allowing for charging to start right away when plugged in.

See also

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References

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  1. ^ "EVgo Services LLC". September 5, 2022. Retrieved September 5, 2022 – via bloomberg.com.
  2. ^ "EVgo signs supply deal with Delta Electronics for 1,000 fast chargers coming to the new GM network". August 11, 2022. Retrieved September 5, 2022 – via electrek.co.
  3. ^ "EVgo-Inc.-Reports-Second-Quarter-2022-Results". August 9, 2022. Retrieved September 5, 2022 – via businesswire.com.
  4. ^ "EVgo Orders 1,000 Ultra-Fast Charging From Delta Electronics". August 15, 2022. Retrieved September 5, 2022 – via insideevs.com.
  5. ^ "Which Charging Networks Can your EV Access?". August 30, 2022. Retrieved September 5, 2022 – via jdpower.com.
  6. ^ "Charging company EVgo is going public via SPAC merger". January 22, 2021. Retrieved September 5, 2022 – via theverge.com.
  7. ^ Ayre, James (29 June 2016). "NRG Offloads EVgo Network Of Fast-Charging Stations To Vision Ridge Partners". CleanTechnica. Retrieved 20 May 2024.
  8. ^ "LS Power Acquires Electric Vehicle Fast-Charging Specialist EVgo". December 23, 2019. Retrieved September 5, 2022 – via greentechmedia.com.
  9. ^ "LS Power Acquires EVgo From Vision Ridge Partners". January 17, 2020. Retrieved September 5, 2022 – via insideevs.com.
  10. ^ Lambert, Fred (2021-07-14). "EVgo acquires company behind popular PlugShare EV charging app, we ask some questions". Electrek. Retrieved 2023-01-10.
  11. ^ Kumaresan, Shivani. "EVgo Acquires e-Mobility Software Company Recargo For $25M - EVgo (NASDAQ:EVGO)". Benzinga. Retrieved 2023-01-10.
  12. ^ "EVgo and Recargo Join Forces to Accelerate EV Market Growth | PlugShare". company.plugshare.com. Retrieved 2023-01-10.
  13. ^ "GM Announces Plug-and-Charge Partnership With EVgo". June 26, 2022. Retrieved September 5, 2022 – via newsweek.com.
  14. ^ McAuliffe, Zachary. "Amazon, EVgo Team Up to Help EV Drivers Find Charging Stations". CNET. Retrieved 2023-01-10.
  15. ^ Falkenberg-Hull, Eileen (2023-01-05). "Amazon Alexa To Allow Voice-initiated Electric Vehicle Charging". MSN. Retrieved 2023-01-10.
  16. ^ Lienert, Paul (2023-01-09). "Alexa, help! Amazon partners with EVgo to ease EV charging pain". Reuters. Retrieved 2023-01-10.
  17. ^ a b EVgo and General Motors Open 1,000th DC Fast Charging Stall as Part of Metropolitan Charging Collaboration
  18. ^ "Pilot Travel Centers LLC, General Motors and EVgo Make Convenient, Accessible Charging a Reality with Opening of First Stations in Coast-to-Coast EV Charging Network | EVgo | Electric Vehicle (EV) Charging Stations - EV Fast Chargers". www.evgo.com. Retrieved 2023-12-20.
  19. ^ "EVgo Celebrates More Than 1 Million Customer Accounts Across the U.S. as EV Adoption Continues to Grow". Yahoo Finance. 2024-05-21. Retrieved 2024-09-14.
  20. ^ Report, The EV (2024-09-12). "EVgo and GM Expand EV Charging Network". The EV Report. Retrieved 2024-09-14.
  21. ^ Driver FAQs
  22. ^ Fast Charge Your Tesla Model S/3/X/Y with EVgo
  23. ^ EVgo Selected by California Energy Commission for Proposed Awards of $3.6M in Grant Funding to Build More Fast Charging Infrastructure for Multi-Family Housing Residents
  24. ^ EVgo and MHX, LLC Partner to Power Class 8 Electric Truck Fleet
  25. ^ Uber and EVgo Expand Partnership to Support High-Volume Rideshare Drivers with Fast, Reliable Public Charging
  26. ^ EVgo and Lyft Launch New Partnership to Accelerate Rideshare Electrification Nationwide
  27. ^ "Hertz and EVgo Partner to Offer EV Renters One Year of Special Charging Rates | EVgo | Electric Vehicle (EV) Charging Stations - EV Fast Chargers". www.evgo.com. Retrieved 2023-12-20.
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