Tuesday, December 7, 2021

EVgo announcing plans to partner with General Motors, EVGo Stock up 10%

Get EVGO, INC. shares went up 10% on Tuesday after the owner and operator of the largest electric vehicle charging network in the U.S. said it is partnering with auto giant General Motors.

According to their announcement the companies are planning to triple the number of fast-charging EV stalls on American roads.

“As EV adoption picks up momentum across both consumer and commercial segments, the charging infrastructure buildout needs to continue being a few steps ahead of demand. EVgo is committed to reliable and convenient charging for all,” said EVgo CEO, Cathy Zoi. “We are thrilled to expand the scope of our collaboration with GM – a testament to our successful partnership. We look forward to working together as we expedite the journey to an electrified future for the betterment of our planet.”

EVgo Stock closed 10% higher on the day of the announcement

Evgo shares were up nearly 30% in premarket trading after the companies announced the collaboration, which will take advantage of the recently passed infrastructure bill to an additional 500 high-powered DC fast charging stalls to its network, bringing the total to 3,250 through 2025 and extending the geographic reach from 40 metropolitan markets to 52. Later in the day EVgo Stock slowed down and ended up 10% for the day.

Stations that are part of the program are now live in eight states, including in Georgia, Florida, Pennsylvania, Colorado and North Carolina. The joint program will further accelerate widespread EV adoption and increase public access to charging, including in future markets in Alabama, Wisconsin, Kentucky, Michigan, Ohio, and Texas, EVgo said in the statement.

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This includes drivers who live in multi-unit dwellings, rent their homes and can’t install chargers, or might not otherwise have access to home or workplace charging. These DC charging stalls could also provide a fast-charging option for drivers who’d like to charge on-the-go.

The new stations added to the EVgo network will continue to be powered by 100% renewable electricity, EVgo said.

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