EVGO EVgo Inc

By Michael Dabaie

EVgo Inc. shares were up 3.5% to $12.60 in afternoon trading after J.P. Morgan Chase & Co.'s Chase U.S. banking business said it would work with the company to pilot public fast electric vehicle charging stations across 50 of its U.S. branches beginning this summer.

Shares of the EV fast charging network powered by 100% renewable energy traded as high as $13.05 earlier in the session. The stock is up about 27% year-to-date.

Fast chargers will be installed at Chase branch locations in states including California, Indiana, Illinois, New York, Oregon and Pennsylvania, giving access to 100kW and 350kW chargers that can charge vehicles as much as 80% in 15 to 45 minutes.

The bank said it expects to have all stations available for use by the summer of 2023.

"Reducing the amount of pollution from tailpipes will have real benefits for consumers and communities, and increasing the availability of convenient public fast charging gives more drivers peace of mind to switch to electric," said EVgo Chief Executive Cathy Zoi. "Having access to fast charging in everyday settings of life -- the local bank being a great example as well as an important community staple -- is truly key."

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

April 07, 2022 12:56 ET (16:56 GMT)

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