EVgo Crosses $10M Milestone in Utility Incentive Funding Awarded Since 2022
June 29 2023 - 7:00AM
Business Wire
Through collaboration with utilities from coast
to coast, EVgo continues to accelerate fast charger deployment by
leveraging incentive programs
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the
nation’s largest public fast charging networks for electric
vehicles (EVs), today announced the commissioning of a new station
in Carteret, New Jersey that is the latest EVgo site to leverage
funding from a utility EV charging incentive program. Utility
charging incentive programs, often referred to as “Make-Ready,” are
designed to support the development of electric vehicle charging
infrastructure by reducing the upfront costs of site construction
associated with “making a site ready” to install EV charging
stations.
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In the last 18 months alone, EVgo has received more than $10
million in awards from utility Make-Ready or rebate programs across
17 utility territories in nine states and the District of Columbia.
These programs, designed to accelerate third-party investment in
charging infrastructure to deliver more stations for EV drivers,
have grown in popularity over the last several years and have
allowed EVgo to expand its reach in markets from California to
Kansas.
“EVgo is committed to building a fast charging network that is
sustainable both environmentally and financially, and utility
incentive programs have been key pieces of the puzzle in building
out a reliable and convenient fast charging network that works for
everyone,” said Sara Rafalson, Vice President, Market Development
and Public Policy at EVgo. “These programs – which leverage the
complementary strengths of both experienced operators like EVgo and
its utility partners – serve as market catalysts as we work
collaboratively to build the charging infrastructure necessary to
enable ubiquitous EV adoption.”
Utility Make-Ready programs are beneficial for charging
networks, utilities, and EV drivers. Under these programs,
utilities play the role of market accelerant by incentivizing
third-party investment to grow infrastructure deployments in their
respective service territories. Simultaneously, these programs
leverage the core competencies of experienced operators like EVgo
who will develop, own, operate, and maintain the charging system
through its useful life.
Based on its experience participating in utility incentive
programs across the country, EVgo also released a new best practice
document on Make-Ready program funding through EVgo’s Connect the
Watts™ initiative. This best practice document highlights some of
the ways that utilities can further support transportation
electrification in their respective service territories, and
includes spotlights on successful program designs implemented by
utilities across the U.S.
Since January 2022, EVgo has been awarded Make-Ready funding or
in-kind support from the following utilities, and commends their
efforts in accelerating transportation electrification:
- Arizona
- Salt River Project (SRP)
- Tucson Electric Power
- California
- LADWP
- PG&E
- Sacramento Municipal Utility District (SMUD)
- Silicon Valley Clean Energy (SVCE)
- Colorado
- District of Columbia
- Kansas
- Nevada
- New Jersey
- Public Service Electric and Gas Company (PSE&G)
- New York
- Con Edison
- Orange & Rockland Utilities
- PSE&G - Long Island
- National Grid
- Utah
- Virginia
National Grid in New York and PSE&G in New Jersey are also
two EV Charging Heroes from the inaugural year of the Connect the
Watts National EV Charging Recognition Program.
For more information about the EVgo charging network, visit
www.evgo.com.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in charging solutions, building
and operating the infrastructure and tools needed to expedite the
mass adoption of electric vehicles for individual drivers,
rideshare and commercial fleets, and businesses. Since 2019, EVgo
has purchased renewable energy certificates to match the
electricity that powers its network. As one of the nation’s largest
public fast charging networks, EVgo’s owned and operated charging
network includes around 900 fast charging locations, 60
metropolitan areas and 30 states. EVgo continues to add more DC
fast charging locations across the U.S., including stations built
through EVgo eXtend™, its white label service offering. EVgo is
accelerating transportation electrification through partnerships
with automakers, fleet and rideshare operators, retail hosts such
as grocery stores, shopping centers, and gas stations, policy
leaders, and other organizations. With a rapidly growing network,
robust software products and unique service offerings for drivers
and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™,
and Autocharge+, EVgo enables a world-class charging experience
where drivers live, work, travel and play.
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