From Coast to Coast, EVgo and eXtend Partners Receive More Than $12.7M in Funding to Expand Fast Charging Infrastructure
October 12 2023 - 7:00AM
Business Wire
EVgo continues to accelerate fast charger
deployment, and new awards will support the buildout of more than
150 new fast charging stalls by leveraging public-private
partnerships
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the
nation’s largest public fast charging networks for electric
vehicles (EVs), today announced it has been selected for more than
$12.7 million in preliminary awards from a variety of funding
sources across California, Colorado, and Pennsylvania, including
utilities, air districts, state energy offices, and state
departments of transportation via the National Electric Vehicle
Infrastructure (NEVI) formula program during the third quarter of
2023. In total, these new awards will support the buildout of more
than 150 fast charging stalls.
Since announcing in July 2023 that EVgo and its eXtend partners
were awarded more than 75% of funds in Ohio’s NEVI program, EVgo
and its eXtend partners have been selected for more than $4.3
million in additional NEVI awards; this includes more than $1.5
million in Colorado supporting the construction of 14 stalls, and
more than $2.8 million in funding in Pennsylvania supporting the
construction of 18 stalls. To date, EVgo and its eXtend partners
have been selected for approximately 20% of awarded NEVI funds,
with additional announcements expected before the end of the year.
All EVgo and eXtend stations to be built along corridors with NEVI
funding will feature high-power 350kW fast charging to help EV
drivers power up quickly and get back on the road.
In addition to more than $5 billion in NEVI funding expected to
be awarded over the coming years, utilities, air districts, and
state energy offices continue to stimulate EV charging investments
through distinct funding programs. In the third quarter of 2023,
EVgo received a preliminary award of $4.3 million from the
California Energy Commission’s Fast and Available Charging for All
Californians (FAST) grant, which seeks to support infrastructure
deployments for high mileage on-demand transportation services, car
sharing enterprises, car rental agencies, and the public. FAST is
funded through the Clean Transportation Program, which invests up
to $100 million annually to fund a broad portfolio of clean
transportation infrastructure projects throughout the Golden
State.
Other recent awards include more than $2.9 million from the Bay
Area Air Quality Management District and more than $1.1 million
from the Los Angeles Department of Water and Power Public Access
program.
“For well over a decade, EVgo’s partnerships with utilities,
state governments, and other funding entities have been critical in
accelerating our national network expansion,” said Sara Rafalson,
Senior Vice President, Market Development, Public Policy and
External Affairs at EVgo. “At this time of unprecedented public
sector interest and investment in EV charging, we look forward to
continuing to build upon our experience to capitalize on funding
programs to fuel our growth and double down on our mission to build
convenient, reliable, and accessible charging infrastructure for
all EV drivers.”
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 more than 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.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," “proposed,” "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to, express
or implied statements regarding the anticipated award of funding
and EVgo’s deployment of chargers in connection with state NEVI
programs and other grant programs. These statements are subject to
numerous assumptions, risks and uncertainties and on the current
expectations of EVgo’s management, and are not predictions of
actual performance. See “Risk Factors” in EVgo’s Annual Report on
Form 10-K filed with the SEC on March 30, 2023, as well as its
other filings with the SEC, copies of which are available on EVgo’s
website at investors.evgo.com, and on the SEC’s website at
www.sec.gov. All forward-looking statements in this press
release are based on information available to EVgo as of the date
hereof, and EVgo does not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made,
except as required by applicable law.
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