WeTheMarket
2 months ago
EVgo Doubles Down on Commitment to Begin NACS Deployments in 2024
May 14 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93844104/evgo-doubles-down-on-commitment-to-begin-nacs-depl
Seismic shift in competitive landscape opens opportunity to further drive utilization of the EVgo network, expand footprint with new site host partners, and serve more Tesla EV drivers
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that the Company will begin to deploy North American Charging Standard (NACS) connectors – currently in the process of being standardized as SAE J3400 – on its fast charging network later this year.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240514544041/en/
As part of its commitment to serve all EVs, stations included in the roll-out will serve both CCS and NACS vehicles. Deployments will begin in key markets with high NACS vehicle penetration, enabling the Company to maximize charger utilization. Overall utilization on the EVgo network in the first quarter of 2024 was approximately 19%, up from approximately 9% in the first quarter of 2023.
"The seismic shift in the competitive landscape for EV charging has opened new opportunities to drive usage on the EVgo network and accelerate our network expansion by fostering new site host partnerships,” said Badar Khan, CEO of EVgo. “EVgo had previously identified more than 100,000 potential stalls with strategic site host partners, and with recent industry changes, we welcome further dialogue with our current and potential partners on how we can collaborate to deploy more fast charging infrastructure in convenient locations for drivers.”
EVgo’s NACS roll-out will be unique given the network’s proliferation of high-power 350kW chargers that require liquid cooled cable technology. Today, nearly 40% of EVgo’s stalls are powered by a 350kW charger – almost double the percentage a year ago – to best serve vehicle models with the most advanced battery technology and high peak charge rates.
Both Tesla and future non-Tesla NACS vehicles will be able to take advantage of Autocharge+, EVgo’s streamlined payment feature that allows drivers to plug in and initiate a charge without the use of an app, credit card, or RFID card. Autocharge+ mirrors the Plug and Charge experience and is available to over 50 vehicle models, including all Tesla models today that are compatible with the CCS adapter made by Tesla.
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. EVgo is one of the nation’s largest public fast charging providers, featuring over 1,000 fast charging locations across more than 35 states, 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 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.
WeTheMarket
2 months ago
EVgo Inc. Reports Record First Quarter 2024 Results
May 07 2024
Link to Press Release https://s27.q4cdn.com/370825096/files/doc_financials/2024/q1/2024-05-06-EVgo-Q1-2024-Earnings-Release.pdf
Link to Webcast https://events.q4inc.com/attendee/443456279
Link to Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2024/q1/2024-05-07-EVgo-Q1-2024-Earnings-Presentation.pdf
Link to Previous Results (Q4/FY 2023) https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173981731
Highlights
- Revenue reached a record $55.2 million in the first quarter, representing an increase of 118% year-over-year.
- Network throughput reached a record 53 gigawatt-hours (“GWh”) in the first quarter, an increase of 194% year-over-year.
- Added 250 new operational stalls during the first quarter, including EVgo eXtend™ stalls.
- Ended the first quarter with approximately 3,780 stalls in operation or under construction, including EVgo eXtend™ stalls.
- Added nearly 109,000 new customer accounts in the first quarter, reaching more than 981,000 overall at quarter end.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter ended March 31, 2024. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.
Revenue reached $55.2 million in the first quarter of 2024, compared to $25.3 million in the first quarter of 2023, representing 118% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend™ revenue.
Network throughput increased to 53 GWh in the first quarter of 2024, compared to 18 GWh in the first quarter of 2023, representing 194% year-over-year growth. The Company added nearly 109,000 new customer accounts during the first quarter of 2024, a 63% year-over-year increase in new accounts. The overall number of customer accounts was more than 981,000 at quarter end, an increase of 60% year-over-year.
“EVgo’s business continues to grow and achieve record results, demonstrating the strength of our business model of owning and operating a fast-charging network as more Americans drive electric vehicles,” said Badar Khan, EVgo’s CEO. “We continue to build new stalls across the U.S. and see throughput growth outpacing growth of EVs in operation. EVgo’s compelling unit economics, operating leverage, along with the tailwind of long-term EV adoption, gives us confidence that we will achieve adjusted EBITDA breakeven in 2025 and create significant shareholder value.”
Business Highlights
Stall Development: The Company ended the quarter with approximately 3,240 stalls in operation, including EVgo eXtend™ stalls. EVgo added 250 new DC fast charging stalls during the quarter, including EVgo eXtend™ stalls.
EVgo eXtend™: EVgo ended the quarter with 130 operational EVgo eXtend™ stalls.
Network Utilization: Utilization on the EVgo network in the first quarter of 2024 was approximately 19%, up from approximately 9% in the first quarter of 2023.
Network Throughput: Average daily throughput per stall for the EVgo network was 193 kilowatt hours per day in the first quarter of 2024, an increase of 124% compared to 86 kilowatt hours per day in the first quarter of 2023.
Fleet Charging: EVgo’s public fleet charging business continues to grow driven by rideshare traffic that increased over 3x year-over-year.
EVgo Autocharge+: Autocharge+ was over 18% of total charging sessions initiated in the first quarter of 2024, and the number of Autocharge+ charging sessions in the first quarter increased 358% compared to the first quarter of 2023.
PlugShare: PlugShare reached approximately 5.0 million registered users and achieved 8.3 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures for the first quarter of 2024.
Revenue of $55.2 million
Network Throughput1 of 53 gigawatt-hours
Customer Account Additions of nearly 109,000 accounts
Gross Profit of $6.8 million
Net Loss of $28.2 million
Adjusted Gross Profit2 of $17.3 million
Adjusted EBITDA2 of ($7.2) million
Cash Flows Used in Operating Activities of $14.1 million
Capital Expenditures of $21.1 million
Capital Expenditures, Net of Capital Offsets2 of $13.6 million
_______________
1 Network throughput for EVgo network excludes EVgo eXtend™ sites.
2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
2024 Financial Guidance
EVgo is reaffirming 2024 guidance as follows:
- Total revenue of $220 – $270 million
- Adjusted EBITDA* of ($48) – ($30) million
_______________
* A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.
CFO Transition
EVgo also announced that Olga Shevorenkova will be stepping down as Chief Financial Officer and departing the Company, effective on or about May 31, 2024, for a role with a private company. Stephanie Lee, EVP of Accounting & Finance, will serve as Interim CFO from the time of Olga’s departure until a permanent successor joins the Company. The Company has retained a leading executive search firm and commenced a comprehensive search process to identify the Company’s next CFO. Ms. Shevorenkova's departure was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices, including the Company's accounting principles and practices and internal controls.
“On behalf of the Board and management team, I would like to thank and recognize Olga for her many contributions to EVgo over the past six years,” said Badar Khan, CEO of EVgo. “Olga joined EVgo at a time when it was a private company in a nascent sector, and helped EVgo navigate a path to become a scaled electric vehicle charging network provider that is an industry leader. Her commitment to our mission is evident, and we wish Olga all the best in her future pursuits. We have a well-defined transition plan in place and are thankful for the deep and talented finance team she has built.”
Conference Call Information
A live audio webcast and conference call for EVgo’s first quarter earnings release will be held today at 11 a.m. ET / 8 a.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708
This press release, along with other investor materials that will be used or referred to during the webcast and conference call, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle 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. EVgo is one of the nation’s largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, 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 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.
WeTheMarket
2 months ago
EVgo Expansion in Los Angeles Recognized with 1st Place Leadership Award by Largest Municipal Utility in the Nation
May 01 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93759283/evgo-expansion-in-los-angeles-recognized-with-1st
Los Angeles Department of Water & Power (LADWP) honored EVgo for its expansion in the Los Angeles area, commitment to transportation electrification at utility’s 9th Annual Sustainability Awards
EVgo Inc. (NASDAQ: EVGO), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that the company was recognized with a first place Leadership Award for Level 3 Electric Vehicle Charging – also known as DC fast charging – by the Los Angeles Department of Water & Power (LADWP). EVgo was honored as part of LADWP’s “Electrification of Transportation” category for its success deploying DC fast charging infrastructure in the Los Angeles metro area, expanding access to public charging in support of the state’s nation-leading climate goals.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240501120294/en/
EVgo fast charging station in Los Angeles, CA. (Photo: Business Wire)
EVgo’s network footprint has grown by nearly 90% in the Los Angeles metro area, one of the nation’s top markets for electric vehicles, from 293 fast charging stalls at the end of 2020 to over 550 DC fast charging stalls today. Access to public infrastructure is critical for urban areas such as Los Angeles, where, according to a study by UCLA’s Luskin Center, EV drivers residing in multifamily dwellings are more likely to rely on public charging. EVgo has a long history of collaboration with LADWP, including ongoing efforts with the utility and city agencies to streamline deployments of accessible EV charging infrastructure in Los Angeles through permitting and zoning reforms.
“Receiving this recognition from LADWP is a testament to the value and importance of EVgo’s ongoing collaborations with utilities and other entities within the broader EV charging ecosystem,” said Sandeep Jayaram, Executive Vice President of Operations at EVgo. “We look forward to our continued partnership with LADWP to advance the deployment of public EV charging infrastructure and provide access to the much-needed charging resources for EV drivers in the Los Angeles metro region.”
LADWP’s 9th Annual Sustainability Awards recognized the utility’s customers and partners for their positive environmental impacts achieved throughout 2023. The event celebrated organizations across four categories including Energy Efficiency, Water Conservation, Electrification of Transportation, and Demand Response. Awards were distributed to organizations with first, second, and third place rankings across each category.
To learn more about EVgo’s best practices for EV charging infrastructure deployment, visit www.evgo.com/connect-the-watts. For more information about the EVgo charging network, please 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. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501120294/en/
For Investors:
investors@evgo.com
For Media:
press@evgo.com
WeTheMarket
2 months ago
EVgo to Report First Quarter 2024 Results on May 7, 2024
April 24 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93706184/evgo-to-report-first-quarter-2024-results-on-may-7
EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that it will release its first quarter 2024 financial results on Tuesday, May 7, 2024. This release will be followed by a webcast hosted by members of the EVgo management team at 8 a.m. PT (11 a.m. ET).
EVgo First Quarter 2024 Webcast
When: Tuesday, May 7, 2024
Time: 8 a.m. PT (11 a.m. ET)
Live Webcast: https://investors.evgo.com/events-and-presentations
The call can also be accessed live over the telephone by dialing:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708
A copy of the press release with the financial results and the presentation discussed during the webcast will be available on the Investor Relations section of EVgo's website prior to the commencement of the webcast. An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle 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. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424533030/en/
For Investors:
investors@evgo.com
For Media:
press@evgo.com
WeTheMarket
4 months ago
EVgo Inc. Reports Fourth Quarter and Full Year 2023 Results
March 06 2024
Link to Press Release https://s27.q4cdn.com/370825096/files/doc_financials/2023/q4/2024-03-06-EVgo-Q4-and-FY2023-Earnings-Release.pdf
Link to Webcast https://events.q4inc.com/attendee/999843161
Link to Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2023/q4/2024-03-06-EVgo-Q4-23-and-FY-23-Earnings-Presentation.pdf
Link to Prior (Q3 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173177446
Highlights
- Revenue reached $50.0 million in the fourth quarter, representing an increase of 83% year-over-year.
- For the full year 2023, revenue reached $161.0 million, an increase of 195% over full year 2022, and exceeding the high-end of the Company’s guidance range.
- Network throughput reached a record 50 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 257% year-over-year.
- Network throughput for the full year 2023 increased to 130 GWh, representing growth of 189% over full year 2022.
- Ended 2023 with approximately 3,550 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 260 new operational stalls added during the fourth quarter.
- Added over 110,000 new customer accounts in the fourth quarter and approximately 366,000 during 2023, reaching more than 884,000 overall at the end of the year.
- Net loss was $36.6 million for the fourth quarter of 2023 and $135.5 million for the full year 2023.
- Adjusted EBITDA1 was ($14.0) million for the fourth quarter of 2023, and ($58.8) million for the full year 2023, outperforming the high-end of the Company’s guidance range.
- EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.
Revenue reached $50.0 million in the fourth quarter of 2023, compared to $27.3 million in the fourth quarter of 2022, representing 83% year-over-year growth. For the full year 2023, revenue reached $161.0 million, compared to $54.6 million for the full year 2022, an increase of 195% year-over-year. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtendrevenue.
Network throughput increased to 50 GWh in the fourth quarter of 2023, compared to 14 GWh in the fourth quarter of 2022, representing 257% year-over-year growth. For the full year 2023, network throughput reached 130 GWh, reflecting an increase of 189% year-over-year. The Company added over 110,000 new customer accounts during the fourth quarter of 2023, bringing the overall number of customer accounts to more than 884,000 at the end of the year, an increase of 60% year-over-year.
“EVgo had a fantastic 2023 as we relentlessly focused on customer experience, a digital-first approach, and station development resulting in revenue growth that nearly tripled,” said Badar Khan, EVgo’s CEO. “Our throughput growth continues to significantly exceed growth in EVs in operation. We added over 930 new stalls during the year including opening the first NEVI-funded site in the U.S. in London, Ohio with the Pilot Company and GM. Utilization and throughput growth accelerated driven by retail and fleet drivers.”
Mr. Khan concluded, “EVgo passed an important inflection point in 2023 in that as a result of the utilization and throughput levels we are now seeing across our network, the installed base is now profitable on a stand-alone basis. In 2024, we are well positioned to continue to expand our network and increase revenues while continuing to realize operational leverage as we target Adjusted EBITDA2 breakeven in 2025.”
1 Adjusted EBITDA is a non-GAAP measure and has not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For additional information, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
2 A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.
Business Highlights
- Stall Development: The Company ended 2023 with 2,990 stalls in operation, including 100 EVgo eXtend™ stalls. EVgo added more than 260 new DC fast - charging stalls during the quarter and over 930 over the full year.
- Network Utilization: Utilization on the EVgo network in December 2023 was over 19%, up from 8% in December 2022.
- Network Throughput: Average daily throughput per stall for the EVgo network was 201 kilowatt hours per day in December 2023, an increase of 179% compared to 72 kilowatt hours per day in December 2022.
- Fleet Charging: EVgo’s public fleet charging business continues to grow, as full year 2023 fleet throughput grew over five times above full year 2022 fleet throughput driven by rideshare.
- National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners opened the first and third sites in the country under the NEVI program in Ohio and Pennsylvania, respectively.
- EVgo eXtendTM: EVgo ended 2023 with 100 operational EVgo eXtend™ stalls.
- EVgo Autocharge+: Autocharge+ was approximately 17% of total charging sessions initiated in the fourth quarter and Autocharge+ charging sessions in the fourth quarter increased 191% compared to the fourth quarter of 2022.
- PlugShare: PlugShare reached over 4.6 million registered users and achieved 7.9 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures for the fourth quarter of 2023.
- Revenue of $50.0 million
- Network Throughput1 of 50 gigawatt-hours
- Customer Account Additions of more than 110,000 accounts
- Gross Profit of $3.5 million
- Net Loss of $36.6 million
- Adjusted Gross Profit2 of $13.3 million
- Adjusted EBITDA2 of ($14.0) million
- Cash Flows Used in Operating Activities of $7.3 million
- Capital Expenditures of $34.8 million
- Capital Expenditures, Net of Capital Offsets2 of $21.8 million
The below represent summary financial and operational figures for the full year 2023.
- Revenue of $161.0 million
- Network Throughput1 of 130 gigawatt-hours
- Customer Account Additions of more than 366,000 accounts
- Gross Profit of $9.7 million
- Net Loss of $135.5 million
- Adjusted Gross Profit2 of $41.8 million
- Adjusted EBITDA2 of ($58.8) million
- Cash Flows Used in Operating Activities of $37.1 million
- Capital Expenditures of $158.9 million
- Capital Expenditures, Net of Capital Offsets2 of $122.8 million
1 Network throughput for EVgo network excludes EVgo eXtend™ sites.
2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
WeTheMarket
4 months ago
EVgo to Report Fourth Quarter and Full Year 2023 Results on March 6, 2024
February 21 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93326574/evgo-to-report-fourth-quarter-and-full-year-2023-r
EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that it will release its fourth quarter and full year 2023 financial results on Wednesday, March 6, 2024. This release will be followed by a webcast hosted by members of the EVgo management team at 8:00 a.m. PT (11:00 a.m. ET).
EVgo Fourth Quarter and Full Year 2023 Webcast
When: Wednesday, March 6, 2024
Time: 8:00 a.m. PT (11:00 a.m. ET)
Live Webcast: https://investors.evgo.com/events-and-presentations
The call can also be accessed live over the telephone by dialing:
Toll Free: (800) 715-9871 (for U.S. callers)
Toll/International: (646) 307-1963 (for callers outside the U.S.)
Conference ID: 6304708
A copy of the press release with the financial results and the presentation discussed during the webcast will be available on the Investor Relations section of EVgo's website prior to the commencement of the webcast. An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle 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. EVgo is one of the nation’s largest public fast charging networks, featuring over 950 fast charging locations across more than 35 states, 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221495220/en/
For Investors:
investors@evgo.com
For Media:
press@evgo.com
WeTheMarket
5 months ago
EVgo Announces Certain Preliminary Financial and Operating Results, Anticipates Meeting or Exceeding 2023 Financial and Operating Guidance and Focuses on Building, Owning and Operating a Best-in-Class Public Charging Network
January 17 2024 - 07:00AM
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93063187/evgo-announces-certain-preliminary-financial-and-o
Dennis Kish, EVgo’s Chief Operating Officer, appointed President to manage consolidated operations, business development, marketing and technology functions
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced certain preliminary financial and operating results for fiscal year 2023. The Company announced preliminary 2023 throughput of approximately 130 gigawatt-hours (“GWh”). Utilization on the EVgo network in December 2023 was over 19% up from 15% in September 2023. EVgo ended 2023 with over 3,500 stalls in operation or under construction, including EVgo eXtend™ stalls.
EVgo anticipates reporting full year 2023 financial and operating results that meet or exceed the guidance ranges provided by the Company on November 8, 2023. The date and call details for EVgo’s fourth quarter and full year 2023 earnings call will be announced at a later date.
EVgo also announced today a simplified organizational structure under which the Company’s business development, marketing and technology functions will be streamlined and consolidated with operations, reporting to Dennis Kish, EVgo’s Chief Operating Officer, who in connection with this organizational realignment has been appointed President. Ivo Steklac, Chief Technology Officer, and Tanvi Chaturvedi, Chief Revenue Officer, will be departing the Company. Mr. Steklac will serve as a strategic advisor to the Company during a transition period and will depart during 2024. Ms. Chaturvedi is expected to remain in her role at EVgo through the end of February 2024.
The organizational realignment is designed to allow EVgo to focus on growing its core public charging network business, achieve operational efficiencies, improve the Company’s cost structure and accelerate progress toward EVgo’s growth and profitability goals.
“EVgo has continued to drive impressive throughput growth on our network and top-line growth across the Company as we remain relentlessly focused on delivering the ultimate customer experience and highest quality fast-charging solutions for EV drivers,” said Badar Khan, Chief Executive Officer of EVgo. “We believe this realignment and resource optimization will allow EVgo to become leaner and more focused on our owned and operated public charging network and will position us for acceleration towards achieving profitability targets while driving superior shareholder returns in the long run.”
Mr. Khan continued, “During his tenure at EVgo, Dennis has built a growth engine that has helped us to accelerate our deployments while making substantial enhancements to the customer experience. Given this track record, I am confident he is well positioned to take on this expanded role. Ivo was the founder of the tech program at EVgo and established EVgo as a technology leader in the EV charging space. We are grateful Ivo is staying to assist with a smooth transition and thankful for his contributions to EVgo’s success. We thank Tanvi for her contributions to EVgo and wish her well in her future endeavors.”
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle 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. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, 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.
WeTheMarket
6 months ago
EVgo and Toyota Extend Agreement to Provide One Year of Complimentary Fast Charging to 2024 bZ4X Customers
January 10 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93007237/evgo-and-toyota-extend-agreement-to-provide-one-ye
After announcing its initial charging program for drivers of the 2023 bZ4X, EVgo and Toyota agree to extend offer of one year of complimentary charging on the nationwide EVgo fast charging network for the 2024 model year
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced an extension of its agreement with Toyota Motor North America, Inc. (Toyota) to provide drivers who purchase or lease a new 2024 bZ4x with one year of complimentary fast charging on EVgo’s nationwide network.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240110395144/en/
First announced in February 2022, the ongoing collaboration between EVgo and Toyota to offer complimentary charging helps boost range confidence for EV drivers by unlocking access to EVgo’s owned and operated public fast charging network with stations from coast to coast.
“The expansion of our agreement is a testament to the convenience and accessibility of the EVgo network, as well as to our ongoing commitment to automaker collaborations that help spur the mass adoption of EVs throughout the country,” said Maggie Tallman, Senior Vice President, Business Development at EVgo. “Our collaboration with Toyota gives even more EV drivers access to our industry-leading charging network and the ability to plug in across the U.S.”
First-time EV drivers buying or leasing the bZ4X can also access EVgo’s customer support team, the EVgo Charging Crew—available 24/7—for help with account setup and commonly asked questions about charging.
“Charging is an essential part of owning an EV, and we’re pleased to offer our customers who purchase or lease our bZ4X vehicles the convenience and accessibility made available by EVgo,” said James George, General Manager of EV Charging Solutions at Toyota Motor North America. “Our ongoing collaboration with one of the nation’s largest public fast charging companies enables us to grant bZ4X drivers access to EVgo’s extensive nationwide network.”
For more information about the EVgo charging network, visit www.evgo.com.
View Terms and Conditions for program details.
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. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240110395144/en/
For Investors:
investors@evgo.com
For Media:
press@evgo.com
WeTheMarket
7 months ago
First EV charging station from Biden’s infrastructure plan opens in Ohio
By Zachary Visconti
Posted on December 11, 2023
https://www.teslarati.com/first-ev-charging-station-biden-infrastructure-plan-ohio/
The first electric vehicle (EV) charging station from U.S. President Joe Biden’s infrastructure plan has officially opened in Ohio, with several other sites reportedly having broken ground.
On Monday, the White House shared a press release highlighting Ohio’s recent opening of the first EV charging station from Biden’s National Electric Vehicle Infrastructure (NEVI) program, as located at a Pilot Travel Center in Madison County, west of Columbus. The station was installed by EVgo, featuring four charging stalls for up to 350 kW when a single EV is charging, or 175 kW when four EVs are charging.
Ohio expects to receive as much as $140 million in NEVI funds, as distributed over the course of five years, and the state says the first batch of EV fast-chargers funded by the program are expected to open by the end of next year.
“For years, our team has trailblazed the expansion of electric vehicle infrastructure, becoming a model for other states implementing the NEVI program,” ODOT Director Jack Marchbanks said in the state’s press release. “America’s first new charging station puts us one step closer to making travel easier for EV drivers.”
In addition to the charging station in Ohio, the White House says that Vermont, Pennsylvania and Maine have also broken ground on their first NEVI-funded charging station. Along with these, the Biden administration says that more activity in several other states is expected in the weeks to come.
The program, created by the Bipartisan Infrastructure Bill in 2021, aims to establish 500,000 public EV chargers across the U.S. by 2030, with a total of $7.5 billion going to EV charging, and $5 billion going to high-speed chargers. The program eventually hopes to build fast chargers along every 50 miles of major roads, highways and interstates.
WeTheMarket
7 months ago
Full Charge: The Economics of Building a National EV Charging Network
DECEMBER 11, 2023
https://www.whitehouse.gov/briefing-room/blog/2023/12/11/full-charge-the-economics-of-building-a-national-ev-charging-network/
The President’s modern American industrial strategy seeks to address market failures that prevent the U.S. economy from serving the nation’s economic and national security needs, including by building a clean energy economy. Transportation accounts for the largest share of U.S. greenhouse gas emissions (about a third), with most transportation emissions coming from light-duty vehicles—the cars, small trucks, and vans that many of us drive. Meeting the President’s goal of net zero emissions by 2050 will require large-scale adoption of electric vehicles (EVs), which can produce fewer—or zero—emissions.
The U.S. consumer market for EVs is rapidly growing. In the third quarter of 2023, EV and hybrid sales amounted to 18 percent of U.S. light duty vehicle sales; over the year, Americans bought one million fully electric vehicles, a new record. President Biden is supporting this growing demand by setting ambitious goals for accelerating the EV transition through his Investing in America agenda. Through the Inflation Reduction Act, he has worked with Congress to lower the price of new and used EVs by thousands of dollars and to incentivize American EV and battery manufacturing, attracting more than $152 billion of investment into the sector since taking office.
Market research indicates that overall consumer satisfaction with electric vehicles is very high. In fact, 80 percent of EV owners are likely to buy an EV again based on ease of charging at home, driving enjoyment, vehicle quality and reliability, and the low cost of ownership. Still, survey data reveal that lack of public charging availability is one of the main reasons causing people not to consider an EV for their next vehicle purchase. Other related issues include concerns about how far EVs can drive on a charge, about whether chargers will be available and working, and about the amount of time it takes to charge. Economic research indicates that investing in an extensive EV charging network that supports a variety of EV models is a relatively cost-effective way to overcome the market failures limiting EV adoption. To this end, the President has invested $7.5 billion from his Bipartisan Infrastructure Law towards building a national network of EV chargers.
The Administration’s approach to public investment in EV charging provides a case study for how Bidenomics is delivering for Americans by making smart public investments that attract private sector investment, supporting fair competition, and encouraging a domestic industry that supports good, union jobs.
Making Strategic Public Investments
The root of the charging network challenge is a classic market failure: the “which comes first” (“chicken or egg”) problem. On one hand, consumers are wary of buying EVs without enough charging infrastructure to support them, limiting demand. On the other hand, firms are reluctant to invest in charging infrastructure without enough EVs to support that investment, limiting supply. Even though empirical research shows that there are increasing returns and positive feedback loops with respect to both EV demand and EV charger investment, no single market actor has sufficient incentive to build out a national charging network at a pace that meets our climate goals. For this reason, according to one analysis, public investment in EV chargers is a cost-effective way to increase EV adoption. Research on Norway’s EV incentives suggests that policies that increase access to charging stations may be among the best policies to increase EV sales.
President Biden’s Investing in America agenda is making public investments to harness the benefits that come from a strong network of EV chargers. President Biden has committed to building a national network of at least 500,000 public chargers by 2030. To this end, the Bipartisan Infrastructure Law invests $7.5 billion in EV charging, $5 billion of which is for building a “backbone” of high-speed chargers spaced no less than every 50 miles along America’s major roads, freeways, and interstates through the National Electric Vehicle Infrastructure (NEVI) program. The remaining $2.5 billion is for competitive grants to states and localities to fill gaps along charging corridors and to provide convenient, accessible charging where people live, work, and shop through the Charging and Fueling Infrastructure (CFI) program. The President also secured a tax credit in the Inflation Reduction Act to make it more affordable for individuals and businesses to install chargers for personal, employee, commercial, or customer use.
Implementation is already underway. All 50 states plus Puerto Rico and the District of Columbia have developed detailed plans for building the necessary infrastructure in their jurisdictions, and many states have begun issuing proposals or awarded contracts for installing NEVI-funded chargers. Ohio has now announced the opening of the first charging station funded through the NEVI program, Vermont, Pennsylvania, and Maine have broken ground on new stations, and additional activity is expected in several other states in the coming weeks.
Supporting Fair Competition
President Biden has implemented proactive policies to ensure that the future U.S. EV charging market is competitive and fair. A problem with the current EV charging network is that there are multiple types of chargers and plugs in use, meaning that certain chargers work only with specific EV models. As a result, EV owners cannot tap into the full network of public chargers that already exists. A recent analysis found that between 2011 and 2015, consumers suffered a loss valued at $400 million due to the lack of a common charging standard. Since 2015 the loss has likely only grown in magnitude, as the EV and charging markets have continued to expand without resolution of the incompatibility.
To tackle this problem, the Biden-Harris Administration established minimum standards for all EV chargers funded through certain federal programs, which also make sure that these standards embody the best technologies. These minimum standards for the NEVI and CFI programs require fast charging stations to support the widely-used Combined Charging System, while providing flexibility for chargers to support the Tesla-developed North American Charging Standard, which is rapidly increasing in popularity. The Administration’s minimum charging standards also require charging pricing to be transparent and for chargers be available and working when people need them.
To help ensure that chargers are reliable while creating good jobs for American workers, electricians who install and maintain chargers must be certified through the Electric Vehicle Infrastructure Training Program. Through the Administration’s Infrastructure Talent Pipeline Challenge, the International Brotherhood of Electrical Workers has already trained about 20,000 individuals to install EV chargers across the country.
Crowding in Private Investment and Creating Good Jobs
The Bipartisan Infrastructure Law provides a down payment on establishing a nationwide EV charging network. It is designed to incentivize private investment in combination with the Inflation Reduction Act’s tax credits.
A recent study from the National Renewable Energy Lab estimated that in order to meet anticipated charging needs by 2030, a cumulative investment of between $31 and $55 billion for about 1.2 million publicly accessible charging units will be required (on top of about 28 million home charging units). As of March 2023, more than $25 billion had already been announced, putting the United States well on track to meet these investment needs. Additionally, seven major automakers announced a new cooperative effort earlier this year to build 30,000 new chargers starting next summer, drastically increasing the total number of public EV chargers (Figure 1). As of December 2023, the United States has more than 165,000 public charging ports—since the start of the Biden Administration, the number of publicly available fast charging ports has increased by more than 70 percent.
All charging infrastructure eligible for Bipartisan Infrastructure Law grants must be manufactured in America, using domestically produced iron and steel. Starting in July 2024, chargers funded by federal money will also need to source the majority of their components from American manufacturers. Phasing in these requirements over a limited time both accelerates growth of American manufacturing capacity for these chargers and gives manufacturers reasonable time to reorient supply chains and construct needed facilities.
Just three years ago, there was almost no U.S.-based production of fast chargers; now there are at least 26 firms manufacturing these products within the United States. Since President Biden took office, at least 40 U.S. based facilities to produce EV chargers have been announced or opened. As of September 2023, these facilities now have the capacity to produce more than a million charging stations each year—including 60,000 fast chargers.
These investments create good jobs in manufacturing for American workers and support the jobs of the additional 130,000 Americans who are already working in jobs related to EVs by building out charging capacity.
Conclusion
Publicly accessible EV chargers will play a key role in enabling the United States to meet its climate goals by accelerating consumer EV adoption. The benefits of these investments will be amplified by complementary investments through the Bipartisan Infrastructure Law and Inflation Reduction Act. For example, through the Bipartisan Infrastructure Law, the Administration is investing in establishing clean, modernized power grids across the country, while the Inflation Reduction Act gives the Department of Energy funds to move towards generating more electricity from clean sources. These investments will lower the emissions produced in order to generate a given amount of electricity. The tax incentives in the Inflation Reduction Act also lower the cost of purchasing an electric vehicle at the point-of-sale and facilitate the installation of personal EV chargers.
This approach—implementing a complementary set of investments to address market failures across an industry—is a case study of how President’s economic strategy works for American businesses, consumers, and workers, by making smart investments that attract private sector investment, supporting high-quality jobs, and ensuring that markets are fair and competitive.
WeTheMarket
7 months ago
EVgo and Meijer Expand Fast Charging Partnership through EVgo eXtend
November 29 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92677486/evgo-and-meijer-expand-fast-charging-partnership-t
Through its white label service offering, EVgo will install and operate fast chargers owned by Meijer to serve EV drivers in the Midwest
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 will install new fast charging stations in the Midwest in an expanded partnership with Meijer, a regional grocery retailer. The new EVgo stations will be built in Ohio and feature up to six stalls at select Meijer locations, equipped with high-power 350kW chargers so that EV drivers can quickly charge and get back on the road.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231129093002/en/
The extended partnership builds upon EVgo and Meijer’s existing relationship and will help increase access to public charging for current and future EV drivers in the Midwest. To date, EVgo has deployed 24 charging stalls at six Meijer locations across Michigan and Ohio, including key metropolitan markets, such as Detroit, Cincinnati and Columbus.
“EVgo has always operated with a customer-centric focus, and we have a long history of building infrastructure in convenient locations where the charging experience can be integrated into our drivers’ daily lives. Grocery stores are a prime location for drivers to plug in to fill their cars and carts at the same time,” said Dennis Kish, Chief Operating Officer at EVgo. “By partnering with Meijer, we can help EV drivers across the Midwest take advantage of convenient public charging while they take care of their shopping list.”
“Meijer cares about the communities we serve and enabling electric vehicle charging in our communities aligns with our commitment to reduce carbon emissions,” said Erik Petrovskis, Director of Environmental Compliance and Sustainability at Meijer. “We’re excited about this expanded partnership with EVgo to continue to meet the needs of EV drivers in the Midwest.”
With more than 500 supercenters, Meijer Grocery, neighborhood markets and Express locations across Michigan, Ohio, Indiana, Kentucky, Illinois and Wisconsin, Meijer is not only a leading retailer in the Midwest, but a leader in sustainability, as well. Meijer has offered EV charging at select stores and on its corporate campus since 2010, and this broadened partnership with EVgo is another step in the retailer’s path to achieve its sustainability goals.
For more information about the EVgo fast 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. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, 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.
About Meijer
Meijer is a Grand Rapids, Mich.-based retailer that operates more than 500 supercenters, Meijer Grocery, neighborhood markets and Express locations throughout Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin. A privately-owned and family-operated company since 1934, Meijer pioneered the "one-stop shopping" concept and has evolved through the years to include expanded fresh produce and meat departments, as well as pharmacies, comprehensive apparel departments, pet departments, garden centers, toys and electronics. For additional information on Meijer, please visit www.meijer.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231129093002/en/
EVgo Contacts
For Investors:
investors@evgo.com
For Media:
press@evgo.com
WeTheMarket
7 months ago
Hertz and EVgo Partner to Offer EV Renters One Year of Special Charging Rates
November 17 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92593781/hertz-and-evgo-partner-to-offer-ev-renters-one-yea
New promotion helps new EVgo customers unlock access to EVgo’s nationwide network of high-power fast chargers
Hertz (NASDAQ: HTZ) and EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced a joint promotion to offer one year of special charging rates to drivers renting any EV model at a Hertz location across the country. Available exclusively to new EVgo customers, drivers who sign up for this promotion can save when they plug in across EVgo’s nationwide network with no monthly subscription fees or session fees for one year.*
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231117200436/en/
“Hertz is committed to providing an exceptional rental experience and the widest choice of vehicles possible to meet our customer needs and preferences, including a variety of EVs at a range of price points,” said Wayne Davis, Chief Marketing Officer at Hertz. “We’re thrilled to partner with EVgo to provide our EV renters with more affordable and accessible charging options to support a smooth journey.”
With fast charging locations from coast to coast, EVgo helps drivers quickly power up on the go with stations featuring charger speeds of up to 350kW. In addition to unlocking special rates, drivers who enroll in this promotion will also have access to a variety of other benefits on the EVgo network, including the ability to earn points toward charging credit with EVgo Rewards™.
“When people experience an EV for the first time, whether through a rental or riding along as a passenger, they see the benefits firsthand of quieter operation, smoother handling, quick acceleration, and of course, no tailpipe emissions,” said Maggie Tallman, Senior Vice President of Business Development and Solutions at EVgo. “By partnering with Hertz to expose new drivers to the electric experience, we can inspire more prospective EV drivers to make the switch and welcome them to the electric revolution.”
Hertz customers interested in signing up for this exclusive promotion with EVgo can learn more online. Hertz EV renters can also sign up for this promotion in person through a QR code when renting one of tens of thousands of EVs available at more than 2,000 Hertz locations across 44 states.
EVgo and Hertz are committed to educating consumers about the benefits of driving electric, as well as how to take advantage of public charging infrastructure. Similar to EVgo’s educational initiatives including Charge Talk and EV101, Hertz provides a variety of digital resources and in-person guidance on how to operate and charge an EV, including its new How to EV video series at hertz.com/myev.
To learn more about driving an EV and where to rent one, visit hertz.com. For more information about the EVgo charging network, visit www.evgo.com.
*Promotion is only available to new EVgo customers who sign up for an account with EVgo, for a limited time only. Rates will vary by region and time of day. Discount does not apply to taxes and fees, if applicable, and is only valid on the EVgo owned and operated network. Check the EVgo app for specific station pricing and terms.
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. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, 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.
About Hertz
Hertz, one of the most recognized brands in the world, has a long-standing legacy of providing a fast and easy experience designed to make every journey special. It starts with top-rated vehicles to fit every traveler’s needs, delivered with a caring touch and personalized services including its award-winning Hertz Gold Plus Rewards loyalty program, Ultimate Choice, Hertz app, and more. To learn more or to reserve a vehicle at an airport or a convenient neighborhood Hertz location, visit Hertz.com.
Hertz pioneered the car rental industry more than 100 years ago and today is owned by Hertz Global Holdings, Inc. which includes Dollar and Thrifty vehicle rental brands.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231117200436/en/
EVgo Contacts
For Investors:
investors@evgo.com
For Media:
press@evgo.com
Hertz Contacts
For Media:
mediarelations@hertz.com
WeTheMarket
8 months ago
EVgo Inc. Reports Third Quarter 2023 Results
November 08 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92498443/evgo-inc-reports-third-quarter-2023-results
Highlights
- Revenue grew to $35.1 million in the third quarter, representing an increase of 234% year-over-year.
- Network throughput reached a record 37 gigawatt-hours (“GWh”) in the third quarter, an increase of 208% year-over-year.
- Ended the third quarter with approximately 3,400 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 240 new stalls added during the quarter.
- Operationalized the first EVgo eXtend™ stalls with Pilot Company and GM.
- Added over 106,000 new customer accounts in the third quarter, reaching more than 785,000 overall at the end of the quarter.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter ended September 30, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.
Revenue increased to $35.1 million in the third quarter of 2023, compared to $10.5 million in the third quarter of 2022, representing 234% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend™ revenue.
Network throughput increased to 37 GWh in the third quarter of 2023, compared to 12 GWh in the third quarter of 2022, representing 208% year-over-year growth. The Company added over 106,000 new customer accounts during the third quarter, bringing the overall number of customer accounts to more than 785,000 at quarter-end, an increase of 58% year-over-year.
“EVgo’s growth engine is humming, with excellent year-over-year growth in revenues, throughput and utilization,” said Cathy Zoi, EVgo’s CEO. “We continue to deliver for our partners and customers. This quarter we opened the first EVgo eXtend™ stations at Pilot and Flying J locations, which are receiving great feedback from EV drivers. The EVgo team is making important progress on our network build out, customer experience, tech-enabled infrastructure, and ongoing cost efficiencies to develop the nation’s leading public fast charging company.”
Business Highlights
National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners were selected for proposed awards of $4.3 million in funding to deploy 32 fast charging stations in Colorado and Pennsylvania through their respective state NEVI programs.
Honda Agreement: EVgo and Honda partnered to provide EV drivers with direct access to EVgo’s public fast charging network and an EVgo charging credit of up to $750 for drivers of Honda and Acura EV models. Honda will also be integrating EVgo Inside™ as part of the agreement.
EVgo eXtendTM: During the third quarter, the Company operationalized the first fast charging sites in the eXtend™ program with Pilot Company and GM. EVgo also received the first shipment of 350kW fast chargers that are manufactured according to Build America, Buy America Act (BABA) standards.
Fleet Charging: EVgo’s public fleet charging business continues to grow driven by rideshare throughput. EVgo operationalized the first site for a national food and beverage company’s fleet, where they are utilizing Optima™, EVgo’s proprietary fleet management software.
EVgo Autocharge+: Autocharge+ exceeded 15% of total charging sessions initiated in the quarter and Autocharge+ charging sessions in the third quarter increased 67% compared to the second quarter of 2023.
PlugShare: PlugShare reached over 4.1 million registered users and achieved 7.4 million check-ins since inception. Pay with PlugShare, a technology feature that allows PlugShare users to pay for an EV charging session within the PlugShare app, launched in California in October 2023.
Financial & Operational Highlights
The below represent summary financial and operational figures for the third quarter of 2023.
Revenue of $35.1 million
Network Throughput of 37 gigawatt-hours
Customer Account Additions of approximately 106,000 accounts
Gross Profit of $0.6 million
Net Loss of $28.3 million
Adjusted Gross Profit of $9.3 million1
Adjusted EBITDA of ($14.2) million1
Cash Flows Used in Operating Activities of $7.3 million
Total Capital Expenditures of $24.0 million
1Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.
2023 Financial & Operating Guidance
EVgo is updating full year 2023 guidance as follows:
- Total revenue of $148 – $158 million
- Adjusted EBITDA of ($66) – ($62) million*
Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 3,700 DC fast charging stalls, including EVgo eXtend™, in operation or under construction.
*A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA and a reconciliation to the most directly comparable GAAP measure for historical periods presented in this release, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.
Conference Call Information
A live audio webcast and conference call for EVgo’s third quarter 2023 earnings release will be held today at 11:00 a.m. ET / 8:00 a.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708
This press release, along with other investor materials, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
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 charging network, including EVgo eXtend™ sites, includes more than 950 fast charging locations, 65 metropolitan areas and 35 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.
barnyarddog
8 months ago
2.19 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(TM), 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(TM), EVgo Inside(TM), EVgo Rewards(TM), and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
WeTheMarket
8 months ago
EVgo to Report Third Quarter 2023 Results on November 8, 2023
October 18 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92309399/evgo-to-report-third-quarter-2023-results-on-novem
EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that it will release its third quarter 2023 financial results on Wednesday, November 8, 2023. This release will be followed by a webcast hosted by members of the EVgo management team at 8:00 a.m. PT (11:00 a.m. ET).
EVgo Third Quarter 2023 Webcast
When: Wednesday, November 8, 2023
Time: 8:00 a.m. PT (11:00 a.m. ET)
Live Webcast: https://investors.evgo.com/events-and-presentations
The call can also be accessed live over the telephone by dialing:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708
An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.
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.
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WeTheMarket
8 months ago
'It was a really good reality check': Ford's CEO admits EV charging was 'challenging' during road trip in F-150 Lightning — here are 3 big long-distance issues electric drivers face
Coryanne Hicks
Wed, October 18, 2023
https://news.yahoo.com/finance/news/charging-pretty-challenging-fords-ceo-110000710.html
Relevant excerpts:
Here are three of the biggest issues facing EV drivers when it comes to charging up for long trips.
Lack of charging infrastructure
Unless you use your vehicle only for short-distance trips, you'll need somewhere to recharge other than your home. But EV charging stations can be few and far between.
According to a recent study by Coast, a company that provides payment tools for vehicle-fleet owners, there are only 22 EV charging stations per 1,000 road miles in the U.S.; that’s compared to 104 gas pumps per 1,000 road miles. In many states, you won't even be able to find one charging station per 100 square miles. Moreover, many states have more registered EVs than they do charging ports. For example, the Coast study shows that Nevada has 49% more EVs than the national average but 19% fewer charging ports per square mile.
This doesn't account for the possibility that any number of these stations could be out of order, as the Canadian traveler mentioned above claimed happened to him during his trip.
Long charging times
The amount of time potentially wasted in looking for an EV charging station — and then waiting in line for your turn at the port — is only exacerbated by how long some chargers take. A fast-charging, direct-current station can charge an EV battery from empty to 80% in 20 minutes to an hour, according to the Department of Transportation. But that's still significantly longer than it takes to fill a tank with gas.
The lower-performance chargers are even worse. On a Level 2 AC charger, a step below the fastest chargers, it takes four to 10 hours to charge an EV battery to 80% from empty.
Farley posted a follow-up video to X from a fast-charging station in Baker, Calif., which he described as "quick and easy" compared to the previous one.
Range anxiety
Naturally, any EV owner taking a long trip will have to keep an eye on battery power and take note of charging stations in range, which can add anxiety while driving. It can be an even bigger concern in colder months, which can cut an EV's range due to increased power consumption. Consumer Reports found that cold weather cut the average range by about 25% when driving at 70 miles per hour. The effect of cold is even more pronounced if you're making short trips with frequent stops: in that situation, you could lose 50% of your range.
So if you do attempt a road trip with an EV, make sure you have all your charging stops mapped out and bring a good book because you could be in for a long wait.
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