EVgo: A Convenient, Reliable, & Affordable EV Charging Network

USA’s EVgo offers a public fast-charging network for electric vehicles, currently operating in metro markets across the country. Since its founding in 2010, the firm has been building its presence in cleaner transportation and has become the largest public DC fast-charging network for EVs in the US.

Headquartered in Los Angeles, California, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centres, gas stations and parking lot operators and other stakeholders to deploy advanced charging technology to expand network availability.

The company’s huge and growing network of chargers, rich experience developing and operating fast charging infrastructure, partnerships with OEMs and fleets, and an established brand name separate it from competitors.

Currents Stats

EVgo has a growing network of charging infrastructure across the country. It owns and operates a charging network that features over 850 fast-charging locations and serves over 60 metropolitan areas across more than 30 states. With a fleet of over 1,670 fast chargers, it serves over 444,000 customer accounts.

The company has also grown subscribers on its PlugShare platform to more than 2.5 million and reported over 5 million check-ins as of August 2022.

Renewable Energy

The firm claims its network has been powered by 100 per cent renewable energy since 2019 through renewable energy certificates. This is taken care of by the way of system functions.

For every kilowatt-hour (kWh) consumed on its network, EVgo purchases a corresponding kWh Renewable Energy Credit (REC) from an accredited REC supplier. Considering that, EVgo claims that its “clean energy” has helped the US reduce its carbon footprint by more than 100,000 metric tons – equivalent to planting about 1.7 million trees.

Revenue Model

While 100 per cent renewable energy may be the company’s USP, EVgo’s business model is also commendable, more so looking at the rise of EVs. Although the company is not profitable so far, just like any other EV charging company, a strong growth of 90 per cent year-on-year in the second quarter of the current Financial Year shows the bright side. The company earned a revenue of $9.1 million in the same period. With the surge of EVs, analysts expect the EVgo to be profitable by 2025.

The model involves building infrastructure in high-traffic, high-density areas to provide easy access to high-speed charging. Further, without an adaptor, the company’s DC fast-charging stations can charge all models of electric vehicles utilizing all charging standards available in the US.

Being the largest DC fast-charging network in the US, the company stands to benefit greatly from the infrastructure bill. EVgo earns charging revenue through multiple streams. It sells electricity directly through its fast-charging stations. The company owns and operates the stations in parking spaces owned by commercial owners, landlords, or tenants. It also offers the option for site hosts to own the station, with EVgo maintaining it.

The EV charging firm also enters contracts with OEMs to provide charging services using the OEM’s EVs. In addition, it also contracts directly with high-volume fleet customers for the use of its public chargers based on the needs and use patterns of the fleet, and provides dedicated charging solutions to fleets, including ‘Charging as a Service’ or ChaaS. Its software-driven services also form a part of its revenue model – such as customization of digital applications, charging data integration, loyalty programs, and charging reservations.

Partners

The firm continues to add DC fast charging stations through its EVgo eXtend project which will deploy 2,000 charging stalls at Pilot and Flying J locations across the country in collaboration with General Motors (GM) and Pilot Company. With this, EVgo aims to install, operate, and maintain the 350 kW charging stalls network for Pilot Company and GM at up to 500 Pilot and Flying J travel centres across more than 40 states.

EVgo has entered an agreement with General Motors to install 3,250 chargers by the end of 2025. The firm has also partnered with Nissan to install 210 chargers by February 2024.