Recent Announcements by Tesla, GM, and Ford Underscore Acceleration of Deployments That Can Help to Spur Faster EV Sales, Throughput Growth on EVgo and Other Networks
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 be adding North American Charging Standard (NACS) connectors to its fast charging network across the country following the recent announcements by Ford and General Motors (GM) that they will be leveraging NACS starting some time in 2025.
"EVgo first deployed integrated Tesla connectors in 2020, and with the recently announced expansion of the number of automakers using the NACS connector, we are excited to announce that we will also be integrating NACS connectors on the EVgo network in future deployments as well as on some existing chargers,” said Cathy Zoi, CEO of EVgo. “As a first mover in EV charging, EVgo has a history of delivering for all EV drivers, evolving from CHAdeMO only to CHAdeMO and CCS, and now CHAdeMO, CCS, and NACS through both integrated connectors and Tesla to CCS adapters. We believe these developments will help to accelerate EV adoption rates and sales, which in turn will spur throughput growth on EVgo's network.
“With the shift to EV ubiquity underway, growing demand for charging means there will need to be hundreds of thousands of new fast chargers deployed in the US over the next decade, and we know that customers select chargers based on location, convenience, and ease of use. That is why EVgo prioritizes the deployment of technology like Autocharge+, EVgo Rewards™ and Reservations, and more, so that EV drivers can quickly, reliably, and conveniently charge their vehicles no matter which plug they use. With EVgo Renew™ underway and ongoing, we will also assess which future upgrades or replacements can include a NACS connector as well.
“EVgo's long-term success is directly tied to EV adoption at scale, our fantastic partnerships, and our continued technology leadership. All of our automaker partnerships continue apace, and the dozens of new electric vehicle models coming to market in combination with the expansion of access to charging for NACS and CCS vehicles will help take us even closer to making our vision of Electric for All a reality. "
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.
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," "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 are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo's expanded NACS deployment plans and the anticipated benefits of the program. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management, and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release. 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.