Public funding supports the development of both EVgo-owned fast charging stations at retail locations, as well as those built through EVgo eXtend 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 that the company and its eXtend partners were selected by DriveOhio, a division of the Ohio Department of Transportation, for proposed awards of $13.8M in funding to deploy 20 fast charging stations. Fourteen of the 20 locations are owned by EVgo eXtend partner Pilot Company, and all EVgo and EVgo eXtend stations deployed through these awards will feature 350kW high-power fast charging. Of the more than $18M awarded by DriveOhio in its first tranche of National Electric Vehicle Infrastructure (NEVI) program funds to be released, EVgo and its eXtend partners received more than 75%.
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EVgo's Kroger Brewers Yard fast charging station in Columbus, OH. (Photo: Business Wire)
“Fast charging deployments are poised to scale at unprecedented rates thanks to the public-private partnerships strengthened by NEVI, and states like Ohio are leading the way,” said Cathy Zoi, CEO at EVgo. “Thanks to our long operational history and our blue ribbon partnerships on both our owned and operated network and through our eXtend business, we are well-positioned to deliver the fast charging infrastructure needed by states like Ohio. We thank the state for selecting us and our eXtend partners as we continue to expand our network to meet the growing demand for charging in the Buckeye State.”
Ohio is one of the first states to announce awards from the NEVI program, which was established following the passage of the Bipartisan Infrastructure Law and includes over $5B in formula funding that applicants will be able to unlock to build EV charging infrastructure nationwide. Over the next five years, DriveOhio will release over $100 million in NEVI funds to further support EV charging infrastructure deployment across the state. In this first tranche, DriveOhio awarded more than $18 million in NEVI funds for 27 new EV charging stations along key corridors, including I-70, I-71, I-74, I-75, I-76, I-77, and I-90.
Today, Ohio has 130 publicly available fast chargers.1 EVgo’s most recently opened station in the state in Beachwood—just outside Cleveland—offers EV drivers four fast charging stalls with speeds up to 350kW. In total, EVgo currently operates 37 fast charging stalls across 10 locations in Ohio, including key metro markets such as Cleveland, Columbus and Cincinnati.
For more information about the EVgo charging network, visit www.evgo.com.
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.
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 EVgo’s future financial performance and the anticipated award of funding and EVgo’s deployment of chargers in connection with the NEVI program and associated state 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.