PRISM MarketView EV Index Top Mover: EVgo Inc.
EVgo Inc. (Nasdaq: EVGO), one of the nation’s largest public fast charging networks for electric vehicles and a nationwide leader in charging solutions, saw its stock rise more than 3 percent following the announcement of preliminary financial and operating results for fiscal year 2023.
A top mover in the PRISM MarketView EV Index, which tracks small and micro-cap stocks contributing to the electric vehicle market, EVgo purchases renewable energy certificates to match the electricity that powers its network. It announced preliminary 2023 throughput of approximately 130 gigawatt-hours, and an increase of utilization on on the EVgo network from 15 to 19 percent from September to December 2023. EVgo ended 2023 with more than 3,500 stalls in operation or under construction across more than 35 states, including EVgo eXtend™ stalls, the company’s white-label service offering.
EVgo, which continues to add more fast charging locations across the United States, anticipates reporting full year 2023 financial and operating results that meet or exceed the guidance ranges provided last November in an upcoming call. The company also announced a new and more streamlined organizational structure, enabling EVgo to focus further on growing its core public charging network business while achieving operational and financial efficiencies.
The EV industry leader also continues to accelerate transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts, policy leaders and other organizations.
“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 EVgo CEO Badar Khan.
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.
