LOS ANGELES - In a significant expansion of electric vehicle (EV) infrastructure, EVgo Inc. (NASDAQ: NASDAQ:EVGO) and General Motors (NYSE: NYSE:GM) have now opened over 2,000 public fast charging stalls across the United States. EVgo, currently valued at $1.94 billion, has demonstrated remarkable growth with revenue surging 73% over the last twelve months. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 2.19, supporting its aggressive expansion strategy. The collaboration between the two companies has resulted in the installation of fast charging stations in more than 390 locations within 45 metropolitan markets across 32 states, aiming to improve access to public charging, particularly for individuals who cannot charge at home or work.
The milestone marks a doubling of their fast-charging footprint within just over a year, following the celebration of their 1,000th charging stall in August 2023. This expansion has contributed to EVgo's impressive market performance, with the stock recording a 229% return over the past six months according to InvestingPro data, which also indicates the stock is currently trading slightly above its Fair Value. The 2,000th stall, which is part of a new charging station in Murrieta, CA, features five 350kW fast chargers that can serve up to 10 vehicles simultaneously. This station, strategically located off Interstate 215, is close to various amenities and was funded in part by the California Energy Commission's FAST program.
EVgo President Dennis Kish expressed excitement over reaching the 2,000-stall milestone and emphasized the role of collaborations with automakers like GM in building out a robust nationwide network. Kish highlighted the future deployment of flagship destinations, which is expected to further enhance the EVgo network.
Wade Sheffer, Vice President at GM Energy, reiterated GM's commitment to enhancing the EV charging experience by expanding the fast-charging infrastructure. The collaboration aligns with GM's broader vision for an all-electric future, as the company continues to innovate in the EV space.
The partnership between EVgo and GM is poised to continue the rapid expansion, with plans to complete a total of 2,850 DC fast charging stalls nationwide. For investors seeking deeper insights, InvestingPro offers 13 additional investment tips and a comprehensive Pro Research Report, providing valuable analysis of EVgo's growth trajectory and market position among 1,400+ top US stocks. This includes 400 stalls at flagship destinations in major metropolitan markets in states like Arizona, California, Florida, Georgia, Michigan, New York, and Texas.
The information for this article is based on a press release statement.
In other recent news, EVgo announced a record third-quarter revenue of $68 million, indicating a substantial year-over-year increase. This financial success was buoyed by a conditional $1.05 billion loan guarantee from the U.S. Department of Energy, set to support the addition of 7,500 high-powered charging stalls over the next five years. The company also revealed partnerships with GM and Delta Electronics to develop advanced charging technology and flagship sites. Furthermore, EVgo has raised its revenue guidance for 2024 to $250-265 million and adjusted its EBITDA guidance to a negative $38 million to $32 million. Despite reporting an adjusted EBITDA loss, the company maintains a positive outlook, targeting to reach breakeven by 2025. EVgo's recent developments underscore its robust growth trajectory in the EV charging industry, driven by strategic partnerships and government-backed financing.
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