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From Coast to Coast, EVgo and eXtend Partners Receive More Than $12.7M in Funding to Expand Fast Charging Infrastructure

By: EVgo via Business Wire

October 12, 2023 at 07:00 AM EDT

EVgo continues to accelerate fast charger deployment, and new awards will support the buildout of more than 150 new fast charging stalls by leveraging public-private 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 it has been selected for more than $12.7 million in preliminary awards from a variety of funding sources across California, Colorado, and Pennsylvania, including utilities, air districts, state energy offices, and state departments of transportation via the National Electric Vehicle Infrastructure (NEVI) formula program during the third quarter of 2023. In total, these new awards will support the buildout of more than 150 fast charging stalls.

Since announcing in July 2023 that EVgo and its eXtend partners were awarded more than 75% of funds in Ohio’s NEVI program, EVgo and its eXtend partners have been selected for more than $4.3 million in additional NEVI awards; this includes more than $1.5 million in Colorado supporting the construction of 14 stalls, and more than $2.8 million in funding in Pennsylvania supporting the construction of 18 stalls. To date, EVgo and its eXtend partners have been selected for approximately 20% of awarded NEVI funds, with additional announcements expected before the end of the year. All EVgo and eXtend stations to be built along corridors with NEVI funding will feature high-power 350kW fast charging to help EV drivers power up quickly and get back on the road.

In addition to more than $5 billion in NEVI funding expected to be awarded over the coming years, utilities, air districts, and state energy offices continue to stimulate EV charging investments through distinct funding programs. In the third quarter of 2023, EVgo received a preliminary award of $4.3 million from the California Energy Commission’s Fast and Available Charging for All Californians (FAST) grant, which seeks to support infrastructure deployments for high mileage on-demand transportation services, car sharing enterprises, car rental agencies, and the public. FAST is funded through the Clean Transportation Program, which invests up to $100 million annually to fund a broad portfolio of clean transportation infrastructure projects throughout the Golden State.

Other recent awards include more than $2.9 million from the Bay Area Air Quality Management District and more than $1.1 million from the Los Angeles Department of Water and Power Public Access program.

“For well over a decade, EVgo’s partnerships with utilities, state governments, and other funding entities have been critical in accelerating our national network expansion,” said Sara Rafalson, Senior Vice President, Market Development, Public Policy and External Affairs at EVgo. “At this time of unprecedented public sector interest and investment in EV charging, we look forward to continuing to build upon our experience to capitalize on funding programs to fuel our growth and double down on our mission to build convenient, reliable, and accessible charging infrastructure for all EV drivers.”

For more information about the EVgo charging network, visit www.evgo.com.

About EVgo

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 more than 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 the anticipated award of funding and EVgo’s deployment of chargers in connection with state NEVI programs and other grant 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.