EVgo, Inc. (EVgo) owns and operates a public direct current (DC) fast charging network for electric vehicles (EVs) in the United States (U.S.). The company operates as a subsidiary of EVgo Holdings LLC.
The company is one of the nation’s leading public EV fast charging providers. With more than 1,100 fast charging stations across over 40 states, the company strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including ret...
EVgo, Inc. (EVgo) owns and operates a public direct current (DC) fast charging network for electric vehicles (EVs) in the United States (U.S.). The company operates as a subsidiary of EVgo Holdings LLC.
The company is one of the nation’s leading public EV fast charging providers. With more than 1,100 fast charging stations across over 40 states, the company strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its Innovation Lab, the company performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.
The foundation of the company's business is building, owning, and operating EV fast charging sites that deliver charging to EVs driven by individuals, commercial drivers, and fleet operators. The company is prioritizing the build-out of high-power chargers, a key market segment that is expected to grow faster than the overall EV charging market. To take advantage of the expected growth in the number of EVs on the road in the U.S., the company continues to expand its nationwide network of charging stations, focusing on the development of locations with favorable traffic, utilization, and financial return characteristics. The company's proprietary technology and analytical tools, along with its extensive commercial partnerships with OEMs, fleets, and Site Host businesses, provide a strong competitive edge as it selects, designs, and develops new charging stations. Furthermore, the company's robust underwriting standards require its portfolio to meet or exceed a pre-defined internal rate of return before project approval.
The company's partnerships and collaboration with a wide range of automotive OEMs, rideshare operators, and other channel partners are designed to support domestic investment in transportation electrification, helping to accelerate EV adoption across the U.S. Through these partnerships, the company's network powered more than 860 million electric miles during 2024. Total miles delivered is equal to the number of kWh it has dispensed multiplied by Vehicle Efficiency. The weighted average Vehicle Efficiency from all vehicles compatible with the company's network in operation at the end of each year is based on 2024 data from the DOE and S&P Global Ratings. The weighted average Vehicle Efficiency is applied to the company's kWh dispensed in the associated period.
The company also serves the rapidly growing EV commercial segment, which focuses largely on rideshare. Reliable and flexible charging is essential to commercial electrification. The company is able to deploy fleet-charging solutions for these light-duty EV fleets, and it is developing, building, operating, and servicing charging assets for fleets at their own depot locations, at off-site charging hubs that it has secured, or via its expansive public network. To date, commercial contracts have either been structured as volumetric agreements or included guaranteed payment streams in exchange for guaranteed network access.
To complement the company's core business model and increase customer reach, it also offers EVgo eXtend, a white label solution, primarily under its charging infrastructure agreement with Pilot Company. EVgo eXtend helps partners invest in and build EV charging stations for use by their customers, leveraging charging assets that are serviced through, and often co-branded with, the company's national network. The company generates revenue from site development, equipment delivery, engineering, and construction activities related to EVgo eXtend stations, as well as ongoing revenue through operations, networking, and maintenance of those sites.
In addition to the provision of EV charging infrastructure, EVgo is continuing to develop and deploy software-based, value-added services to drivers and partners. These offerings enhance the customer experience across EVgo's business segments by layering proprietary technology functionality on top of its charging network, with the intention of creating a competitive advantage and providing accretive revenue streams.
Key features, such as Autocharge+ enable drivers who enroll an eligible EV to automatically start a charge simply by plugging in, while EVgo Reservations and EVgo Rewards further enhance the driver experience and provide a clear differentiation from other charging providers. Other software offerings, such as EVgo Inside, a proprietary suite of APIs that enable a third party to embed the complete EVgo experience into their branded applications, are designed to enhance B2B partner experiences with the company. EVgo Inside is used by some of its largest partners including Amazon, GM, Honda, Lyft, Pilot Company, Presto, Stellantis and Toyota.
The company also owns PlugShare, which is a global platform for EV drivers, allowing them to locate and share information relating to public charging stations, offer feedback, plan trips, and rate their charging experiences. Beyond its services to EV drivers, PlugShare offers an array of services for business and institutional clients. PlugShare licenses public charging location data to automakers and other customers through the PlugShare API. The PlugShare DataTool provides a powerful desktop environment for in-depth analysis of public charging infrastructure. PlugShare manages the world’s largest EV driver research panel through PlugInsights. Finally, PlugShare also delivers highly targeted advertising and promotional impressions to clients around the world.
EV Chargers and Standards
The company designs, through a joint development agreement with Delta, and deploys a DC fast charging station architecture that may include modular power units that are placed under software management and control, allowing power output to be shared dynamically between vehicles that are simultaneously connected to a charger. This dynamic power sharing technology reduces upfront capital and ongoing operating costs, maximizing return on investment, while increasing operational flexibility and lowering operating risk, allowing the company to meet the increasing charging requirements, including higher charging speeds, higher power provisioning, dynamic energy and demand management, access prioritization, queuing management, and scheduling across different EV models, customer types, and use cases. This modular software-defined design maximizes charger throughput, asset utilization, and ease of future power augmentation while reducing single points of failure risks and improving charger reliability and availability. It also maximizes the number of standardized equipment components, helping to accelerate the learning rate benefits and associated cost reductions of charging hardware over time and improving the ability to offer higher value-added service offerings in the future.
The company’s first-generation DC fast charging stations contain both CCS and CHAdeMO cables, while the current generation of DC fast charging stations includes only CCS cables. The company's CCS stations are also accessible to eligible Tesla EVs through the CCS adapter, and with Autocharge+, it can deliver the same plug-and-charge experience to Tesla drivers that they have on Tesla’s Supercharger network. In addition, the company has begun adding NACS connectors to its fast charging network. However, continuing to integrate NACS connectors in future charger installations and on certain existing chargers will require investment and management attention. Continuing to develop access to seamless, integrated charging for all EV drivers remains a core commitment for the company.
Products and Services
Retail Charging
The company sells electricity directly to drivers who access its publicly available networked chargers. Various pricing plans exist for customers, and drivers have the choice to charge through a subscription offering or a variety of pay-as-you-go plans. Drivers locate the chargers through the company's mobile application, their vehicle’s in-dash navigation system, or third-party databases, such as PlugShare, that license charger-location information from the company. The company's chargers are generally installed in parking spaces owned or leased by commercial or public-entity Site Hosts that desire to provide charging services at their respective locations. Commercial Site Hosts include retail and grocery stores, offices, medical complexes, airports, and convenience stores. The company's offerings are well aligned with the goals of Site Hosts, as many commercial businesses increasingly view charging capabilities as essential to attracting tenants, employees, customers, and visitors, and achieving sustainability goals. Site Hosts are generally able to obtain these benefits at no cost when partnering with the company through its owner and/or operator model, in which the company is responsible for the development, construction, and operation of chargers located on Site Hosts’ properties. In many cases, Site Hosts will earn revenue from license payments in the form of parking space rental fees that the company pays in exchange for the use of the site.
OEM Charging and Related Services
The company has revenue models to meet a wide variety of OEM objectives related to the availability of charging infrastructure and the provision of charging services for EV drivers. It contracts directly with OEMs to provide charging services to drivers who have purchased or leased such OEMs’ EVs and who access the company's public charger network. Other related services the company provides to OEMs include co-marketing, data services, and digital application services. The company's OEM relationships are a core customer-acquisition channel.
Commercial Charging
High volume fleet customers, such as TNCs, can access charging infrastructure through the company's vast public network. Pricing for charging services is most often negotiated directly with the fleet owner based on the business needs and usage patterns of the fleet. In these arrangements, the company contracts with and bills either the fleet owner directly or an individual fleet driver utilizing its chargers.
EVgo eXtend
Through EVgo eXtend, EVgo provides hardware, design, and construction services for charging sites, as well as ongoing operations, maintenance and networking and software integration solutions, while customers purchase and retain ownership of the charging assets. Existing customers with EVgo accounts are able to access eXtend chargers through the EVgo app, among other options. For some EVgo eXtend customers, EVgo also provides grant application support and related services.
Ancillary Service Offerings
In addition to offering access to its public network, the company offers dedicated charging solutions to autonomous vehicle and other fleets. Through its dedicated fleet product, the company develops, builds, and services charging assets for fleets either at their own depot locations or at off-site charging hubs that it has secured, without requiring a fleet to directly incur capital expenditures. The company offers a variety of pricing models for dedicated charging solutions, including a mix of volumetric commitments and variable and fixed payments for the provision of charging services.
In addition to charging services, the company offers a variety of software-driven digital, development, and operations services to customers. These offerings include customization of digital applications, charging data integration, loyalty programs, access to chargers behind parking lot or garage pay gates, microtargeted advertising, and charging reservations, as well as all services provided under PlugShare, such as data, research, and advertising services.
Strategy
The core elements of the company’s ongoing strategy include identifying optimal charging sites; charging sites development, engineering and construction; charging equipment procurement; charging sites operation; leveraging and providing value to different stakeholders within EV Ecosystem; technology-enabled products and services; PlugShare; and public policy engagement.
Competition
As a leading builder, owner and operator of a public fast charging network, some the company’s competitors include Tesla, Electrify America, ChargePoint and Blink.
Suppliers and Service Providers
Charging Equipment and Related Services
The company has invested in and maintains long-term relationships with suppliers and service providers. The company designs stations and specifies EV chargers in-house and outsources production to an assortment of manufacturers.
For the year ended December 31, 2024, Delta provided 77.3% of the company’s total charging equipment. In January 2025, the company also entered into a joint development agreement with Delta to develop the company’s next generation of charging infrastructure.
The company also typically contracts with and manages specialized electrical and civil contractors to perform station construction and maintenance activities. Additionally, the company’s charger management software platform was developed and is operated by Driivz.
Electricity
The company purchases electricity for the majority of its charging stations directly from local utilities as a commercial or industrial customer representing approximately 94% of its total GWh throughput in 2024.
Customers, Partnerships and Strategic Relationships
The company has established partnerships and strategic relationships with key OEMs, including GM, Honda, Nissan, and Toyota, Site Hosts, and fleet operators. These relationships allow the company to access new customers and build brand awareness through co-marketing.
The company has established, invested in, and maintained long-term relationships with Site Hosts with national and regional multi-site portfolios of commercial and retail properties. The company's Site Hosts span a wide array of industries and locations, including airports, automobile dealers, healthcare/medical facilities, hotels, mixed-use facilities, municipal locations, parks and recreation areas, parking lots, restaurants, retailers, schools and universities, stadiums, supermarkets, transportation hubs, and workplace locations. The company has numerous master agreements with Site Hosts that enable the conversion of prospect sites into locations that can be developed by standardizing terms and conditions for site control.
The company had two customers that collectively comprised 41.7% of the company’s total net accounts receivable as of December 31, 2024. For the year ended December 31, 2024, one customer represented 33.5% of the company’s total revenue.
DOE Loan
On December 12, 2024, the Borrower entered into the Guarantee Agreement with the DOE as guarantor. Pursuant to the Guarantee Agreement, the DOE agreed to issue a loan guarantee on behalf of the Borrower with respect to a term loan facility, or the DOE Loan, established between the Borrower and the FFB. The DOE Loan is made pursuant to the Title XVII Loan Guarantee Program, which permits the DOE to issue loan guarantees in connection with loans issued by the FFB to fund certain eligible projects. Borrower refers to EVgo Swift Borrower LLC, the compay’s subsidiary.
GM Agreement
On July 20, 2020, the company entered into the GM Agreement to build fast charger stalls that it will own and operate as part of its public network. The GM Agreement has been amended several times to, among other things, expand the overall number of charger stalls to be installed from 2,750 to 2,850, adjust charger stall installation targets, and extend the completion deadline to June 30, 2028.
Nissan Agreement
The company executed the Nissan Agreement in June 2019, which provides for joint marketing activities, charging credit programs for purchasers or lessees of Nissan EVs, and a capital-build program.
Pilot Infrastructure Agreement
On July 5, 2022, the company entered into the Pilot Infrastructure Agreement and the Pilot O&M Agreement with the Pilot Company and GM to build, operate, and maintain up to 2,000 stalls served by DC chargers that the Pilot Company will own. The stalls will be located at the Pilot Company sites across the U.S. Pursuant to the Pilot Infrastructure Agreement, the company is required to meet certain construction milestones measured by the number of sites commissioned, and the Pilot Company is required to make certain payments each month based on the completion of pre-engineering and development work, the progress of construction at each site, and for each charger procured by the company.
Intellectual Property
As of December 31, 2024, the company held 26 patents and had 9 additional patent applications pending in the U.S. and abroad.
Governmental Regulation
As part of the company’s business strategy, the company markets the electricity provided from its charging stations as 100% matched with purchases of renewable energy certificates (RECs). Any claims the company makes to consumers about its use of renewable energy are subject to regulation by the Federal Trade Commission ('FTC').
Trademarks
The company’s trademarks include Connect the Watts, EVgo, EVgo Advantage, EVgo Basic, EVgo eXtend, EVgo Inside, EVgo Optima, EVgo PlusMAX, EVgo ReNew, EVgo Reservations, EVgo Rewards, EVgo Access, Pay with PlugShare, PlugShare, PlugShare Premium, PlugShare Inside, PlugShare Advantage, PlugShare DataTool, PlugInsights, PlugScore, and Electronic Plug Design.
Research and Development
The company's research and development costs totaled $11.6 million for the year ended December 31, 2024.
History
EVgo, Inc. was founded in 2010. The company was incorporated in 2010.
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
