EVgo, eXtend Partners Bag $12.7M Fund For Fast Charging Infrastructure Expansion

EV charging network provider EVgo Inc EVGO has been chosen for more than $12.7 million in preliminary awards from various funding sources across California, Colorado, and Pennsylvania.

The funding happened through 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.

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.

EVgo and eXtend stations to be built along corridors with NEVI funding will feature 350kW fast charging to help EV drivers power up quickly and get back on the road.

"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," said Sara Rafalson, Senior Vice President, Market Development, Public Policy and External Affairs at EVgo.

Price Action: EVGO shares are trading lower by 1.91% at $2.99 on the last check Thursday.