Why EVgo Shares Are Rising After Collaboration Update With GM

EVgo Inc EVGO shares are trading higher by 9.59% to $6.98 Thursday afternoon after the company announced the EVgo eXtend project will deploy 2,000 charging stalls at Pilot and Flying J locations across the country in collaboration with General Motors Company GM and Pilot Company.

What Happened?

The Pilot and Flying J travel centers plan to feature numerous fast charging stalls provided by EVgo, including high-power fast chargers capable of offering up to 350 kW1.

EVgo, which is also working with GM to add more than 3,250 fast chargers in American cities and suburbs by the end of 2025, was chosen as a strategic collaborator due to its expertise in building, operating and maintaining DC fast charging infrastructure. 

Why it Matters

EVgo owns and operates a public direct current fast charging network in the United States. Further partnerships and charger stall deployments across hotels, shopping centers, gas stations, parking lot operators, local governments and independent property owners stand to help the company raise brand awareness, and in turn, revenues.

According to data from Benzinga Pro, EVgo has a 52-week high of $19.59 and a 52-week low of $5.28.