Why EVgo Stock Moved Higher During Tuesday's After-Hours Session

Shares of EVgo Inc. EVGO moved modestly higher during Tuesday’s after-hours session after the company released an update regarding a new EV charging station consisting of six new EVgo public direct current fast chargers (DCFC) in Colorado.

Today’s announcement adds to the count of EVgo chargers already present in the state of Colorado, which sums to 86 total chargers, including 39 Level 2 and 47 DCFC chargers.

"The opening of another EVgo charging station in Colorado builds upon GM and EVgo's effort to accelerate charging infrastructure build out by adding more than 2,700 DC fast charging stations. Along with all the Ultium-ready chargers at EVgo stations, GM customers can leverage charging capabilities up to 350-kilowatts," said Alex Keros, Lead Architect, EV Infrastructure at General Motors GM.

"We are excited to partner with EVgo to expand charging access here in the Rocky Mountain State and across the country," Keros furthered.

EVgo Inc. is the nation’s largest public fast charging network for electric vehicles, as well as the first to be powered by 100% renewable energy. The company currently owns and operates more than 800 fast charging locations over 68 metropolitan areas spread across 35 states.

At the time of publication, shares of EVgo Inc. were trading 3.98% higher at $8.62, a significant 16% decline from earlier highs during the after-hours session of $10.26. The stock has a 52-week low of $7.17 and a 52-week high of $24.34.