Why EVgo Stock Is Charging Up Today

EVgo Inc. EVGO shares are trading higher Thursday after the company announced it has received a conditional commitment for a loan guarantee of up to $1.05 billion of debt financing, from the U.S. Department of Energy (DOE).

The Details:

EVgo said the financing would accelerate the company's efforts to scale its charging footprint and increase nationwide access to public charging stations. The company plans to build approximately 7,500 additional fast charging stalls across the U.S., with the top state markets anticipated to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania and Texas. If finalized, EVgo expects to complete the deployment of the new stalls by 2030.

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EVgo estimated that the project buildout will create more than 1,000 jobs, over 700 of which will be contracted resources engaged by the company encompassing roles in construction, engineering, development, and operations and maintenance. 

“EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most,” said Badar Khan, CEO at EVgo. “This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”

How To Buy EVGO Stock:

By now you're likely curious about how to participate in the market for EVgo – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

EVGO Price Action: According to Benzinga Pro, EVgo shares are up 31.9% at $5.18 at the time of publication Thursday.

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Image: Courtesy of EVgo, Inc.