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    EVGO   US30052F1003

EVGO, INC.

(EVGO)
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EVgo : and the City of Santa Monica Add New Fast Charging Infrastructure

07/27/2021 | 04:37pm EDT

8 New EVgo Fast Chargers Energized in Downtown Santa Monica

EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, announced today the recent installation of eight new EVgo public fast chargers for Lot 29, located at 1654 5th Street in Santa Monica, California.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210727006131/en/

(left to right): Ariana Vito, Sustainability Analyst, Transportation Electrification of City of Santa Monica, Hannon Rasool, Deputy Director of California Energy Commission’s (CEC) Fuel & Transportation Division, Cathy Zoi, CEO of EVgo, Sue Himmelrich, City of Santa Monica Mayor, and Aaron Wolff, Manager, EV Charging & Infrastructure for General Motors (Photo: Business Wire)

(left to right): Ariana Vito, Sustainability Analyst, Transportation Electrification of City of Santa Monica, Hannon Rasool, Deputy Director of California Energy Commission’s (CEC) Fuel & Transportation Division, Cathy Zoi, CEO of EVgo, Sue Himmelrich, City of Santa Monica Mayor, and Aaron Wolff, Manager, EV Charging & Infrastructure for General Motors (Photo: Business Wire)

The new EVgo chargers will provide zero-emission charging through EVgo’s network, supporting the City of Santa Monica’s Electric Vehicle Action Plan. Santa Monica first installed public EV chargers in the mid-1990s and purchased some of the original versions of electric vehicles for its own municipal fleet. Today, there are 150 City-owned public EV charge ports in Santa Monica, all of which are Level 2 chargers, with more planned throughout the City as part of the Santa Monica EV Action Plan. The new EVgo chargers are Level 3, or DC fast charging (DCFC), and can provide a full charge in 15-45 minutes. Charging speeds vary based on a vehicle’s charging capability and range, but six of the new EVgo fast chargers are high powered 350 kW chargers, capable of delivering 180 miles in 15 minutes and two of the new chargers are 100 kW, capable of delivering 90 miles in 15 minutes. EVgo has more than 140 fast charging locations in the greater Los Angeles area, more than any other network.

“Santa Monica residents have long been early adopters of electric vehicles and the City is in strong support of expanded EV charging infrastructure to support them and bring cleaner air benefits. EVgo’s new charging stations at Lot 29 are a good example of public-private partnership accelerating the adoption of EVs, and we are excited to partner with a local company to bring more charging infrastructure to our community,” said Sue Himmelrich, Mayor of the City of Santa Monica.

As the state’s growth curve of EV sales continues to climb, the expansion of EV chargers in Santa Monica and other dense, urban areas is crucial in addressing rising EV driver demand, increasing charging accessibility, and helping California meet its electrification goals.

“It takes an entire ecosystem of partners, including city officials and local Authorities Having Jurisdiction (AHJs) to support and accelerate the development of public fast charging,” said Cathy Zoi, CEO of EVgo. “EVgo is bringing new stations online every week with the help of partners, like GM and the Energy Commission for this station, and city officials and utilities around the country. We are especially proud of the Santa Monica Lot 29 site’s proximity to our headquarters in West Los Angeles and the EVgo Lab in El Segundo.”

“California proudly leads the country in EV adoption, and we’ll continue to drive policies and programs that help accelerate infrastructure development, create local jobs, improve public health, and support the transition to a zero-emission transportation future. This station is a great example of public and private collaboration that helps advance the state’s electrification goals - the expansion of fast charging options is crucial for the growing number of EV drivers that do not have access to charging at home and rely on public charging,” said Hannon Rasool, Deputy Director of California Energy Commission’s (CEC) Fuel & Transportation Division.

“The deployment of even more fast chargers in Santa Monica marks the latest milestone in GM and EVgo’s collaborative effort to add an additional 2,700 DC fast chargers through 2025,” said Aaron Wolff, Manager, EV Charging & Infrastructure for General Motors. “GM believes a holistic approach to charging is vital to helping accelerate the adoption of electric mobility. Ensuring that charging is available when drivers need it and in places where they need to go is a big part of that effort.”

The new EVgo chargers were unveiled on July 27, 2021 as part of a ribbon cutting ceremony at Lot 29, hosted by Sue Himmelrich, City of Santa Monica Mayor, alongside Cathy Zoi, CEO of EVgo, Aaron Wolff, Manager, EV Charging & Infrastructure for General Motors, and Hannon Rasool, Deputy Director of CEC Fuel & Transportation Division.

The new EVgo chargers were partially funded by The California Electric Vehicle Infrastructure Project (CALeVIP), which offers incentives for the purchase and installation of electric vehicle charging infrastructure at publicly accessible sites throughout California.

EV drivers can find a map of existing EV chargers in the City of Santa Monica here. To learn more about the City’s EV charging programs and policies visit smgov.net/electricvehicles.

About EVgo:

EVgo (NASDAQ: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 65 metropolitan areas across 34 states and more than 250,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.


ę Business Wire 2021
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Financials (USD)
Sales 2021 20,3 M - -
Net income 2021 -80,3 M - -
Net cash 2021 447 M - -
P/E ratio 2021 -23,2x
Yield 2021 -
Capitalization 621 M 621 M -
EV / Sales 2021 8,57x
EV / Sales 2022 5,99x
Nbr of Employees 125
Free-Float 24,9%
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Number of Analysts 6
Last Close Price 9,03 $
Average target price 14,83 $
Spread / Average Target 64,3%
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Managers and Directors
Catherine Zoi Chief Executive Officer & Director
Olga Shevorenkova Chief Financial Officer
David Graig Nanus Chairman
Ivo Steklac Chief Operating & Technology Officer
Elizabeth J. Comstock Independent Director
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