From Coast to Coast, EVgo and eXtend Partners Receive More Than $12.7M in Funding to Expand Fast Charging Infrastructure

EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced it has been selected for more than $12.7 million in preliminary awards from a variety of funding sources across California, Colorado, and Pennsylvania, including utilities, air districts, state energy offices, and state departments of transportation via 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; this includes more than $1.5 million in Colorado supporting the construction of 14 stalls, and more than $2.8 million in funding in Pennsylvania supporting the construction of 18 stalls. 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. All EVgo and eXtend stations to be built along corridors with NEVI funding will feature high-power 350kW fast charging to help EV drivers power up quickly and get back on the road.

In addition to more than $5 billion in NEVI funding expected to be awarded over the coming years, utilities, air districts, and state energy offices continue to stimulate EV charging investments through distinct funding programs. In the third quarter of 2023, EVgo received a preliminary award of $4.3 million from the California Energy Commission’s Fast and Available Charging for All Californians (FAST) grant, which seeks to support infrastructure deployments for high mileage on-demand transportation services, car sharing enterprises, car rental agencies, and the public. FAST is funded through the Clean Transportation Program, which invests up to $100 million annually to fund a broad portfolio of clean transportation infrastructure projects throughout the Golden State.

Other recent awards include more than $2.9 million from the Bay Area Air Quality Management District and more than $1.1 million from the Los Angeles Department of Water and Power Public Access program.

“For well over a decade, EVgo’s partnerships with utilities, state governments, and other funding entities have been critical in accelerating our national network expansion,” said Sara Rafalson, Senior Vice President, Market Development, Public Policy and External Affairs at EVgo. “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.”

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