EVgo expands network, passing $10M in utility incentive funding

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EVgo expands network, passing $10M in utility incentive funding
Credit: © Reuters.

Electric vehicle charging company EVgo Inc (NASDAQ: EVGO ) on Thursday, announced the commission of a new station in Carteret, New Jersey. This project marks the latest site to leverage funding from a utility EV charging incentive program, pushing EVgo past $10 million in awards from utility “Make-Ready” or rebate programs.

These programs have become increasingly popular in recent years, as they are designed to speed up third-party investment in charging infrastructure, resulting in more charging stations for EV drivers. Thanks to these initiatives, EVgo has been able to expand its reach from California all the way to Kansas. Utilizing these incentives in 17 utility territories across nine states and the District of Colombia.

Vice President of Market Development and Public Policy at EVgo, Sara Rafalson praised the programs, calling them “key pieces of the puzzle in building out a reliable and convenient fast charging network that works for everyone.”

“These programs – which leverage the complementary strengths of both experienced operators like EVgo and its utility partners – serve as market catalysts as we work collaboratively to build the charging infrastructure necessary to enable ubiquitous EV adoption,” said Rafalson.

Shares of EVGO are up 4.56% in afternoon trading on Thursday.

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