Electric-vehicle charging stall maker EVgo plans to install connectors using the North American Charging Standard (NACS), previously called the Tesla standard, for its fast-charging network, the company said Monday.
EVgo’s announcement followed news of Ford's and General Motors’ plans to use the North American Charging Standard standard in EVs starting in 2025, EVgo said. “We believe these developments will help to accelerate EV adoption rate and sales, which in turn will spur throughput growth on EVgo’s network,” EVgo CEO Cathy Zoi said in a statement.
“EVgo first deployed integrated Tesla connectors in 2020, and with the recently announced expansion of the number of automakers using the NACS connector, we are excited to announce that we will also be integrating NACS connectors on the EVgo network in future deployments as well as on some existing chargers,” Zoi said.
“EVgo’s long-term success is directly tied to EV adoption at scale, our fantastic partnerships, and our continued technology leadership. All of our automaker partnerships continue apace,” Zoi said.
The Los Angeles-based company, which has grown through partnerships with vehicle manufacturers, fuel stations, retailers and fleets, is forecasting DC charging demand will achieve a 55% compounded annual growth rate from 2022 to 2030, according to an EVgo snapshot of the EV market, which lists partnerships with the following vehicle manufacturers: GM, Hyundai, Subaru, Cadillac, Kia, Toyota, Chevrolet and Nissan, Uber, Lyft, Amazon and MHX.
EV Charging Network
EVgo is growing as EV adoption grows. The company added 220 new charging stalls to its network in the first quarter of 2023, up 69% from the year-ago period, according to its financial documents.
It’s first-quarter revenue increased 229% to $25.3 million, while network throughput rose 124% to 17.9 gigawatt-hours, the company said. Revenue from its eXtend full-service charging program, including maintenance and software, hit $10.3 million in the first quarter, up from $80,000 a year ago, but down from $16.7 million in the fourth quarter of 2022, the company said.
In July 2022, EVgo announced its eXtend project was working with General Motors and Pilot and Flying J locations to deploy 2,000 charging stalls across the country. The project involved installation and maintenance services at up to 500 Pilot and Flying J travel centers in over 40 states.
EVgo posted a first-quarter net loss of $49.1 million, as it invests in future growth. The company said it is the EV-charger was named the provider of choice for Chevron and Texaco stations in the first quarter, and it has agreed to design, construct and maintain 350kW charging stalls at Chevron and Texaco sites.
A public network of EV charging stations is expected to drive 75% to 80% of EVgo’s revenue over the long term, the company said.
C-Store and Fuel Retailers
The capital expenditures involved in constructing a new charging stall are about $130,000 to $150,000 per stall, EVgo said. Evgo’s charging equipment is installed or in development at the following retailers: Whole Foods Market, Pilot Flying J, Meijer, Safeway, KIA, Lowe’s, Target, Albertsons, Chevron, Chase, Kroger, Simon, Wawa, SaveMart Cos., Raley’s WinCo Foods, ShopRite, Sheetz and Cumberland Farms.
Zoi’s snapshot said EVgo’s customer accounted totaled 614,000 in over 30 states and over 60 metropolitan areas at the end of the first quarter, with 67,000 new accounts added in the first quarter from the year-ago period. It has 3.4 million registered PlugShare users and over 3,100 stalls in operation or under construction and 3,500 in development.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.