EVgo, Inc. (EVGO): history, ownership, mission, how it works & makes money

A Brief History of EVgo, Inc. (EVGO)

Founding and Early Years

EVgo, Inc. was founded in 2010, initially focusing on providing charging solutions for electric vehicles (EVs). The company emerged as a subsidiary of the larger company, NRG Energy, Inc., which recognized the growing need for charging infrastructure as the EV market began to take off.

Expansion of Charging Network

By 2016, EVgo had established a substantial footprint across the United States, operating over 1,000 fast chargers in more than 66 metropolitan areas. The company aimed to connect EV users with convenient charging options, emphasizing its role in facilitating a transition to sustainable transportation.

Growth through Partnerships

In early 2017, EVgo entered into a strategic partnership with GM to offer incentives for GM EV owners, showcasing an innovative business model that combined automotive and energy sectors. The collaboration included offering a special plan that allowed GM customers to access EVgo’s network at discounted rates.

Public Listing and Financial Performance

In 2021, EVgo went public via a merger with a special purpose acquisition company (SPAC) called Climate Change Crisis Real Impact I Acquisition Corporation. The transaction valued the company at approximately $2.1 billion. Post-merger, shares began trading under the ticker symbol EVGO.

Current Financial Metrics

As of the end of 2022, EVgo reported an annual revenue of approximately $25.4 million, an increase from $11.4 million in 2021. The total charging sessions across its network exceeded 1.5 million and continued to grow as EV adoption accelerated.

Technological Advancements

EVgo has continued to innovate, investing in Ultra Fast Charging technology. In 2022, the company announced plans to deploy chargers capable of providing up to 350 kW, effectively reducing charging time to under 15 minutes for compatible vehicles.

Sustainability Initiatives

As part of its commitment to sustainability, EVgo has worked to source 100% renewable energy for its charging stations, aiming to minimize the carbon footprint associated with EV charging. The company has partnered with various utilities to enhance green energy utilization.

Future Outlook

Looking ahead, EVgo plans to increase its nationwide charging network to approximately 10,000 charging stations by 2025, driven by a surge in EV adoption and increased demand for accessible charging solutions.

A Who Owns EVgo, Inc. (EVGO)

Corporate Ownership Structure

EVgo, Inc. (EVGO) is a publicly traded company listed on the NASDAQ stock exchange under the ticker symbol "EVGO." The ownership of EVgo is primarily divided among institutional investors, retail investors, and company insiders.

Major Shareholders

As of the latest filings in October 2023, the following institutions hold significant shares in EVgo:

Insider Ownership

As per the latest reports, the company's insiders also hold a notable portion of the shares:

Recent Financial Data

EVgo's latest financial performance metrics include:

Market Trends and Future Projections

As of October 2023, EVgo continues to expand its network, targeting a growth in the number of charging stations across the United States. Analysts project significant growth in EV adoption, with the number of electric vehicles estimated to reach 30 million by 2030. This trend is expected to positively impact EVgo's market share and revenue growth.

Conclusion on Ownership and Financial Health

The ownership of EVgo is characterized by significant institutional holding, alongside a noteworthy stake by company insiders, which showcases confidence in the company's future. The financial health indicators suggest a growing enterprise set within a rapidly expanding electric vehicle market.

EVgo, Inc. (EVGO) Mission Statement

EVgo, Inc. is dedicated to providing a reliable, convenient, and accessible charging network for electric vehicles (EVs) across the United States. The mission statement emphasizes their commitment to accelerating the transition to sustainable transportation and enhancing the EV charging experience for all users. As of 2023, EVgo operates over 1,200 fast charging stations and has a growing network of over 1,800 fast chargers throughout the nation.

Core Values

EVgo's core values support their mission and guide their operations:

• Innovation in fast charging technology
• Commitment to sustainability
• Customer-centric approach
• Collaboration with stakeholders

Financial Overview

In 2022, EVgo's financial performance included the following key metrics:

Market Position

As of 2023, EVgo is recognized as one of the largest public fast charging networks in the U.S. The company has established partnerships with major automotive manufacturers and is expanding its station locations significantly. The following statistics illustrate EVgo's market dynamics:

Impact on Sustainability

EVgo's operations are closely aligned with sustainability goals. The following impact metrics reflect their contribution to reducing greenhouse gas emissions:

Future Goals

EVgo aims to expand its network significantly by 2025, with aspirations to include:

• Doubling the number of fast charging stations
• Increasing partnerships with automotive manufacturers
• Investing in innovative charging technologies
• Enhancing user experience through app advancements

How EVgo, Inc. (EVGO) Works

Business Model

EVgo, Inc. operates a network of fast charging stations for electric vehicles (EVs). The company focuses on providing accessible and convenient charging solutions in urban areas, highways, and other strategic locations across the United States.

Charging Infrastructure

As of the end of Q3 2023, EVgo has over 1,200 fast charging locations with more than 3,500 individual charging stalls. The charging speed typically ranges from 50 kW to 350 kW, enabling a variety of EVs to charge efficiently.

Revenue Generation

EVgo's revenue is generated from various sources:

• Charging fees
• Membership programs
• Partnerships with automotive manufacturers and fleet operators
• Advertising and ancillary services

Financial Performance

In Q2 2023, EVgo reported a revenue of $22 million, representing a growth of 30% year-over-year. The total operating expenses for the same quarter were around $35 million, which included both administrative and operational costs.

Partnerships and Collaborations

EVgo has established significant partnerships to expand its network and reach. Some notable partners include:

• General Motors (GM)
• BMW
• Volvo
• Nissan

Market Position

As of October 2023, EVgo is one of the largest public fast charging networks in the U.S., with a market share of approximately 25% in the fast-charging segment, competing with companies like ChargePoint and Electrify America.

Future Expansion Plans

EVgo aims to expand its network significantly, with plans to install additional 1,000 charging sites across the U.S. by 2025. The company is also focusing on partnerships for deploying chargers in high-traffic urban areas and highways.

Customer Engagement

The company offers a user-friendly mobile app that allows customers to:

• Locate nearby charging stations
• Monitor charging status
• Make payments
• Access charging history and usage statistics

Environmental Impact

EVgo's operations contribute to the reduction of greenhouse gas emissions. The company reported that its charging stations have helped avoid over 3 million metric tons of CO2 emissions as of 2023, emphasizing its commitment to sustainable transportation solutions.

Stock Performance

As of late October 2023, EVgo's stock (EVGO) is trading at approximately $6.50 per share, with a market capitalization of around $2.5 billion. Since its IPO in 2021, the stock has seen fluctuations typical of emerging technology companies in the EV space.

How EVgo, Inc. (EVGO) Makes Money

Charging Network Revenue

EVgo, Inc. generates a significant portion of its revenue through its extensive network of fast charging stations. As of the end of 2022, EVgo reported having over 1,200 fast charging locations across the United States, with approximately 3,500 charging stalls available for electric vehicles (EVs).

The company offers various pricing plans, including pay-per-use and membership subscriptions. As of 2023, the average revenue per charging session is estimated at $5.00.

Partnerships and Collaborations

EVgo has established strategic partnerships with automotive manufacturers and local governments to expand its charging infrastructure. These collaborations often involve funding for new charging stations, which can significantly contribute to revenue. For example, in 2021, EVgo entered a partnership with General Motors and received an investment of $20 million to enhance its network.

By 2023, partnerships have generated additional revenue streams estimated at $10 million.

Government Incentives and Grants

Government programs and incentives play a crucial role in EVgo's revenue. The company has received various grants, including a $7.5 million grant from the California Energy Commission to deploy charging stations.

In 2022, EVgo secured over $10 million in federal and state grants to support the installation of electric vehicle chargers.

Additional Revenue Streams

EVgo also explores other sources of income, including advertising and grid services. The integration of advertising screens at charging stations has begun to provide additional revenue. In 2022, this initiative generated approximately $2 million.

Moreover, providing services to utility companies for grid management and demand response has accounted for around $5 million in 2023.

Financial Performance Overview

As of Q2 2023, EVgo's total revenue amounted to approximately $35 million, showing substantial growth from prior years. Below is a financial performance overview highlighting the growth trajectory of EVgo's revenue:

Market Position and Potential Growth

The U.S. electric vehicle charging market is expected to grow significantly in the coming years. The market size was valued at $1.3 billion in 2021 and is projected to reach $9 billion by 2030, growing at a CAGR of over 24%.

EVgo's market position as one of the leading EV charging networks, along with its strategic partnerships and innovative revenue-generating ideas, positions it well to capitalize on this growth.