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      Is This Why The EVgo Stock Rising 23% Today?

      By Fahim Awan

      Published on

      August 3, 2023

      5:22 PM UTC

      Is This Why The EVgo Stock Rising 23% Today?

      EVgo Inc. (Nasdaq: EVGO) witnessed a significant surge in its stock price during the morning session on Thursday, rising by 23.00% to reach $5.22. This followed a minor setback in the last trading session, where the stock experienced a decline of -2.75% and closed at $4.24.

      The company’s Board of Directors announced a change in leadership, appointing Badar Khan as the new Chief Executive Officer (CEO) to succeed Cathy Zoi. The transition is set to take place on or around November 9, 2023.

      After a highly impactful tenure with EVgo, during which she oversaw an extraordinary 957% increase in quarterly revenue since the company went public in 2021, Cathy Zoi will retire as CEO and step down from the Board.

      However, she will continue to support the company as an advisor, collaborating closely with Khan throughout the remainder of the year to ensure a smooth handover.

      In other news, EVgo released its financial results for the second quarter ending June 30, 2023. The company achieved remarkable growth, with revenue reaching $50.6 million, compared to $9.1 million in the same quarter of the previous year, marking a remarkable 457% year-over-year increase.

      This growth was primarily driven by significant increases in eXtend revenue and charging revenues.

      Furthermore, the company reported a substantial increase in network throughput, recording 24.9 GWh during the second quarter of 2023, compared to 10.1 GWh in the same quarter of 2022, representing a year-over-year growth of 147%.

      Additionally, EVgo successfully added approximately 82,000 new customer accounts during the second quarter, bringing the total number of customer accounts to 688,000 at the end of the quarter, reflecting an impressive 55% increase from the previous year.

      EVgo’s collaboration with General Motors (GM) has been fruitful, as the two entities have jointly established over 1,000 fast charging stalls. The collaboration, initiated in 2020 and expanded in 2021, is focused on bolstering fast charging infrastructure. Their combined efforts aim to develop and install a total of 3,250 DC fast charging stalls across major metro markets.

      Presently, fast charging stalls are available at nearly 230 locations across 39 markets, spanning 27 states. These charging stations are strategically placed at places where EV drivers typically spend time, such as grocery stores, retail centers, and city centers.

      The majority of these stations feature high-power 350kW fast charging capabilities. The collaboration not only addresses the charging needs of existing EV drivers but also aims to cater to those who cannot charge their vehicles at home or work, including renters and individuals residing in multifamily dwellings.

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