EVgo Crosses $10M Milestone in Utility Incentive Funding Awarded Since 2022

Through collaboration with utilities from coast to coast, EVgo continues to accelerate fast charger deployment by leveraging incentive programs

EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced the commissioning of a new station in Carteret, New Jersey that is the latest EVgo site to leverage funding from a utility EV charging incentive program. Utility charging incentive programs, often referred to as “Make-Ready,” are designed to support the development of electric vehicle charging infrastructure by reducing the upfront costs of site construction associated with “making a site ready” to install EV charging stations.

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In the last 18 months alone, EVgo has received more than $10 million in awards from utility Make-Ready or rebate programs across 17 utility territories in nine states and the District of Columbia. These programs, designed to accelerate third-party investment in charging infrastructure to deliver more stations for EV drivers, have grown in popularity over the last several years and have allowed EVgo to expand its reach in markets from California to Kansas.

“EVgo is committed to building a fast charging network that is sustainable both environmentally and financially, and utility incentive programs have been key pieces of the puzzle in building out a reliable and convenient fast charging network that works for everyone,” said Sara Rafalson, Vice President, Market Development and Public Policy at EVgo. “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.”

Utility Make-Ready programs are beneficial for charging networks, utilities, and EV drivers. Under these programs, utilities play the role of market accelerant by incentivizing third-party investment to grow infrastructure deployments in their respective service territories. Simultaneously, these programs leverage the core competencies of experienced operators like EVgo who will develop, own, operate, and maintain the charging system through its useful life.

Based on its experience participating in utility incentive programs across the country, EVgo also released a new best practice document on Make-Ready program funding through EVgo’s Connect the Watts™ initiative. This best practice document highlights some of the ways that utilities can further support transportation electrification in their respective service territories, and includes spotlights on successful program designs implemented by utilities across the U.S.

Since January 2022, EVgo has been awarded Make-Ready funding or in-kind support from the following utilities, and commends their efforts in accelerating transportation electrification:

• Arizona
  • Salt River Project (SRP)
  • Tucson Electric Power
• California
  • LADWP
  • PG&E
  • Sacramento Municipal Utility District (SMUD)
  • Silicon Valley Clean Energy (SVCE)
• Colorado
  • Xcel Energy
• District of Columbia
  • Pepco
• Kansas
  • Evergy
• Nevada
  • NV Energy
• New Jersey
  • Public Service Electric and Gas Company (PSE&G)
• New York
  • Con Edison
  • Orange & Rockland Utilities
  • PSE&G - Long Island
  • National Grid
• Utah
  • Rocky Mountain Power
• Virginia
  • Dominion Energy

National Grid in New York and PSE&G in New Jersey are also two EV Charging Heroes from the inaugural year of the Connect the Watts National EV Charging Recognition Program.

For more information about the EVgo charging network, visit www.evgo.com.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since 2019, EVgo has purchased renewable energy certificates to match the electricity that powers its network. As one of the nation’s largest public fast charging networks, EVgo’s owned and operated charging network includes around 900 fast charging locations, 60 metropolitan areas and 30 states. EVgo continues to add more DC fast charging locations across the U.S., including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

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