- EVgo reports a record third-quarter revenue of $67.5 million, marking a 92% increase from last year.
- The company added 270+ new charging stalls, bringing its total to approximately 3,680 across the US.
- EVgo partnered with Delta Electronics for next-gen chargers and secured a conditional $1.05 billion loan from the DOE.
EVgo achieves record revenue, expands infrastructure, and secures major partnerships to lead the US EV charging market
EVgo Inc., one of the largest public fast-charging networks for electric vehicles, announced a record-breaking third quarter for 2024. The Los Angeles-based company reported $67.5 million in revenue. That’s a 92% increase from the same quarter last year. The meteoric rise proves that both EVs, and EVgo’s charging solutions, are in high demand.
In the past quarter, EVgo added more than 270 new operational charging stalls across the US. This expansion brought EVgo’s total stall count to around 3,680 by the end of September.
Additionally, the company gained over 147,000 new customer accounts. Its total is now over 1.2 million—a 57% year-over-year increase. EVgo also made strides in advanced charging technology, partnering with Delta Electronics to co-develop next-generation chargers.
EVgo’s CEO, Badar Khan, commented:
“I’m pleased to report another record quarter anchored by strong revenues and triple digit year-over-year network throughput growth. Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter.
With our conditional commitment from DOE for a loan guarantee of up to $1.05 billion announced last month, EVgo is poised to lead the industry as the charging provider of choice. As we look ahead to the end of the year and into fiscal 2025, we are working diligently to complete the loan process, drive our next phase of growth as an owner and operator of fast charging infrastructure, and deliver continued and sustainable value creation for our shareholders.”
The phenomenal funding from the US Department of Energy joins major partnerships and backing from the industry. In September, EVgo partnered with GM to develop over 400 charging stations in the US. That follows consistent collaboration with the automotive powerhouse over the years.
With new technology partnerships and expanded infrastructure, EVgo is positioning itself as a key player in the rapidly growing US EV charging market.
