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Los
Angeles, CA – September 2024 / Newsmaker Alert: After
years of collaborating to increase public charging access, EVgo
Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s
largest public fast charging networks, and General
Motors (“GM”) announce that they are expanding upon their work together
and taking charging to the next level by deploying 400 fast charging stalls
at flagship destinations in major metropolitan areas across the U.S.
With
features such as 350kW fast chargers, ample lighting, canopies, pull-through
stations and security cameras, the flagship stations are poised to set
a new benchmark in the EV charging landscape, by addressing the growing
demand for convenient, reliable and customer-centric charging solutions
in the markets that need them most.
Most
flagship stations are expected to feature up to 20 stalls, with select
locations providing significantly higher stall counts, ensuring that there
are critical charging hubs to best serve the growing number of EV drivers
on the road. Flagships will be deployed coast to coast, including in metropolitan
areas in states such as Arizona, California, Florida, Georgia, Michigan,
New York and Texas. Co-branded by EVgo and GM Energy, the flagship stations
will be located near a diverse set of amenities including shopping, dining,
coffee shops and other services drivers can take advantage of while they
charge.
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“The
future of EV charging is larger stall count locations, high-power charging,
and designing around features that customers love – such as pull-through
access, canopies and convenient amenities. Through this next evolution
of EVgo and GM’s esteemed collaboration, the future of EV charging is here,”
said Dennis
Kish, President at EVgo. “In order to be the charging provider of choice,
we need to lead on customer satisfaction, and we will continue to innovate
to deliver a charging experience that is convenient, comfortable, and dependable
for current and future EV drivers.”
The
first flagship location is expected to open in 2025. The new stations will
frequently leverage EVgo’s
prefabrication approach to expedite construction timelines and offer
modularity to ease future expansion.
“Ensuring
that our customers have seamless access to convenient and reliable charging
is imperative, and this effort will take it to the next level,” said GM
Energy VP Wade Sheffer.
“Through our collaborations with industry leaders like EVgo, we continue
to innovate and expand customer-centric charging solutions that will meet
the evolving needs of EV drivers across the country.”
In
addition to the agreement to build flagship locations, EVgo and GM continue
to collaborate on their ongoing metropolitan charging footprint buildout.
The companies plan to build a total of 2,850 DC fast charging stalls, with
funding reallocated to deliver premium charging experiences for EV drivers
at flagship locations. The companies celebrated
the opening of their 1,000th fast charging stall in August 2023 and
expect to install their 2,000th stall by the end of 2024.
For
more information about the EVgo fast charging network and station locations,
visit www.EVgo.com.
About
EVgo
EVgo
(Nasdaq: EVGO) is a leader in electric vehicle 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. EVgo is one of the nation’s largest public fast
charging networks, featuring over 1,000 fast charging locations across
more than 35 states, 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 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.
About
GM
General
Motors (NYSE:GM) is a global company focused on advancing an all-electric
future that is inclusive and accessible to all. At the heart of this strategy
is GM’s battery platform, which will power everything from mass-market
to high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac,
Baojun and Wuling brands. More information on the company and its subsidiaries,
including OnStar, a global
leader in vehicle safety and security services, can be found at www.GM.com.
EVgo
Contacts
For
Investors:
investors@evgo.com
For
Media:
press@evgo.com
General
Motors Contact
Sanaz
Marbley
LinkedIn
Forward
Looking Statements
This
press release contains “forward-looking statements” within the meaning
of the “safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be identified
by the use of words such as “estimate,” “plan,” “project,” “forecast,”
“intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,”
“assume” or other similar expressions that predict or indicate future events
or trends or that are not statements of historical matters. These forward-looking
statements are based on management’s current expectations or beliefs and
are subject to numerous assumptions, risks and uncertainties that could
cause actual results to differ materially from those described in the forward-looking
statements. You are cautioned, therefore, against relying on any of these
forward-looking statements. Risks and uncertainties that could affect the
Company’s financial results are included under the captions “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and Results
of Operations of EVgo” in EVgo’s most recent Annual Report on Form 10-K,
filed with the Securities and Exchange Commission (the “SEC”), as well
as its other SEC filings, copies of which are available on EVgo’s website
at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward-looking
statements in this press release are based on information available to
EVgo as of the date hereof, and EVgo does not assume any obligation to
update the forward-looking statements provided to reflect events that occur
or circumstances that exist after the date on which they were made, except
as required by applicable law.
Cautionary
Note on Forward-Looking Statements
This
communication and related comments by management, may include “forward-looking
statements” within the meaning of the U.S. federal securities laws. Forward-looking
statements are any statements other than statements of historical fact.
Forward-looking statements represent our current judgment about possible
future events and are often identified by words like “aim,” “anticipate,”
“appears,” “approximately,” “believe,” “continue,” “could,” “designed,”
“effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,”
“intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,”
“project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,”
or the negative of any of those words or similar expressions. In making
these statements, we rely on assumptions and analysis based on our experience
and perception of historical trends, current conditions and expected future
developments as well as other factors we consider appropriate under the
circumstances. We believe these judgments are reasonable, but these statements
are not guarantees of any future events or financial results, and our actual
results may differ materially due to a variety of important factors, many
of which are beyond our control. These factors, which may be revised or
supplemented in subsequent reports we file with the SEC, include, among
others, the following: (1) our ability to deliver new products, services,
technologies and customer experiences; (2) our ability to timely fund and
introduce new and improved vehicle models; (3) our ability to profitably
deliver a broad portfolio of EVs; (4) the success of our current line of
internal combustion engine vehicles; (5) our highly competitive industry;
(6) the unique technological, operational, regulatory and competitive risks
related to the timing and commercialization of AVs, including the various
regulatory approvals and permits required for operating driverless AVs
in multiple markets; (7) risks associated with climate change; (8) global
automobile market sales volume; (9) inflationary pressures, persistently
high prices, uncertain availability of raw materials and commodities, and
instability in logistics and related costs; (10) our business in China,
which is subject to unique operational, competitive, regulatory and economic
risks; (11) the success of our ongoing strategic business relationships
and of our joint ventures; (12) the international scale and footprint of
our operations, which exposes us to a variety of unique political, economic,
competitive and regulatory risks; (13) any significant disruption at any
of our manufacturing facilities; (14) the ability of our suppliers to deliver
parts, systems and components without disruption and at such times to allow
us to meet production schedules; (15) pandemics, epidemics, disease outbreaks
and other public health crises; (16) the possibility that competitors may
independently develop products and services similar to ours, or that our
intellectual property rights are not sufficient to prevent competitors
from developing or selling those products or services; (17) our ability
to manage risks related to security breaches and other disruptions to our
information technology systems and networked products; (18) our ability
to comply with increasingly complex, restrictive and punitive regulations
relating to our enterprise data practices; (19) our ability to comply with
extensive laws, regulations and policies applicable to our operations and
products, including those relating to fuel economy, emissions and AVs;
(20) costs and risks associated with litigation and government investigations;
(21) the costs and effect on our reputation of product safety recalls and
alleged defects in products and services; (22) any additional tax expense
or exposure or failure to fully realize available tax incentives; (23)
our continued ability to develop captive financing capability through GM
Financial; and (24) any significant increase in our pension funding requirements.
A further list and description of these risks, uncertainties and other
factors can be found in our most recent Annual Report on Form 10-K and
our subsequent filings with the SEC. We caution readers not to place undue
reliance on forward-looking statements. Forward-looking statements speak
only as of the date they are made, and we undertake no obligation to update
publicly or otherwise revise any forward-looking statements, whether as
a result of new information, future events or other factors, except where
we are expressly required to do so by law. |