- EVgo, one of the United States’ largest EV charging station companies, will be adding North American Charging Standard (NACS) connectors to its national network
- The decision follows recent announcements by Ford and General Motors about leveraging NACS beginning in 2025
- Management believes its strategic charging network and ongoing partnerships with GM, Nissan, Subaru and Toyota will spur further growth
- EVgo’s EV charging network includes approximately 900 fast-charging locations across 60 metropolitan areas and 30 states
- EVgo Stocks (NDAQ:EVGO) last traded at US$3.82 per share
EVgo, one of the U.S.’s largest EV charging station companies, will be adding NACS connectors to its national network.
The move – which includes future deployments and certain existing chargers – follows recent announcements by Ford and General Motors about leveraging NACS beginning in 2025.
The company believes that its ongoing automaker partnerships and its focus on charger location, convenience and ease of use position it to capitalize on expected demand for hundreds of thousands of fast EV chargers in the United States over the next decade.
Approximately 14 per cent of new cars sold were electric in 2022, which is up from 9 per cent in 2021 and under 5 per cent in 2020, according to the International Energy Agency. The figure is forecast to grow to 35 per cent by 2030, firmly establishing a bullish case for EVgo stock.
“As a first-mover in EV charging, EVgo has a history of delivering for all EV drivers, evolving from CHAdeMO only to CHAdeMO and CCS, and now CHAdeMO, CCS, and NACS through both integrated connectors and Tesla-to-CCS adapters. We believe these developments will help to accelerate EV adoption rates and sales, which in turn will spur throughput growth on EVgo’s network,” stated Cathy Zoi, CEO of EVgo.
EVgo is a leader in EV charging solutions. Its owned and operated renewable charging network includes approximately 900 fast-charging locations across 60 metropolitan areas and 30 states.
The EV charging station provider (NDAQ:EVGO) last traded at US$3.82 per share.
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