EVgo Services LLC (EVGO)

[WeTheMarket]

EVgo Higher Network Throughput Signals Economy Emerging from Pandemic https://ih.advfn.com/stock-market/NYSE/climate-change-crisis-re-CLII/stock-news/85178683/evgo-higher-network-throughput-signals-economy-eme
May 21 2021 - 07:30AM
Business Wire

EVgo, the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today announced that power being dispensed on its public charging network now exceeds pre COVID-19 levels, signaling both a return of economic activity and the growth of EV usage and adoption. This trend is consistent with data related to retail, travel, and automotive sector activity, and is a welcome sign of recovery as we emerge from the pandemic.

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Over the last 30 days, average daily throughput on EVgo’s network exceeded pre COVID-19 levels from late 2019 and early 2020. Further supporting the positive economic trajectory, EVgo recently announced achieving more than 250,000 customers on its charging network nationwide

“The activity we’re seeing on our network tells us that the U.S. economy is recovering and electrification of transportation is continuing apace,” said Cathy Zoi, CEO of EVgo. “Signs of the economic recovery are everywhere, as lives, behaviors and routines return to normal and drivers resume everyday activities – including shopping, recreation, road trips, and a return to the workplace. As more and more drivers resume pre-pandemic life, the data is validating that great locations are key for EV charging usage. EVgo’s network is realizing a significant throughput uptick, as increased EV adoption further enhances our growth trajectory.”

A number of market participants are noting similar trends. Regency Centers Corporation, one of the largest operators of shopping centers in the country, recently cited that foot traffic across its portfolio in April 2021 has recovered to between 90% and 100% of 2019 levels. Additionally, AAA projects 37 million people will travel at least 50 miles for the upcoming 2021 Memorial Day weekend, representing a 60% increase over 2020’s estimated 23 million travelers.

According to an analysis of the U.S. auto market issued by Cox Automotive and Kelley Blue Book in April 2021, EV sales during the first quarter of 2021 increased in both absolute terms and as a percentage of total vehicle sales. Per the study, electrified vehicle sales accounted for an estimated 7.8% of total vehicle sales in the first quarter of 2021, up from 4.8% in the first quarter of 2020 – a 62% year-on-year increase. Furthermore, first quarter 2021 EV sales increased by 45% over the prior year, representing more than 4-times the pace of sales growth for total vehicle sales. Automakers have announced more than $300 billion of original equipment manufacturer investments in electrification, and according to EVAdoption.com, 21 Battery Electric Vehicle models are offered for sale in the U.S. today, with an additional 18 models expected to come to market before the end of 2021.

“Surging economic activity and more EVs on the road are a powerful combination for EVgo and clean transportation as a whole,” said Jonathan Levy, CCO of EVgo. “Our strategy is consistent and simple – to locate, own and operate fast chargers where people want to be. Making EV charging convenient and reliable for drivers, fleets, and other partners is what EVgo does. We are thrilled to see more customers charging up and getting back to their daily lives with the confidence and convenience of our charging solutions, capable of delivering around 150 miles of charging range in as little as 15 minutes1. With hundreds of new fast charging locations in construction and under development, the EVgo team remains focused on delivering value to EV drivers and partners in more locations and in more ways as we keep our foot on the accelerator.”