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Evgo Stock up 20% with Grant Funding for EV Fast-Charging Stations

Nigel Firth
Nigel Frith trader
Updated 8 Nov 2021

A rising pick in the clean-energy investors’ portfolio; EVgo (NASDAQ: EVGO) saw sharp gains of nearly 20% when the opening bells rang for Monday’s trading. The specialists in ‘fast charging’ electric technology will be celebrating today after receiving numerous grants from the Pennsylvania Department of Environmental Protection for the installation of new 350kW DC fast-charging stations. 

The company has had a mixed year in the market, currently displaying an overall gain of 10.7%. The funding grant from Pennsylvania has still proved somewhat of a lifeline, ensuring the company are in line with targets and are consistently extending their reach. The fast-charging company continues to attract interest; smashing through Citigroup's price target in September.

EVgo has Pennsylvania’s latest Driving PA Forward initiative to thank for the fast-charging grant – adding to an existing selection of 3 stations and 10 DCFC chargers already installed by EVgo. It is these forward-thinking, collaborative ecosystems that allow for budding companies like EVgo to really leave a substantial mark.

CEO of EVgo, Jonathan Levy stated:

“EVgo is rapidly expanding our network, including in the Keystone state, thanks in part to the support of the Pennsylvania DEP through its Driving PA Forward program…Locations matter massively when it comes to charging, and EVgo’s commitment to siting fast charging where drivers want to stop and shop continues whether you prefer to get your hoagies at Wawa or your MTOs at Sheetz.”

Honing in on the importance of ease-of-use for the everyday shopper; EVgo is loosening the transition to electric by ensuring convenience comes first – a very investable trait. Just this year, EVgo has opened 3 sites in Pennsylvania, with locations ranging from pharmacies to shopping malls. Annually, the company has recorded a 140% growth in customer base – further underlining the rapid growth of EV use and the market opportunities it presents. 

Currently, EVGO stock has retraced slightly showing a daily gain of 14%, with price spiking just above $12.00 before sitting at around $11.45.

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Nigel Firth
Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.