Evgo Inc is a leading provider of a public electric vehicle (EV) fast charging network in the United States
The company focuses on developing and operating charging stations that enable convenient and accessible charging for electric vehicle owners. Through its extensive network, Evgo aims to support the transition to sustainable transportation by providing reliable fast charging options that cater to both individual and fleet EV users. The company collaborates with various automakers, businesses, and municipalities to expand its charging infrastructure and enhance the overall EV experience.
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What a fantastic six months it’s been for EVgo. Shares of the company have skyrocketed 69.7%, hitting $4.31. This was partly thanks to its solid quarterly results, and the performance may have investors wondering how to approach the situation.
Carbonate fuel cell technology developer FuelCell Energy (NASDAQFCEL)
will be reporting results tomorrow before market hours. Here’s what you need to know.
Shares of electric vehicle charging company EVgo (NASDAQEVGO)
fell 27.9% in the morning session after it announced a secondary offering of nearly 23 million of its common stock by EVgo Holdings, an affiliate of LS Power Equity Partners. The company itself is not selling any shares in this offering and will not receive any proceeds from the sale.
EVgo secures $1.25B DOE loan guarantee, avoiding equity dilution and setting up for 7,500 fast-charging stations in 5 years. JPMorgan predicts 10-20% upside and sees it as a top Clean Tech pick.
EVgo secures a $1.25 billion loan from the U.S. Department of Energy to expand its fast charging network, aiming to triple its footprint to 10,000 stalls by 2029.
