Builds and operates DC fast-charging stations focused on urban metro areas and high-traffic retail locations. Operates ~1,250 stations with ~4,200 stalls primarily in major US markets with partnerships including GM. Targeting rapid buildout at grocery stores, shopping centers, and convenience locations to capture everyday charging demand.
Key Milestones
Founded by NRG Energy as part of California's $100M post-Enron settlement with the CPUC; mandate was to build the first nationwide US DC fast-charging network on NRG's wholesale-power balance sheet
Acquired by Vision Ridge Partners and LS Power from NRG Energy for ~$300M; spin-out lets EVgo focus on charging-network economics rather than serving as a regulated utility's PR arm
Announces partnership with GM to triple US DCFC network with 2,750 fast chargers across 40 metro areas by 2025; first major OEM-network deal with co-branded sites and exclusive Ultium charge curve testing
Public listing on Nasdaq via SPAC merger with Climate Change Crisis Real Impact I Acquisition (CRIS) at $2.6B enterprise value; one of three back-to-back charging-network SPAC listings (CHPT, EVGO, BLNK already public)
First 350 kW high-power station opens in California in partnership with GM; first co-branded EVgo + GM Energy site purpose-built for 800V Hummer EV/Cadillac Lyriq architectures
Opens 1,000th DC fast-charging station; pioneers 'autocharge' billing in 2018 to remove RFID cards - now operates DCFC at 100-350 kW dispensers across retail/grocery sites in 35 states
Wins early NEVI awards in Pennsylvania, Ohio, Hawaii, Colorado to deploy DCFC along Interstate corridors at 'every 50 mi' AFIR-equivalent standard - largest single-operator NEVI portfolio at announcement
First operational NEVI-funded EVgo stations open in Ohio and Pennsylvania; goes live just 9 months after award - EVgo proves NEVI can deploy under federal Buy-America requirements
DOE Loan Programs Office closes $1.25B loan guarantee Dec 12; conditional commitment finalized to add 7,500 fast chargers across 1,100 sites - largest single DOE charging financing
Fast-tracks NACS rollout with 500+ NACS connectors planned by year-end 2026 (~15% of site footprint); ~100 stalls already live across major US cities
PlugShare integration and ReNew architecture stations push throughput to 350 kW peak with NACS native; Q1 2026 share of 350 kW stalls now 62% (up from 50% in Q3 2024)
Q1 2026 results: revenue +45% YoY, $750M restructured DOE loan now on balance sheet; eXtend franchise revenue up 41% as turnkey-charging-for-CPOs becomes EVgo's high-margin subsegment