EVgo accelerates expansion of charging infrastructure in the Midwest

The provider of fast-charging stations for electric vehicles, EVgo, has announced an ambitious expansion of its charging network in collaboration with the supermarket chain Meijer. Supported by a $1.05 billion loan guarantee from the U.S. Department of Energy, the company plans to build 480 public fast-charging stations across a total of six Midwestern states. These include Michigan, Illinois, Wisconsin, Indiana, Ohio, and Kentucky. As a result of this announcement, EVgo shares rose by 9.8% in early Tuesday trading. The new initiative represents a significant expansion of the existing infrastructure, which previously included only 24 stations at six locations in Michigan and Ohio. Dennis Kish, President of EVgo, emphasized that the partnership with Meijer underscores a shared commitment to further improving the charging infrastructure for electric vehicle users in this region to meet growing demand. The Department of Energy's loan guarantee supports EVgo in expanding its public charging infrastructure as part of the Biden administration's Invest in America initiative. The company plans to install a total of 7,500 public charging points at 1,100 stations in the U.S., thereby securing competitive advantages primarily compared to Tesla's nationwide charging network. The upward trend of stocks from the electric vehicle sector continues even after Donald Trump's election victory and the appointment of Tesla CEO Elon Musk to the cabinet of the future government.