2023-04-04 07:13:56 ET
EVgo Inc. ( NASDAQ: EVGO ) announced it has been selected for proposed awards of $6.6M from the California Energy Commission’s California Electric Vehicle Infrastructure Project 2.0 program.
The company said the funding is designed to aid the deployment of fast charging infrastructure in the central and eastern regions of California through the Golden State Priority Project, which provides rebates for the installation of DC fast chargers capable of at least 150kW, focusing exclusively on disadvantaged community or low-income community census tracts.
EVgo ( EVGO ) will be deploying high-power 350kW chargers at each of the locations supported through the program with the help of the rebate. With the proposed funding, EVgo will build more than 100 DC fast charging stalls across 17 locations in central and eastern California, including Fresno, Hayward, Manteca, El Cerrito, Antioch and San Jose. More than 40% of EVgo’s existing fast charging network in California is located in disadvantaged and/or low-income census tracts, and with these 17 fast charging projects, EVgo ( EVGO ) said it can bring more convenient and affordable charging solutions to neighborhoods that will benefit most from the electrification of transportation.
Shares of EVGO moved up 3.19% premarket to $7.43 vs. the 52-week trading range of $3.64 to $14.16.
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EVgo is selected for proposed awards for new DC fast charging stalls in California