Charging solutions provider EVgo (NASDAQ:EVGO) has been selected by the California Energy Commission’s California Electric Vehicle Infrastructure Project 2.0 for proposed $6.6 million awards.
Shares of the company are trending upward today as a result. The awards are aimed at developing charging infrastructure in central and eastern California and a rebate is provided for installing fast chargers of at least 150kW, with a focus on disadvantaged communities.
Under the program, EVgo will be installing high-power 350kW chargers at 17 locations. This crucial public-private partnership win for the company comes fresh on the heels of its recent better-than-expected fourth-quarter showing.
Over the past year, EVgo has managed to increase its throughput by 76% to 14.4 gigawatt hours and take the stall count to 2,800. Shares of the company have already surged 75% so far in 2023.
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