EVgo (NASDAQ:EVGO) stock is on the move today on news of President Joe Biden’s new infrastructure bill passing.
The House of Representatives passed the $1.2 trillion bill and now it just needs President Biden’s signature to become law. With that comes extra funds to accelerate the U.S.’s adoption of electric vehicles (EVs).
In the case of EVgo, there’s $7.5 billion in funding set aside to create a network of EV charging stations in the U.S. There’s no confirmation if the company will see any of those funds, but investors appear hopeful.
Let’s take a look at what traders interested in EVGO stock need to know about the company following today’s news.
- First off, the company is the largest public fast-charging network for EVs in the U.S.
- That’s thanks to its more than 800 locations around the country.
- It also boasts over 300,000 customer accounts.
- In addition to this, it’s the first one to be powered by 100% renewable energy.
- Currently, EVgo’s chargers can be found in 68 metropolitan areas across 35 states.
- The company was founded in 2010 and made its public earlier this year via a SPAC merger.
- It also recently won several grants from the Pennsylvania Department of Environmental Protection.
- This will have it installing 350 kW DC fast-charging stations as part of the agency’s Driving PA Forward initiative.
- Cathy Zoi leads the company as its CEO and has been in that role since 2017.
- Prior to that, she served in various other CEO and executive roles at other companies.
EVGO stock was up 16.3% as of Monday morning.
We’ve got more stock market news to dive into below!
InvestorPlace is home to all the latest stock coverage with our daily dives into the market. A few examples include Lucid Motors (NASDAQ:LCID) rising higher today, this morning’s pre-market stock movers, as well as an update on Canopy Growth (NASDAQ:CGC). You can find all of that from the following links!
More Stock Market News for Monday
- LCID Stock Alert: Why Is Lucid Motors Powering Higher Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- CGC Stock Alert: What Is Going on With Canopy Growth Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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