What’s going on with EVgo (NASDAQ:EVGO) today? Shares of EVGO stock are up over 10% on the heels of some exciting news. Today, the electric vehicle (EV) charging station company announced that it had been selected by Subaru (OTCMKTS:FUJHY) to be its preferred electric charging partner in the North America region.
EVgo’s charging network is 100% powered by electricity and is active in over 35 states. In these states, EVgo operates over 2,000 fast charging stations and Level 2 (L2) charging stalls. The level of a charging station implies how much voltage the EV charger uses. For example, a L2 charger typically uses 240 volts and can charge an EV quicker than a L1 charger. Additionally, EVgo has partnered with many roaming partners to offer an additional 46,000 chargers to drivers. However, the EV charging company continues to build its proprietary charging network and plans to deploy 16,000 charging stations by 2027.
Last November, Subaru unveiled its first all-electric SUV, called the 2023 Subaru Solterra, at the LA Auto Show. The Solterra has an estimated range of 220 miles and will likely go on sale in mid-2022.
Additionally, EVgo CEO Cathy Zoi praised Subaru partnership, adding that:
“EVgo has a long history of working with automakers leading the charge on EVs, and we are delighted to partner with Subaru to make sure Solterra drivers have convenient and reliable charging options. We are looking forward to welcoming Subaru drivers to the EVgo network and supporting Subaru drivers on their urban and outdoor adventures.”
So, what else should investors know about EVgo’s exciting partnership? Let’s dive right in.
EVGO Stock: What to Know About EVgo’s Subaru Partnership
- More than 130 million people live within 10 miles of an EVgo charger. Indeed, EVgo works to install these chargers at convenient locations, such as grocery stores and entertainment centers.
- EVgo’s charging stations currently serve 310,000 EV drivers.
- In addition, EVgo’s charging stations range from 50 kW to 350 kW. The higher kW stations can charge an EV to 8o% in less than an hour.
- Furthermore, EVgo will provide Subaru Evgo account holders with 24/7 customer service, the EVgo rewards program and accessibility to see the availability of charging stations.
- David Sullivan, Subaru’s product marketing launch manager, commented that: “We know that access to convenient and affordable charging is key to accelerating EV adoption, and the Subaru EVgo partnership will deliver just that for our first fully electric drivers.”
On the date of publication, Eddie Pan did not hold (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.