EVGO Stock Alert: The New Partnership Bringing EVgo Charging Stations to Chase Bank

EVgo (NASDAQ:EVGO) stock is in the news Friday following news that the electric vehicle (EV) charging company signed a deal with Chase.

EVgo fast charging station representing EVGO Stock.

Source: Sundry Photography / Shutterstock.com

The banking division of JPMorgan Chase (NYSE:JPM) wants to install the EVgo chargers at 50 locations. That includes some of its banks in California, Indiana, Illinois, New York, Oregon and Pennsylvania.

The EVgo chargers being installed at Chase locations will include a mix of 100kW and 350kW options. This will allow customers to charge up their vehicles to 80% between 15 minutes and 45 minutes.

Cathy Zoi, CEO of EVgo, said the following about the deal with Chase.

“Having access to fast charging in everyday settings of life – the local bank being a great example as well as an important community staple – is truly key. We’re excited to partner with Chase, and together with our shared values, we look forward to working together on decarbonizing transportation and improving our communities.”

EVgo says the chargers will be ready to use at the 50 Chase bank locations by the time summer 2023 rolls around. It estimates these will provide 9.4million kWh per year. The company says this is the equivalent of “avoiding 12,000 mt of CO2 and planting approximately 196,000 trees each year.”

Despite the deal with Chase today, EVGO stock isn’t doing so hot. The company’s shares are currently experiencing lighter-than-normal trading and are also down 1.5% as of Friday morning.

Investors on the lookout for more stock market news today will want to stick around!

We’ve got all the most recent stock market coverage that traders need to know about for Friday! Among that is what has Trevi Therapeutics (NASDAQ:TRVI) stock moving, why shares of CrowdStrike (NASDAQ:CRWD) stock are up, as well as what’s happening with shares of New Oriental Education and Technology Group (NYSE:EDU) stock. You can read all about these matters at the following links!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/04/evgo-stock-alert-the-new-partnership-bringing-evgo-charging-stations-to-chase-bank/.

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