EVGO Stock Moves on New Charging Network Plans

  • EVgo (EVGO) stock is in the news on charging network plans.
  • General Motors (GM) and Pilot Company want to create a network of charging stations across the U.S.
  • This would include 2,000 chargers across 500 locations.
EVgo fast charging station

Source: Sundry Photography / Shutterstock.com

EVgo (NASDAQ:EVGO) stock is on the move Thursday following news of a deal between General Motors (NYSE:GM) and Pilot Company.

The agreement will have the two companies set up a fast-charging network for electric vehicles (EVs) across the U.S. This will bring 2,000 charging stations to 500 Pilot and Flying J locations across the country.

So what does EVgo have to do with this? The EV charging company will be providing the infrastructure used at the Pilot and Flying J locations. That includes fast chargers that can offer up to 350 kW.

Cathy Zoi, CEO of EVgo, said the following about the deal in a press release.

“EVgo, GM and Pilot Company share a commitment to building an electric fueling network that increases access and makes the shift to electrification as frictionless as possible for all. We look forward to this collaboration and ensuring the EVgo network provides nationwide coverage, including critical corridors for road trips.”

Details of the deal have the charging network set up with locations every 50 miles. The goal is to make it easier to travel cross-country without the fear of a dead battery affecting EV owners.

EVGO stock is seeing heavy trading today following the GM and Pilot Company news. This has some 3 million shares on the move. That’s already above its daily average trading volume of about 2.6 million shares.

EVGO stock started off up when markets opened but is now down 4.3% as of Thursday morning.

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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/2022/07/evgo-stock-moves-on-new-charging-network-plans/.

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