EVgo Announces Major Network Enhancements Across Nationwide Fast Charging Network

Newest advancements made through EVgo ReNew™ underscore EVgo's commitment to leading the industry amid a changing competitive landscape

EVgo Inc. (NASDAQ:EVGO) ("EVgo" or the "Company"), one of the nation's largest public fast charging networks for electric vehicles (EVs), today announced several significant network enhancements through EVgo ReNew™, the Company's comprehensive program created to elevate the customer experience. In addition to network advances, EVgo has debuted the Canary Model™, a powerful performance monitoring tool designed to automatically identify and analyze patterns and support diagnostics, augmenting EVgo's maintenance responses with data from actual charging sessions. Together, these updates are designed to strengthen EVgo's position as the EV charging provider of choice amid a shifting competitive landscape.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240814803226/en/

A renewed EVgo fast charging station in Auburn Hills, MI. (Photo: Business Wire)

"As the EV industry expands from early adopters to mass market consumers, EVgo's commitment to delivering a best-in-class charging experience is more important than ever," said Dennis Kish, President of EVgo. "EVgo's new performance monitoring tool, software updates, and ongoing equipment replacement and upgrade efforts are just some of the ways we are future proofing our fast charging network to satisfy customer demand and prepare for the growing number of EV drivers hitting the road."

EVgo's ReNew program encompasses six pillars – Resilience, Prevention, Diagnostics, Rapid Response, Analysis, and Continuous Customer Service – that define the Company's approach to reliability and customer experience. Below are the highlights of today's announcement:

• Resilience
  • ReNewed Equipment: Since the start of 2022, EVgo has upgraded, replaced or decommissioned legacy equipment at more than 500 stalls across over 20 states to better serve our customers.¹ The Company plans to remove or replace legacy equipment with the most advanced models, installing higher power chargers where possible, at up to 150 additional EVgo owned stalls in 2024.
  • More High Power Stalls: EVgo continues to deploy high-power fast charging, with the network seeing a more than 115% increase in the number of stalls served by 350kW chargers over the last year.²
  • Larger Stations: EVgo has increased the number of sites capable of serving at least six vehicles by over 80% compared to last year and continues to identify more locations capable of serving up to 10 vehicles at a time.³
  • Streamlined Payment: Sessions initiated via Autocharge+ in the second quarter of 2024 increased over 200% compared to the second quarter of 2023.
• Prevention, Diagnostics and Rapid Response
  • New Performance Monitoring Tool: EVgo launched the Canary Model, an automated, data-driven tool, to expedite field service response time and enable the Company to address root cause issues more rapidly.
  • Reduced Repair Timelines: EVgo reduced the mean time to repair chargers by 67% since the first quarter of 2023.
  • Cable Signal Detection: EVgo updated charger software across its network to include round-the-clock cable signal monitoring. If a cable signal is lost—whether due to a drop, cable breakage or intentional damage—the Company is automatically notified within seconds.
  • Connectivity Upgrades: EVgo upgraded charger antennae across its nationwide network, reducing internet connectivity downtime by almost half in the first two quarters of this year.
  • Extensive Vehicle Interoperability Testing: To date, EVgo has performed interoperability testing on more than 70 EV models, including passenger vehicles, motorcycles, and light- to heavy-duty trucks. This continued focus on interoperability is critical to ensuring a flawless "handshake" between the vehicle and charging equipment, and the delivery of a seamless customer experience.
• Continuous Customer Service
  • On-Screen Assistance: Earlier this year, EVgo updated its charger firmware to start rolling out detailed step-by-step charging instructions and progress bars on the majority of charger screens to help new EV drivers successfully navigate their first fast charge.
  • Enhanced Language Support: Over 10% of calls to the EVgo's customer support team are handled by Spanish-speaking representatives.
  • More Charging Successes: Since January 2023, EVgo has seen a significant reduction in the percentage of charging sessions requiring call center assistance as more customers are successfully powering up on their first try.

In addition to progress achieved through the ReNew program, EVgo is also working to develop a next generation charging architecture designed to deliver new cost efficiencies and further elevate the customer experience with enhanced firmware. EVgo recently passed critical internal milestones for this development and expects to deploy this new architecture in the second half of 2026.

EVgo remains engaged as a thought leader in ChargeX, CharIN, and SAE industry groups advocating for codes and standards improvements that will benefit EV drivers over the long-term. For more information on EVgo's recommended industry best practices, please see our guide.

To learn more about each pillar of EVgo ReNew, visit www.evgo.com/renew. For more information about the EVgo network, visit www.evgo.com.

About EVgo

EVgo (NASDAQ:EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation's largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "proposed," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are subject to numerous assumptions, risks and uncertainties and on the current expectations of EVgo's management, and are not predictions of actual performance. See "Risk Factors" in EVgo's Annual Report on Form 10-K filed with the SEC on March 6, 2024, as well as its other filings with the SEC, copies of which are available on EVgo's website at investors.evgo.com, and on the SEC's website at www.sec.gov. All forward-looking statements in this press release are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

¹ Stall counts for site upgrades include the number of stalls added gross of removed stalls.

² Stall counts are as of June 30, 2024 compared to June 30, 2023.

³ Location counts are as of June 30, 2024 compared to June 30, 2023.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240814803226/en/