Off the back of a successful day yesterday, EVgo (NASDAQ: EVGO) stock has extended its rally in Tuesday’s premarket trading with news that they will be expanding their fast-charging network, continuing in a prosperous partnership with GM to bring electric infrastructure to the forefront of the US market. EVgo is showing a premarket gain of 35.6%.
The expansion of the partnership will see another 500 high-powered DC fast charging stalls dotted across the US – creating a total of 3,250 stalls spread across 52 metropolitan markets. As far as market penetration goes, the partnership is currently active in eight states, yet the near future should see further expansion into untapped areas. Yesterday's stock rise has a new initiative from Pennsylvania to thank – read more here.
Rick Spina, GM Vice President of EV commercialization said:
“DC fast charging is crucial to our goal of putting everyone in an EV and making electrification convenient…Growing the geographic footprint of our collaboration with EVgo to even more metropolitan areas will be key to making fast charging accessible to more customers.”
The convenience-orientated of the project is one that will likely see EVgo continue to grow in the near future, especially with the shared interest of GM. EVgo are set to post their quarterly earnings on Wednesday, so it should be interesting to see whether the stock will remain supported. EVgo is trading at $18.10 nearing the market open.
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