EVgo selected by the State of California for proposed awards of $1.7M in grant funding

EVgo Inc. (NASDAQ: EVGO), the fast-charging network for electric vehicles (EVs) announced that it was selected for proposed awards for various grants from the California Air Resources Board (CARB) to install new high powered direct current fast chargers (DCFC). The five proposed awards are funded by the California Volkswagen Mitigation Environmental Trust and support the state’s ZEV Action Plan.

Public funding helps accelerate the deployment of infrastructure to support EV adoption. EVgo currently has more than 330 sites and 820 fast-charging stalls across California. This new set of sites will add five more fast-charging locations, 38 charging stalls, including one large site in Los Angeles with 18 charging stalls enabling more retail drivers and fleets around the city to make the transition to electric vehicles. These sites will include power-sharing and power-routing 350kW fast chargers, capable of charging most vehicles up to 80% in 15 to 45 minutes.

The California Volkswagen Mitigation Environmental Trust, which resulted from the Dieselgate scandal, allocated $5 million to fund light-duty zero-emission infrastructure. A minimum of 50% of the funds are directed to disadvantaged and low-income communities to expand EV charging access across the state.

Author: KS

Source: EVgo Inc.

Topic: Finance News | EV News

Market: EV Stocks