EVGO Stock: 10 things to know about EVgo after the victory of the infrastructure bill
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EVgo (NASDAQ:EVGO) action is on the move today following the announcement of the passage of President Joe Biden’s new infrastructure bill.
Source: Various photographs / Shutterstock.com
The House of Representatives passed the $ 1.2 trillion bill and now it only takes President Biden’s signature to become law. This comes with additional funding to accelerate the adoption of electric vehicles (EVs) in the United States.
In EVgo’s case, $ 7.5 billion in funding is set aside to create a network of electric vehicle charging stations in the United States.
Let’s take a look at what traders interested in EVGO shares need to know about the company following today’s news.
- First, the company is the largest public fast-charging network for electric vehicles in the United States.
- This is thanks to its more than 800 locations across the country.
- It also has more than 300,000 customer accounts.
- In addition, it is the first to be supplied with 100% renewable energy.
- Currently, EVgo chargers are located in 68 metropolitan areas in 35 states.
- The company was founded in 2010 and went public earlier this year through a PSPC merger.
- He also recently won several grants from the Pennsylvania Department of Environmental Protection.
- This will allow it to install 350 kW DC fast charging stations as part of the agency’s Driving PA Forward initiative.
- Cathy Zoi runs the company as CEO and has held this position since 2017.
- Prior to that, she held various other CEO and executive positions in other companies.
EVGO stock was up 16.3% on Monday morning.
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