LOS ANGELES - EVgo Inc. (NASDAQ: NASDAQ:EVGO), a prominent public fast charging network for electric vehicles (EVs), has been awarded a first place Leadership Award for Level 3 Electric Vehicle Charging by the Los Angeles Department of Water & Power (LADWP). The accolade, part of the LADWP’s 9th Annual Sustainability Awards, acknowledges EVgo's efforts in expanding DC fast charging infrastructure within the Los Angeles metro area.
The company's network in Los Angeles has seen significant growth, with a nearly 90% increase in fast charging stalls since the end of 2020, from 293 to over 550 today. This expansion is crucial for urban areas like Los Angeles, where public charging infrastructure is essential for EV drivers, especially those living in multifamily dwellings who may not have access to private charging options.
Sandeep Jayaram, Executive Vice President of Operations at EVgo, expressed gratitude for the recognition, highlighting the importance of the company's ongoing partnerships with utilities and other stakeholders. EVgo's collaboration with LADWP and city agencies has been instrumental in streamlining the deployment of accessible EV charging infrastructure through permitting and zoning reforms.
LADWP’s Sustainability Awards, which took place throughout 2023, celebrated organizations for their environmental contributions in categories such as Energy Efficiency, Water Conservation, Electrification of Transportation, and Demand Response.
EVgo continues to play a significant role in the EV charging sector, operating a network of over 950 fast charging locations across more than 35 states. The company's growth and partnerships aim to support the mass adoption of electric vehicles by providing accessible and convenient charging solutions for individual drivers, rideshare and commercial fleets, and businesses.
This recognition from LADWP serves as a testament to EVgo's commitment to advancing public EV charging infrastructure and supporting California's climate goals. The information is based on a press release statement.
InvestingPro Insights
As EVgo Inc. (NASDAQ: EVGO) garners accolades for its contributions to the electric vehicle charging infrastructure, its financial health and market performance offer additional layers for investors to consider. With a market capitalization of $546.54 million and a significant revenue growth of 194.85% in the last twelve months as of Q4 2023, EVgo demonstrates a strong expansion in its financial metrics.
InvestingPro Tips suggest that while EVgo holds more cash than debt on its balance sheet, which is a positive sign for financial stability, the company is expected to face challenges. Analysts anticipate sales growth in the current year, indicating potential for continued expansion in the market. However, they also project that EVgo will not be profitable this year, and net income is expected to decline.
InvestingPro Data highlights that EVgo's price has experienced considerable volatility, with a 1-month price total return of -24.9% and a 1-year price total return of -68.13%. The stock trades at a high revenue valuation multiple, which might concern value-focused investors. Nonetheless, the company's quick cash burn and high price volatility are important factors for potential investors to watch.
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