EVgo Spikes On Several Grants From State Of Pennsylvania For Charging Stations

(RTTNews) - Shares of fast charging network operator for electric vehicles EVgo, Inc. (EVGO) are rising more than 12% Monday morning after company said it was awarded grant funding by the State of Pennsylvania to install high powered DC fast charging stations.

The company was awarded several grants from the Pennsylvania Department of Environmental Protection (DEP) to install high powered 350 kW DC fast charging stations, which add to the 3 stations and 10 DCFC chargers EVgo has already energized.

EVgo opened 3 new sites in Pennsylvania this year, with 3 more expected to be operational before the end of the year, for a total of 20 DCFC chargers.

As of November 2021, EVgo's customer accounts in Pennsylvania have grown by 140% since 2020, the company said.

EVGO is at $11.20 currently. It has traded in the range of $7.17- $24.34 in the past 52 weeks.