LOS ANGELES – March 21, 2024 – EVgo Inc. (NASDAQ: EVGO) ("EVgo" or the "Company"), one of the nation's largest public fast charging networks for electric vehicles (EVs), today announced the opening of its first fast charging station deployed using the Company's new prefabrication approach. Located at the Bay Colony Town Center in League City, TX, this EVgo station is the first of several slated to open this year leveraging prefabrication, which is expected to reduce station construction costs by an average of 15% at eligible sites.

With EVgo network throughput growing five times faster than the increase in EVs in operation (VIO) in the fourth quarter of 2023, the prefabrication approach enables EVgo to scale more quickly to meet drivers' demand for convenient and reliable charging options. In addition to cost savings, the prefabrication approach is also expected to reduce station installation timelines by as much as 50%.

"The opening of our first prefabricated site is a testament to the innovation driving cost reductions and accelerating deployment timelines to scale our growth engine," said Dennis Kish, President of EVgo. "As demand for public fast charging infrastructure continues to grow, we anticipate leveraging this model at eligible sites to quickly deploy charging stations across the U.S."

Outside of Texas, EVgo plans to open prefabricated stations in Florida, Nebraska, North Carolina and California in 2024. All prefabricated stations are expected to include 350kW high-power fast chargers, capable of simultaneous charging. The prefabrication model can also incorporate many features that elevate the EV driver customer experience, including Wi-Fi infrastructure, lighting and security cameras, and integrated canopies.

EVgo's prefabricated approach is made possible with support from partners such as WB Engineers+Consultants, Miller Electric, and others.

For more information about the EVgo fast charging network, visit www.evgo.com.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation's largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima, EVgo Inside, EVgo Rewards, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "proposed," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, express or implied statements regarding the anticipated cost and time savings and improvements in the customer experience resulting from EVgo's adoption of a prefabricated infrastructure deployment model for construction and installation of charging sites; EVgo's ability to deploy a range of features on prefabricated charging infrastructure; and anticipated timeframes for the opening of prefabrication projects. These statements are subject to numerous assumptions, risks and uncertainties and on the current expectations of EVgo's management, and are not predictions of actual performance. See "Risk Factors" in EVgo's Annual Report on Form 10-K filed with the SEC on March 6, 2024, as well as its other filings with the SEC, copies of which are available on EVgo's website at investors.evgo.com, and on the SEC's website at www.sec.gov. All forward-looking statements in this press release are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Contacts

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