WeTheMarket
1年前
EVgo Receives First Drawdown from $1.25 Billion Loan Guarantee
January 8, 2025
https://investors.evgo.com/news/news-details/2025/EVgo-Receives-First-Drawdown-from-1.25-Billion-Loan-Guarantee/default.aspx
$75 million drawdown will support deployment of convenient, reliable public charging infrastructure nationwide
LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”) today announced it has received its first drawdown of $75 million from its $1.25 billion guaranteed loan from the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) under its Title 17 Clean Energy Financing Program, which reached financial close in December 2024 after a thorough 18-month process. This and subsequent drawdowns over the 5-year deployment period will support the Company’s ongoing buildout efforts to deploy nationwide charging infrastructure. EVgo has already built the first new stalls financed by the loan and will continue to prioritize installations in amenity-rich locations offering retail, dining, shopping and service options across the United States.
A newly opened EVgo station in Florida built with financing from the DOE Loan Programs Office
(Photo: Business Wire)
“The timely completion of this first drawdown underscores EVgo’s operational expertise and ability to meet DOE requirements,” said EVgo CEO, Badar Khan. “EVgo’s comprehensive network plan helps address the growing demand for public charging infrastructure by bringing our industry-leading fast charging solutions to more drivers than ever before. DOE’s low-cost financing enables EVgo to more than triple our network size by 2029, building our operational and financial scale and expanding our geographic footprint.”
Building high-power public charging at scale bolsters range confidence for Americans as they consider the choice to drive an EV. Further, expanding fast charging infrastructure is critical to the success of the investments made by the automotive industry, which is expected to release over 30 new affordable EV models by the end of 20251 in addition to the more than 70 vehicle models already available to American consumers.2 With faster charge rates, standardized charging cables, and the rise of autonomous vehicles, demand for reliable charging continues to climb.
As part of EVgo’s $1.25 billion loan guarantee, the Company will construct approximately 7,500 new public fast charging stalls across the country, bringing EVgo’s total owned and operated network to at least 10,000 fast charging stalls across the U.S. by 2029.
For more information about the EVgo network, visit www.evgo.com .
About EVgo
EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,000 fast charging stations across 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.
WeTheMarket
1年前
EVGO - EVgo Inc. Announces Pricing of Secondary Offering of Class A Common Stock
December, 17 2024
https://marketwirenews.com/news-releases/evgo-inc-announces-pricing-of-secondary-offering-of--6134098304568403.html
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”) announced today the pricing of the previously announced underwritten public secondary offering by EVgo Holdings, LLC, an affiliate of LS Power Equity Partners IV, L.P. (“LS Power”), of 23,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A Shares”), of the Company, at a public offering price of $5.00 per share. LS Power has granted the underwriters a 30-day option to purchase up to an additional 3,450,000 Class A Shares at the public offering price, less the underwriting discounts and commissions. No Class A Shares are being sold by the Company. LS Power will receive all of the proceeds from this offering, and the Company will not receive any proceeds from this offering. The offering is expected to close on December 18, 2024, subject to the satisfaction of standard closing conditions.
J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley and Evercore ISI are acting as lead book-running managers for the offering. UBS Investment Bank, BofA Securities, RBC Capital Markets and TD Cowen are acting as book-running managers for the offering. Needham & Company, Roth Capital Partners, Stifel, Capital One Securities, Northland Capital Markets, Loop Capital Markets and Siebert Williams Shank are acting as co-managers for the offering.
The Company has filed a registration statement (including a base prospectus) and a preliminary prospectus supplement relating to these securities with the Securities and Exchange Commission (the “SEC”). The registration statement became effective on August 25, 2022. The offering is being made only by means of a prospectus supplement (including the accompanying base prospectus), copies of which may be obtained, when available, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com , Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282-2198, or by telephone: (866) 471-2526 or email: Prospectus-ny@ny.email.gs.com , Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, and Evercore Group, L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, or by telephone at (888) 474-0200 or email: ecm.prospectus@evercore.com .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful without registration or qualification under the securities laws of any such state or jurisdiction.
About EVgo
EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,000 fast charging stations across 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.
tw0122
2年前
On October 3, 2024, the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) announced that EVgo received conditional commitment for a loan guarantee of up to $1.05 billion of debt financing under its Title 17 program to accelerate expansion of EVgo’s fast charging network across the U.S. The proposed financing will be provided directly by the Federal Financing Bank as a loan, guaranteed by DOE, and structured as a limited recourse project financing. RevenueTotal revenue for the three months ended September 30, 2024 increased $32.4 million, or 92%, to $67.5 million compared to $35.1 million for the three months ended September 30, 2023. As further discussed below, the increase in revenue was primarily due to a $13.3 million increase in retail charging revenue, an $11.4 million increase in eXtend revenue, a $4.6 million increase in commercial charging revenue, and a $2.8 million increase in OEM charging revenue. 40
Table of ContentsCharging Revenue, Retail. Charging revenue, retail, for the three months ended September 30, 2024 increased $13.3 million, or 100%, to $26.7 million compared to $13.4 million for the three months ended September 30, 2023. Period-over-period growth was primarily due to an overall increase in throughput driven primarily by increased charging volume from a greater number of customers and more throughput per customer and, to a lesser extent, price increases.Charging Revenue, Commercial. Charging revenue, commercial, for the three months ended September 30, 2024 increased $4.6 million, or 113%, to $8.6 million compared to $4.0 million for the three months ended September 30, 2023. Period-over-period growth was primarily due to higher charging volumes by the Company’s public fleet customers and, to a lesser extent, price increases.Charging Revenue, OEM. Charging revenue, OEM, for the three months ended September 30, 2024 increased $2.8 million, or 191%, to $4.3 million compared to $1.5 million for the three months ended September 30, 2023. Period-over-period growth was primarily due to an increase in active OEM customers and increased throughput per customer.Regulatory Credit Sales. Regulatory credit sales for the three months ended September 30, 2024 increased $0.4 million, or 21%, to $2.2 million compared to $1.8 million for the three months ended September 30, 2023 due to the impact of increased throughput, partially offset by decreased market prices.Network Revenue, OEM. Network revenue, OEM, for the three months ended September 30, 2024 increased $0.2 million, or 15%, to $1.3 million compared to $1.1 million for the three months ended September 30, 2023. The period-over-period increase was due to increased marketing activities and membership fees from OEM customers, partially offset by decreased breakage.eXtend Revenue. eXtend revenue for the three months ended September 30, 2024 increased $11.4 million, or 109%, to $21.9 million compared to $10.5 million for the three months ended September 30, 2023. The increase was primarily due to an increase in construction projects in process or completed, partially offset by decreased equipment sales, compared to the same prior-year period.Ancillary Revenue. Ancillary revenue for the three months ended September 30, 2024 decreased $0.3 million, or 9%, to $2.6 million compared to $2.8 million for the three months ended September 30, 2023. The decrease was primarily due to decreased engineering and construction services. Cost of SalesCharging Network. Charging network cost of sales for the three months ended September 30, 2024 increased $13.3 million, or 86%, to $28.9 million compared to $15.6 million for the three months ended September 30, 2023. The increase in charging network cost was primarily due to a $9.0 million increase in usage-related energy costs resulting from increased throughput and a $4.3 million increase in non-energy charging costs.Other. Other cost of sales for the three months ended September 30, 2024 increased $10.4 million, or 101%, to $20.8 million compared to $10.3 million for the three months ended September 30, 2023. The increase in other cost of sales was primarily due to an increase in costs related to eXtend, partially offset by a decrease of $0.4 million in costs related to ancillary revenue.Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the three months ended September 30, 2024 increased $2.9 million, or 34%, to $11.5 million compared to $8.6 million for the three months ended September 30, 2023 due to the growth of EVgo’s charging network.Gross Profit and Gross MarginGross profit for the three months ended September 30, 2024 increased to $6.4 million compared to $0.6 million for the three months ended September 30, 2023 primarily due to increased gross profit from charging revenues and eXtend revenue, partially offset by increased depreciation, net of capital-build amortization. Gross margin for the three months ended September 30, 2024 was 9.4% compared to 1.7% for the three months ended September 30, 2023 primarily due to 41
Table of Contentshigher margins from charging revenue resulting from improved leveraging of charging station costs, partially offset by lower margins due to decreased contributions from higher margin ancillary revenues and regulatory credit sales in the three months ended September 30, 2024 compared to the same prior-year period.Operating ExpensesGeneral and Administrative Expenses. General and administrative expenses for the three months ended September 30, 2024 increased $1.1 million, or 3%, to $33.1 million compared to $32.0 million for the three months ended September 30, 2023. The increase was primarily driven by a $1.0 million increase in payroll due to an increase in the overall headcount during the three months ended September 30, 2024 compared to the same prior-year period and a $0.7 million increase in legal and professional services, partially offset by a $1.2 million decrease in impairment expense.Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the three months ended September 30, 2024 and 2023 was $5.0 million. Operating Loss and Operating MarginDuring the three months ended September 30, 2024, EVgo had an operating loss of $31.8 million, a decrease of $4.6 million, or 13%, compared to $36.4 million for the three months ended September 30, 2023. The decrease in operating loss was driven primarily by an increase in gross profit, partially offset by increased general and administrative expenses. Operating margin for the three months ended September 30, 2024 was negative 47.1% compared to negative 103.6% for the three months ended September 30, 2023 primarily due to improved leveraging of operating expenses and gross margin.Interest IncomeInterest income for the three months ended September 30, 2024 decreased $1.1 million, or 38%, to $1.8 million compared to $2.9 million for the three months ended September 30, 2023. The decrease was due primarily to less cash and cash equivalents held in a high interest rate account by the Company and, to a lesser extent, lower interest rates during the three months ended September 30, 2024 compared to the same prior year period.Other (Expense) Income, Net Other (expense) income, net, for the three months ended September 30, 2024 and 2023 was de minimis.Changes in Fair Values of Warrant and Earnout LiabilitiesFor the three months ended September 30, 2024, there was a $3.3 million loss resulting from the change in fair values of warrant and earnout liabilities compared to a $5.2 million gain for the three months ended September 30, 2023. The change between periods was primarily due to an increase in the fair value of the warrant and earnout liabilities during the three months ended September 30, 2024 compared to a decrease during the same prior-year period. See “Part I, Item 1. Financial Statements – Note 10 – Fair Value Measurements” for more information.Income TaxesFor the three months ended September 30, 2024 and 2023, EVgo’s income taxes and effective tax rates were de minimis. As of September 30, 2024 and 2023, EVgo maintained a full valuation allowance on EVgo’s net deferred tax assets.Net LossNet loss for the three months ended September 30, 2024 was $33.3 million, compared to a net loss of $28.3 million for the three months ended September 30, 2023. The change was primarily driven by an $8.5 million impact from changes in the fair values of the warrant and earnout liabilities and a $1.1 million increase in general and administrative expenses, partially offset by increased gross profit of $5.8 million.
WeTheMarket
2年前
EVgo and Delta Electronics Sign MOU to Co-Develop Next-Generation Charging Architecture
October 10 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/94697834/evgo-and-delta-electronics-sign-mou-to-co-develop
Co--development will improve customer experience, enhance charger reliability, and drive cost efficiencies with advanced firmware and hardware design
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation's largest public fast charging networks for electric vehicles (EVs), announced today that it has entered into a new memorandum of understanding (MOU) with longtime technology partner, Delta Electronics, Inc. (“Delta”), a global leader in power management and a provider of IoT-based smart green solutions, to jointly develop next-generation EV charging architecture. This new charging architecture is designed to provide EVgo with more control over the full customer experience while bolstering reliability and delivering increased cost savings and enhanced energy efficiency.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241010971416/en/
Under the agreement, EVgo and Delta will expand their years-long collaboration to develop state-of-the-art fast chargers that will center on the customer experience. This will include several design features ranging from advanced software, all-in-one power electronics, contactless payment interface, ultra high-power 400kW dispensers, and extended cable length that allows for more maneuverability to easily reach any charge port location on all EV models, supporting EVgo’s commitment to serve all EV drivers, regardless of the make or model of their vehicle.
“EVgo is committed to delivering a superior experience for our customers and we continue to advance long-term solutions to maximize convenience and improve reliability,” said Dennis Kish, President of EVgo. “As the next step in our evolution, EVgo will leverage our learnings and experience from working with over one million customers across the U.S. to develop this next-generation charging architecture in collaboration with Delta Electronics with the goal of increasing consumer confidence in public EV infrastructure and supporting broader adoption of electric vehicles nationwide."
Austin Tseng, President of Delta Electronics (Americas), said, “Delta looks forward to collaborating further with EVgo as we pioneer the future of EV charging infrastructure by redefining the customer experience, enhancing charger reliability, and advancing energy conservation. Delta’s core competencies in high-efficiency power electronics and system integration will be key to this endeavor.”
The new charging architecture will also include key features to enhance energy efficiency and power distribution across sites by taking EVgo’s dynamic power sharing to the next level. Designed to align with battery advancements in coming years, EVgo’s next-generation charging technology will allow dynamic power sharing across as many as six charging stalls at a time. This extended power sharing ability enables EVgo to implement a variety of station configurations to suit a specific site’s needs, which will be critical as the Company continues to focus on building larger stall footprints to maximize customer experience and serve the growing number of EV drivers on the road.
EVgo expects to complete final design and rigorous interoperability testing in its Innovation Lab and deploy these new chargers by the second half of 2026. As part of this next evolution of EVgo’s charging architecture, the Company will also enhance its charger firmware and software capabilities to enable more detailed error codes and a more flexible interface to improve maintenance, reset times, and the overall customer experience.
These innovations will deliver faster, more efficient charging sessions by taking advantage of each vehicle’s unique charging curves, reducing energy consumption and costs while meeting the evolving needs of drivers. EVgo aims to lower its gross capital expense per stall by 30% while increasing peak power delivery by nearly 20 percentage points.
This co-development effort is happening in tandem with ReNew™ program, focused on creating a holistically better customer experience for EV drivers. Through ReNew, EVgo recently launched new diagnostic tools and capabilities to bolster reliability, continues to streamline the payment process with enhancements to Autocharge+, and is proactively addressing legacy equipment on its network while it invests in developing the charging infrastructure to come.
With these expansive investments in customer-centric hardware, firmware and software solutions, EVgo is continuing to build out a nationwide fast charging network to power an all-electric transportation future.
For more information about the EVgo network, visit www.evgo.com.
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