EVgo Crosses USD 10M Milestone in Utility Incentive Funding

Utility charging incentive programs are designed to support the development of electric vehicle charging infrastructure by reducing the upfront costs of site construction associated with ‘making a site ready’ to install EV charging stations.

July 01, 2023. By Anurima Mondal

EVgo Inc. announced the commissioning of a new station in Carteret, New Jersey that is the latest EVgo site to leverage funding from a utility EV charging incentive program. In the last 18 months alone, EVgo has received more than USD 10 million in awards from utility Make-Ready or rebate programs across 17 utility territories in nine states and the District of Columbia.

These programs, designed to accelerate third-party investment in charging infrastructure to deliver more stations for EV drivers, have grown in popularity over the last several years and have allowed EVgo to expand its reach in markets from California to Kansas.

“EVgo is committed to building a fast charging network that is sustainable both environmentally and financially, and utility incentive programs have been key pieces of the puzzle in building out a reliable and convenient fast charging network that works for everyone,” said Sara Rafalson, Vice President, Market Development and Public Policy at EVgo. “These programs – which leverage the complementary strengths of both experienced operators like EVgo and its utility partners – serve as market catalysts as we work collaboratively to build the charging infrastructure necessary to enable ubiquitous EV adoption.”

Utility Make-Ready programs are beneficial for charging networks, utilities, and EV drivers. Under these programs, utilities play the role of market accelerant by incentivizing third-party investment to grow infrastructure deployments in their respective service territories.

Tags:

Sustainable Transport

Electric vehicles components

Electric vehicle fast-charging stations

Electric vehicle manufacturers

Funding

EVgo