EVgo (EVGO) Evercore ISI 3rd Annual Global Clean Energy and Transition Technologies Summit summary

Leadership and strategic priorities

• New CEO Badar Khan, previously lead independent director, took over in November and is focused on the own-and-operate DC fast charging model, which has shown strong returns and scalability.

• The company is actively searching for a new CFO, with strong market interest in the role.

• Key priorities include expanding network throughput, leveraging proprietary site selection data, and capitalizing on industry tailwinds such as increased EV model availability and rideshare growth.

• Focus remains on urban, high-traffic locations rather than highways, with a data-driven approach to maximize returns.

Market trends and growth drivers

• Over 1,000 fast charging locations in 35+ states, recently surpassing 1 million customers.

• Throughput (kWh delivered) has tripled year-over-year, with utilization rising from 6% to 19% in two years.

• Growth is driven by more affordable EVs, increased public charging needs, higher charge rates, and a surge in rideshare usage (now 25% of kWh delivered).

• Non-Tesla EV sales rose 30% year-over-year in Q1, and kilowatt hours per stall increased 15% in May over Q1.

Technology, partnerships, and customer initiatives

• Proprietary algorithms and census-tract-level data drive site selection, ensuring double-digit returns and competitive advantage.

• Strong partnerships with over 50 site hosts, a dozen OEMs (e.g., GM pays $33,000 per stall), and hardware suppliers enable scale and innovation.

• Customer-facing programs include fleet and rideshare subscriptions, reservation features, and Autocharge+ for seamless payments, with repeat usage representing half of kWh delivered.

• Ongoing hardware co-design aims for a 30% cost reduction and improved customer experience.