EVgo Up After Chase EV Charging Stations Pilot Program
April 07 2022 - 12:11PM
Dow Jones News
By Michael Dabaie
EVgo Inc. shares were up 3.5% to $12.60 in afternoon trading
after J.P. Morgan Chase & Co.'s Chase U.S. banking business
said it would work with the company to pilot public fast electric
vehicle charging stations across 50 of its U.S. branches beginning
this summer.
Shares of the EV fast charging network powered by 100% renewable
energy traded as high as $13.05 earlier in the session. The stock
is up about 27% year-to-date.
Fast chargers will be installed at Chase branch locations in
states including California, Indiana, Illinois, New York, Oregon
and Pennsylvania, giving access to 100kW and 350kW chargers that
can charge vehicles as much as 80% in 15 to 45 minutes.
The bank said it expects to have all stations available for use
by the summer of 2023.
"Reducing the amount of pollution from tailpipes will have real
benefits for consumers and communities, and increasing the
availability of convenient public fast charging gives more drivers
peace of mind to switch to electric," said EVgo Chief Executive
Cathy Zoi. "Having access to fast charging in everyday settings of
life -- the local bank being a great example as well as an
important community staple -- is truly key."
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
April 07, 2022 12:56 ET (16:56 GMT)
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