Evgo Secures $13.8 Million Funding for Fast Charging Stations Deployment
Evgo and its partner Piolot Company secure $13.8 million funding to deploy 20 state-of-the-art fast charging stations in Ohio, advancing electric vehicle charging infrastructure.
Troy D. Hanson
August 20, 2023
Evgo Inc., the renowned Los Angeles-based fast charging network for electric vehicles, announced on Monday that it has been chosen, alongside its Extend partners, by DriveOhio to receive a significant funding of $13.8 million. This funding will be utilized to deploy 20 state-of-the-art fast charging stations.
The Power of Collaboration
Evgo highlights that out of the 20 new locations, 14 are owned by its esteemed partner, Piolot Company. These stations will be a testament to the cutting-edge technology of Evgo and Evgo Extend, offering high-power fast charging capabilities of up to 350 kilowatts.
Ohio Paves the Way
Ohio stands as one of the pioneering states to unveil its participation in the NEVI program, an initiative established under the Bipartisan Infrastructure Law. With a remarkable allocation of over $5 billion in funding, this program aims to accelerate the development of electric vehicle charging infrastructure nationwide.
DriveOhio, a division operating under the state department of transportation, will be releasing more than $100 million in NEVI funds over the course of the next five years. This substantial investment will undoubtedly bolster Ohio's charging network, as it currently houses 130 publicly accessible fast chargers.
Despite experiencing a 10% decline in stock value since the beginning of the year, Evgo remains committed to fulfilling its mission of advancing electric vehicle adoption. On the other hand, the S&P 500 has flourished, gaining 17% during the same period.
Evgo's strategic collaboration with Piolot Company and the backing from DriveOhio's sizable funding showcase a promising future for electric vehicle charging infrastructure in Ohio and beyond.