Stock Track | EVgo Soars 5.03% as Expansion of Fast Charging Network with Meijer Announced

Stock Track2024-11-19

Shares of EVgo Inc. (EVGO) surged 5.03% in pre-market trading on Tuesday as the electric vehicle charging company announced a major expansion of its partnership with Midwestern grocery retailer Meijer. The stock soared after EVgo revealed plans to install up to 480 new fast charging stalls at Meijer stores across six states including Michigan, Illinois, Wisconsin, Indiana, Ohio, and Kentucky.

The expanded partnership builds on EVgo's existing relationship with Meijer, which currently features 24 fast charging stalls at 6 Meijer locations. Under the new agreement, EVgo aims to open 30 new charging stations at Meijer stores by the end of 2026, followed by another 30 stations by 2027.

EVgo's President Dennis Kish highlighted the strategic importance of locating charging stations at grocery stores, stating "Fast charging should be an effortless part of drivers' daily routines, and nothing is more routine than a trip to the grocery store." The partnership aligns with both companies' sustainability goals, as Meijer aims to reduce its carbon footprint and provide greater access to EV charging for its customers.

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