EVgo, a leading electric vehicle charging network in the United States, has announced record revenue of $67.5 million for the third quarter of 2024, representing a 92% increase compared to the same period last year. The company also saw its energy throughput grow to 78 GWh, a 111% year-over-year rise, as it expanded its customer base to over 1.2 million registered users.
The company operates over 1,000 fast-charging locations across 40 states, continuing its rapid expansion. Recent efforts, including the introduction of the “ReNew” program to improve charger reliability and partnerships with companies such as Pilot/Flying J and General Motors, have bolstered its market position. EVgo added 147,000 new customers in the third quarter alone, further strengthening its customer base.
EVgo CEO Badar Khan highlighted the company’s robust performance and its focus on future growth. He emphasized the significance of the Department of Energy’s conditional $1.05 billion loan guarantee, which will help EVgo install 7,500 additional fast chargers across key states such as California, Texas, and Florida. Khan noted that the company remains committed to delivering sustainable value and expanding its role as a leading provider of fast-charging infrastructure.
With its eighth consecutive quarter of double-digit revenue growth and an ambitious plan to expand its charging network, EVgo is positioning itself as a critical player in supporting the growing demand for electric vehicles across the United States. The company’s financial performance underscores its ability to scale while meeting the increasing needs of EV drivers.
