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Here are 1-2 brief analogies to describe EVgo:

• EVgo is like the Shell or ExxonMobil of EV charging.
• Think of EVgo as the public Supercharger network for all electric vehicle brands.

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• Public EV Charging Network: Provides convenient access to a nationwide network of fast charging stations for electric vehicles.
• Fleet Charging Solutions: Offers tailored hardware and software products designed to support the charging needs of commercial electric vehicle fleets.
• Advisory and Managed Services: Partners with businesses and property owners to plan, install, and operate customized EV charging infrastructure.

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• General Motors (GM): EVgo has a significant partnership with General Motors, providing charging access and programs for GM EV owners across the U.S.
• Uber (UBER): EVgo partners with Uber to offer discounted charging rates and services to rideshare drivers who use electric vehicles.
• Amazon (AMZN): EVgo has partnered with Amazon on initiatives related to fleet electrification, providing charging solutions for Amazon's electric delivery vehicles.

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• Delta Electronics (TPE: 2308)
• ABB (NYSE: ABB)

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Badar Khan, Chief Executive Officer & Director

Badar Khan has served as the Chief Executive Officer of EVgo since November 2023 and as a member of EVgo's board of directors since May 2022. He brings over 25 years of experience in the energy sector, with a track record of driving innovation and leveraging technology. Prior to joining EVgo, Mr. Khan served as a Senior Advisor with Global Infrastructure Partners, an independent infrastructure fund manager. From 2017 to 2022, he was President of National Grid USA, overseeing electricity, natural gas, and clean energy solutions for over 20 million people. Mr. Khan previously worked at Centrica plc for 14 years, including serving as Chief Executive Officer of Direct Energy, its North American subsidiary, from 2013 to 2017. Under his leadership, Direct Energy experienced significant growth, reaching revenues of over $15 billion USD through multiple acquisitions and partnerships. He was also an officer of a start-up private retail energy company in the US.

Paul Dobson, Chief Financial Officer

Paul Dobson was appointed Chief Financial Officer of EVgo, effective October 1, 2024. He leads EVgo's finance team, overseeing accounting and SEC reporting, and financial planning and analysis. Mr. Dobson brings over three decades of experience in finance and operations, particularly within the energy sector. Most recently, he served as CFO of Ballard Power Solutions. Prior to that, he held roles as Interim President and CEO and CFO of Hydro One. From 2014 to 2018, Mr. Dobson served as CFO and COO of Direct Energy Ltd. He also held senior leadership positions in finance, operations, information technology, and customer service across the Centrica Group, the parent company of Direct Energy. Earlier in his career, Mr. Dobson spent 10 years at CIBC in various finance, strategy, and business development roles. He is also a member of the Board of Directors and the Audit Committee at Methanex Corporation.

Dennis Kish, President

Dennis Kish serves as the President of EVgo. He commented on the expansion of EVgo's leadership team in August 2024, emphasizing the company's focus on innovation and building out its customer-centric network.

Francine Sullivan, Chief Legal Officer and EVP Corporate Development

Francine Sullivan is the Chief Legal Officer and Executive Vice President of Corporate Development at EVgo. She is also identified as Chief Legal Officer and General Counsel.

Martin Sukup, Executive Vice President, Engineering

Martin Sukup joined EVgo in July 2024 as Executive Vice President of Engineering. He brings 14 years of experience from Tesla, where he held leadership positions in residential product architecture and charging systems, delivering multiple generations of Superchargers and other AC charging products. At EVgo, he is responsible for EVSE hardware and software, data management, reliability, and quality.

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The key risks to EVgo's business are primarily its ongoing struggle to achieve and sustain profitability, intense competition within the EV charging market, and its dependence on the pace of electric vehicle (EV) adoption and the evolving regulatory environment.

1. Inability to Achieve and Sustain Profitability and High Capital Requirements: EVgo has consistently reported financial losses and requires substantial capital investment to expand and maintain its charging network. The company operates with a high cash burn rate, and despite revenue growth, profitability remains elusive. Operating losses and capital expenditures continue to be significant challenges, indicating that EVgo will likely remain unprofitable for some time.
2. Intense Competition: The electric vehicle charging market is highly competitive, with numerous companies, including prominent players like Tesla and ChargePoint, vying for market share. Automakers are also developing their own charging networks, further intensifying the competitive landscape. This competition can erode EVgo's market share, put pressure on pricing, and make it more challenging to achieve the necessary utilization rates for profitability.
3. Dependence on Electric Vehicle (EV) Adoption Rates and Regulatory Environment: EVgo's business growth is directly tied to the broader adoption of electric vehicles. A slowdown in EV sales, potentially due to factors like the elimination of consumer tax credits or a softening of emission rules, could significantly impact the demand for public charging services. Economic uncertainties and volatility also affect overall EV growth, posing a risk to EVgo's future success.

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The launch of a joint venture by seven major automakers (BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis) in July 2023 to build a new high-powered charging network across North America is a clear emerging threat. This initiative, aiming to install at least 30,000 chargers, directly competes with EVgo by providing a premium charging experience directly to the automakers' customers, potentially reducing their reliance on third-party networks. Additionally, the increasing trend of major automakers adopting Tesla's North American Charging Standard (NACS) and gaining access to the extensive and highly reliable Tesla Supercharger network presents a significant threat, as it offers customers an alternative, often preferred, charging option that competes directly with EVgo's network.

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EVgo (EVGO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Significant Expansion of Charging Network: EVgo plans substantial growth in its fast-charging infrastructure. The company added over 1,230 operational stalls in 2024, bringing its total to approximately 4,080. Looking ahead, EVgo aims to add 800 to 900 new stalls in 2025 and more than triple its installed base to over 7,500 stalls by 2029. This expansion is notably supported by a $1.25 billion loan guarantee from the U.S. Department of Energy (DOE).
2. Increasing Customer Adoption and Network Utilization: As electric vehicle (EV) adoption accelerates, EVgo anticipates growth from a larger customer base and increased usage of its network. The company added over 522,000 new customer accounts in 2024, reaching more than 1.3 million overall, and network throughput for the full year 2024 surged by 116% year-over-year to 277 gigawatt-hours (GWh). Average daily throughput per public stall increased by 37% year-over-year, with utilization reaching 24%.
3. Strategic Partnerships: Collaborations with major automotive manufacturers, rideshare companies, and autonomous vehicle (AV) firms are critical for revenue growth. EVgo maintains partnerships with companies like Uber and Lyft and operates 110 dedicated AV stalls. The company is also launching flagship charging sites in partnership with General Motors, with the first of 400 stalls under this arrangement expected in 2025.
4. Growth in EVgo eXtend and Ancillary Services: Beyond its owned-and-operated public network, EVgo generates revenue from its EVgo eXtend program and other ancillary services. Its 2025 revenue guidance indicates that two-thirds of total revenue will come from charging network revenues, with the remaining portion from ancillary and eXtend revenues, highlighting the growing contribution of these segments.
5. Technological Innovation and Enhanced User Experience: Continuous advancements in charging technology and improvements to the customer experience are expected to attract and retain users. Features such as Autocharge+, which allows for seamless plug-and-charge functionality, accounted for 24% of total charging sessions in Q4 2024, with sessions increasing by 104% year-over-year. Additionally, EVgo's co-development of a next-generation charging architecture with Delta Electronics aims to reduce capital expenditures per stall by 30%.

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Share Issuance

• EVgo completed a Private Investment in Public Equity (PIPE) totaling $400 million in 2021, issuing 40,000,000 shares of Class A common stock at $10.00 per share.
• In 2022, EVgo raised $10.4 million in net proceeds through an "at-the-market" (ATM) equity offering, issuing 1.6 million Class A common stock shares.
• In April 2023, the company issued approximately 890,000 shares of Class A common stock, raising $5.7 million in net proceeds through an ATM equity offering.

Inbound Investments

• In July 2025, EVgo secured a $225 million commercial bank credit facility, with an option to expand to $300 million, designated to accelerate the deployment of over 1,500 new high-power fast-charging stalls.
• EVgo was awarded a $1.25 billion guaranteed loan facility from the U.S. Department of Energy (DOE) Loan Programs Office, from which it received advances of $75 million in January 2025 and $19 million in April 2025, totaling $94 million for building approximately 7,500 fast charging stalls over the next five years. A conditional commitment for up to $1.05 billion from the DOE was received in October 2024.

Outbound Investments

• In July 2021, EVgo acquired Recargo, the e-mobility software company behind the PlugShare app, for $25 million in an all-cash transaction, which included a $3 million loan repayment.

Capital Expenditures

• Capital expenditures for the full year 2023 were $158.9 million, with $122.8 million net of capital offsets. The company added over 930 new operational stalls during 2023.
• For the full year 2024, capital expenditures were $94.8 million, with $46.4 million net of capital offsets, focused on adding 800 to 900 new EVgo owned stalls.
• Expected net capital expenditures for the full year 2025 are projected to be between $140 million and $160 million, with plans to add 800 to 850 new public and dedicated stalls and approximately 7,500 more stalls over the next five years.