By Sam Boughedda
Investing.com — Evgo Inc (NASDAQ:EVGO) jumped more than 18% on Monday after a rally saw it hit a high of $12.64 in the first hour of trading.
The jump in the electric vehicle charging company's shares comes after news that it was awarded numerous grants from the Pennsylvania Department of Environmental Protection (DEP) to install high-powered 350 kW DC fast-charging stations.
"EVgo is rapidly expanding our network, including in the Keystone state, thanks in part to the support of the Pennsylvania DEP through its Driving PA Forward program," said Jonathan Levy, chief commercial officer at EVgo.
The projects are supported by the latest funding from the Pennsylvania DEP’s Driving PA Forward initiative and complement the three stations and 10 DCFC chargers EVgo has already installed.
EVgo has rapidly expanded in Pennsylvania, with eight site host partners currently having operational stations in the state, from retail centers to pharmacies. Just this year, the company has opened three new sites, with a further three expected to be operational before the end of the year. That brings the total to 20 DCFC chargers.
“Locations matter massively when it comes to charging, and EVgo’s commitment to siting fast charging where drivers want to stop and shop continues whether you prefer to get your hoagies at Wawa or your MTOs at Sheetz,” added Levy.
Other EV companies have been rallying Monday after U.S. Representatives late Friday approved a $1 trillion infrastructure bill. The package provides approximately $7.5 billion to build a network of electric-vehicle charging stations and other electric vehicle initiatives.