EVgo Doubles Down on NACS With 500 New Plugs

EVgo posted record first-quarter revenue of $109.5 million in May, a 45 percent jump from a year earlier, as the charging network leaned harder into its boldest strategic shift yet. The company ended the quarter with 5,280 stalls in operation, up a quarter from the prior year, while network throughput climbed to 91 gigawatt-hours. Behind those numbers sits a bigger bet: EVgo is racing to embrace the North American Charging Standard, the connector format Tesla pioneered and the rest of the industry is now adopting

That bet builds on a 2025 pilot that installed nearly 100 NACS connectors across 22 metro areas. Management now plans more than 500 NACS connectors by the end of 2026, covering roughly 15 percent of EVgo's footprint in cities from Austin and Houston to Detroit and San Francisco. CEO Badar Khan said the company is already seeing higher NACS throughput as driver adoption picks up speed

Money is following the momentum. More than 80 percent of new EVs sold in North America are expected to ship NACS-compatible by 2030, and over 35 NACS-equipped models should be on American roads by late this year. EVgo's Autocharge+ platform, which lets both NACS and CCS drivers plug in seamlessly, has logged more than five million charging sessions since launching in 2022

The company also shored up its balance sheet. An amended $750 million Department of Energy loan simplifies future capital draws, and EVgo drew an $81 million advance while holding $223 million in cash as of May 1

With roughly $640 million in combined financing capacity, EVgo reaffirmed full-year guidance of $410 to $470 million in revenue. The company is wagering that being fluent in both charging standards beats picking just one, capturing demand from non-Tesla NACS drivers while staying compatible with legacy CCS infrastructure