EVGO Inc., a provider of public electric vehicle (EV) charging services, saw its stock price surge by 11.47% on Tuesday. The surge comes as the company's stock price continues to climb following its IPO in October of last year. The company is currently valued at $1.2 billion and is trading at $9.58 per share.
Analysts attribute the increase in EVGO's stock price to the growing demand for EV charging services due to the increasing number of electric vehicles on the road. EVGO has seen significant growth in its customer base over the past year, with a 25% increase in revenue. The company is currently operating in more than 800 locations across the United States and has plans to expand further into Europe and Asia.
EVGO is also looking to capitalize on the growing trend of electric vehicle adoption by focusing on providing more convenient and efficient charging solutions. This includes their recently launched “EVgo Freedom” subscription service, which gives customers access to unlimited charging at EVgo locations.
Overall, EVGO is well positioned to take advantage of the EV charging market and its stock price is likely to continue to climb in the near future.