Evgo up 50% following expansion of Uber partnership

EVgo (NASDAQ: EVGO) is the owner of the country's most prominent public fast-charging system for EVs, which announced that it's expanding its electric vehicle charging platform for Uber's drivers. 

With over one million rideshare cars on roads all across the nation, electrification of these vehicles will provide EVgo with a chance to add more high-utilization drivers into its network. The EV fast charging network is up 50% to trade at $17.75.

Details of the initiative 

This expansion will feature new benefits and discounts for all Uber drivers. In addition, it will build upon the program's success to ultimately help boost utilization of and access to, EVgo network, which has more than 800 public fast chargers. 

This initiative with help both parties to the agreement further hasten their implementation of zero-emission transportation 

Senior management statements 

Uber's Head of Sustainability Policy, Adam Gromis, said:

He continued to say:

EVgo's Chief Executive Officer, Cathy Zoi, said:

She claimed that they're happy to see more drivers switching to electric vehicles, and she says that their company is looking forward to being the ones to offer them fast public charging at scale.

She believes that this move will help decarbonize this growing part of transportation. 

The new features 

As part of EVgo's expansion with Uber, the platform's rideshare drivers will have access to discounted accounts on EVgo's network. The pricing they'll be entitled to will be determined by their Pro status on the platform. 

However, regardless of the status, Uber drivers will continue to have access to member rates of the EVgo platform without having to pay any monthly fees. Additionally, Uber drivers with Diamond, Platinum, or Pro Gold status will have access to even lower rates that'll see them save up to 30% come charging.