EVgo is America's largest public electric vehicle fast charging network, a Delaware company headquartered in El Segundo that operates thousands of direct current fast charging stalls across more than 1,200 site host locations in the U.S. The business model is a capital-intensive toll road: the company builds and owns the chargers, then earns a margin on every kilowatt-hour a driver pulls from them, on top of a second revenue stream selling and operating hardware for fleet, commercial, and autonomous vehicle customers who keep the assets on their own balance sheets.
The tension in the thesis is structural. The company has built the largest public charging network in the country, but it has not yet turned that scale into a self-funding cash flow, and the financing that has carried the build-out is now getting more expensive at the same moment the tax credit that subsidized it is being withdrawn.
Revenue grew by roughly half in 2025 to nearly four hundred million in sales, and the network's throughput rose by a third in the year. Growth is being financed by two secured debt facilities, both backed by the charging assets, and by the 30C alternative fuel tax credit, which the 2025 One Big Beautiful Bill Act is set to terminate for property placed in service after mid-summer 2026. In other words, the growth engine is running, but the fuel is running out.