EV charging network EVgo has published its Q3 2024 financial report, which shows record revenue and tremendous year-over-year growth. EVgo’s growth has continued over the last eight quarters, seven of which saw a triple-digit increase in energy throughput.
EVgo continues to grow as one of the United States’ largest EV charging networks. Its current footprint consists of over 1,000 fast-charging locations across 40 states, with many more pending, as shown in the company’s service map below.
In May, we reported that EVgo had doubled its registered users in two years, surpassing 1 million active customers. That milestone also saw a 400% increase since April 2020. While some competitors have caught flak for their lack of maintenance and reliability, EVgo has rolled out a “ReNew” program to repair and replace charging piles and ensure customers can replenish their EVs.
Before today’s Q3 report, EVgo had also rolled out several perks and support programs for EV drivers, including access for Tesla owners and fast charging for Hertz rentals, all while rolling out new 350 kW charging stations through partnerships with companies like Pilot/Flying J, and General Motors.
Those efforts appear to be paying off, as EVgo shared record revenue and steady growth in its Q3 2024 financial report.
EVgo added 147K additional customers in Q3 2024
According to EVgo’s Q3 2024 report, the EV charging network achieved record revenue totaling $67.5 million. That’s up from $35.1 million in Q3 of 2023, representing 92% YoY growth.
EVgo’s total throughput increased to 78 GWh last quarter, compared to 37 GWh in Q3 2023, representing 111% growth during that time. The charging network added over 147,000 new customers in Q3, eclipsing 1.2 million users in total, representing a 39% year-over-year increase. Total accounts are up 57% compared to Q3 2023. EVgo CEO Badar Khan spoke:
I’m pleased to report another record quarter anchored by strong revenues and triple digit year-over-year network throughput growth. Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter. With our conditional commitment from DOE for a loan guarantee of up to $1.05 billion announced last month, EVgo is poised to lead the industry as the charging provider of choice. As we look ahead to the end of the year and into fiscal 2025, we are working diligently to complete the loan process, drive our next phase of growth as an owner and operator of fast charging infrastructure, and deliver continued and sustainable value creation for our shareholders.
EVgo shared that its Q3 revenue milestone represents eight sequential quarters of double-digit growth and seven consecutive quarters of triple-digit growth year-over-year in terms of throughput. Here’s EVgo’s Q3 2024 report by the numbers:
Revenue: $67.5 million
Network Throughput: 78 gigawatt-hours
Customer Account Additions: over 147,000 accounts
Gross Profit: $6.4 million
Net Loss: $33.3 million
Adjusted Gross Profit: $18 million
Adjusted EBITDA: $8.9 million
Net Cash Provided by Operating Activities: $12.1 million
Capital Expenditures: $25.8 million
Capital Expenditures, Net of Capital Offsets: $5.2 million
Following today’s report, EVgo appears poised to continue to grow and could eventually become the nation’s largest EV charging network. As reported in October, the network received a loan from the US Department of Energy totaling $1.05 billion to install 7,500 additional EV fast chargers in the US. EVgo’s anticipated states for charger expansion will be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas.
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Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.
NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.
The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.
NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.
Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.
This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.
In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.
Ben Brown, CEO of Renew Home, said:
NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.
This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.
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Polestar’s (PSNY) new luxury electric SUV just gained a cheaper, longer-range variant. The new 2025 Long Range Polestar 3 RWD trim is now available with up to 350 miles of range, starting under $70,000.
Although the Polestar 3 has been on sale in the US, it’s only been available in Long-range Dual Motor variants.
The new Long range Single motor model starts at $67,500 with up to 350 EPA-estimated miles driving range. That’s a considerable jump from the Long range Dual motor model with up to 315 miles range, starting at $73,400.
Polestar’s new electric SUV is $6,400 cheaper than the previous base AWD trim. The new entry-level model features a single rear motor, good for 295 hp and 361 lb-ft of torque.
In comparison, the base AWD model packs 484 hp and 620 lb-ft of torque. With the loss of a motor, the RWD trim also loses some performance. It can accelerate from 0 to 60 mph in 7.5 secs, compared to the AWD model with a 0 to 60 mph sprint in 4.8 secs.
Polestar’s luxury electric SUV gains cheaper RWD trim
For those looking for more, you can opt for the Polestar 3 with Performance Pack. With up to 517 hp and 671 lb-ft of torque, the electric SUV moves from 0 to 60 mph in 4.5 secs.
Polestar’s new electric SUV features 14.5″ LED infotainment and 9″ driver display screens on the interior. There’s also a rear control screen for climate and seat heating controls.
The new RWD model can fast charge (10% to 80%) in 30 minutes, the same as the other models, with a charging rate of 250 kW.
The new model is now available on Polestar’s website. Estimated delivery times are between February and April 2025.
2025 Polestar 3 trim
Estimated EPA range (Combined)
Power
Torque
Price
Long Range Single Motor
350 miles
295 hp
361 lb-ft
$67,500
Long Range Dual Motor with Pilot Pack
315 miles
489 hp
620 lb-ft
$73,400
Long Range Dual Motor with Pilot Pack and Plus Pack
315 miles
489 hp
620 lb-ft
$78,900
Long Range Dual Motor with Pilot and Performance Pack
279 miles
517 hp
671 lb-ft
$79,400
Long Range Dual Motor with Pilot, Plus, and Performance Pack
279 miles
517 hp
671 lb-ft
$84,900
Polestar 3 price and specs by trim (*excluding $1,400 destination fee)
Meanwhile, the company delivered its first US-made Polestar 3 models earlier this month. Polestar began building its electric SUV at its South Carolina plant in August. You can test drive the new EV at a nearby Polestar space. You can find Spaces on Polestar’s website.
The new model arrives after Polestar recently announced that drivers can now order NACS plugs to access Tesla’s Supercharger network. Deliveries are scheduled for mid-November.
Following Donald Trump’s US election win, the UK has stepped into a leadership role at COP29, and it’s just announced a more ambitious climate goal.
Energy secretary Ed Miliband told the Observer that the UK will work on securing vital alliances with other countries at the 2024 United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, following climate change denier Trump’s victory:
The only way to keep the British people secure today is by making Britain a clean-energy superpower, and the only way we protect future generations is by working with other countries to deliver climate action.
Prime Minister Sir Keir Starmer, one of only seven G20 leaders attending the summit, said at a press conference:
At this COP, I was pleased to announce that we’re building on our reputation as a climate leader, with the UK’s 2035 NDC [nationally determined contributions] target to reduce all greenhouse gas emissions by at least 81% on 1990 levels.
The UK’s new goal is in line with a recommendation from the UK’s independent climate change committee, which said in October that the target should exceed the current 78% cut to emissions, measured against 1990 levels that were set by the previous government.
The UK is one of the first countries to announce an NDC, which isn’t due until February 2025.
The Guardian, which first broke the news from Baku, reports that “the goal would be achieved by decarbonizing the power sector and through a massive expansion of offshore wind, as well as through investments in carbon capture and storage and nuclear energy.”
Climate finance is the major focus of this year’s talks, and the prime minister also said the UK would fulfill a pledge made by the Conservatives of £11.6 billion in climate finance to poor countries. Further, Starmer announced a £1 billion investment in a wind turbine project that’s expected to create 1,300 local jobs in Hull, in the north of England.
Since Labour took office in July, it’s scrapped the ban on onshore wind, committed to no new North Sea oil and gas licenses, and become the first G7 economy to phase out coal power when it closed the UK’s last coal power plant at the end of September.
UK greenhouse gas emissions have fallen by almost half from 1990 levels, mainly due to the phaseout of coal from electricity generation.
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