Evgo Inc. EVGO, the Los Angeles-based fast charging networks for electric vehicles, said Monday it has been selected along with its Extend partners by DriveOhio for $13.8 million in funding to deploy 20 fast charging stations. The company said 14 of the 20 locations are owns by its partner Piolot Company and that all Evgo and Evgo Extend stations deployed as part of the award will feature 350 kilwatt high-power fast charging. Ohio is one of the first states to announce awards from the NEVI program, which was set up as part of the Bipartisan Infrastructure Law and includes more than $5 billion in funding to help build EV charging infrastructure across the U.S. DriveOhio, a division of the state department of transportation, is expected to release more than $100 million in NEVI funds in the next five years. The state currently has 130 publicly available fast chargers. Evgo’s stock has fallen 10% in the year to date, while the S&P 500 SPX has gained 17%.
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