Business
EVgo Inc. Aligns Organization Around Growing Its Charging Network
Continued cost optimization and focus on hiring for operational roles 2022 results expected to meet previously issued guidance Announces date for fourth
About this update from Evgo Inc.
[{"type":"text","content":"\nContinued cost optimization and focus on hiring for operational roles\n\n2022 results expected to meet previously issued guidance\n\nAnnounces date for fourth quarter and full year 2022 earnings call\n\nCompany’s Section 205 Petition Granted by Delaware Chancery Court\n\n LOS ANGELES--(BUSINESS WIRE)--\nEVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced a reorganization to direct resources towards the Company’s highest priorities for 2023. Priorities include building out EVgo’s public network in locations meeting its robust investment criteria, building and operating major EVgo eXtend projects on highway corridors, delivering new hubs and infrastructure projects for fleets, implementing EVgo ReNew to ensure EVgo’s public network operates at the charging industry’s highest standards, and continuing to develop and deploy innovative software tools to create a world-class charging experience for drivers and partners alike.\n\n“As a market leader in fast charging, EVgo sees significant growth in demand for EV charging in 2023 and beyond,” said Cathy Zoi, CEO of EVgo. “We are aligning our workforce to capture growing market share in an evolving industry. EVgo is also focusing on operational excellence and efficiencies by optimizing our cost structure with continued resource investments in growth initiatives.”\n\nOperational efficiency improvements are expected to enable EVgo to meet its growth objectives while reducing headcount by approximately 40 employees with continued hiring for operational roles.\n\nEVgo expects to report 2022 financial and operational results within the guidance ranges provided by the Company on November 2, 2022. The Company expects to provide an update on its financial performance as well as its outlook for 2023 during its fourth quarter and full year 2022 earnings call on March 15, 2023. Call details will be announced at a later date.\n\nAs previously announced on its Form 8-K dated February 6, 2023 (the “Prior 8-K”), the Company filed a petition on February 3, 2023 in the Court of Chancery of the State of Delaware (the “Court of Chancery”) under Section 205 of the Delaware General Corporation Law (the “Petition”) seeking (i) the validation of the stockholder vote approving the Charter Amendment Proposal...