Benzinga | Nov 8, 2021 09:47AM EST

Why EVgo Shares Are Rising Today

EVgo Inc (NASDAQ:EVGO) is trading higher Monday after the company announced it was awarded several grants from the Pennsylvania Department of Environmental Protection to install new high powered 350 kW DC fast charging stations capable of simultaneously charging 14 EVs.

The Pennsylvania DEP aims to permanently reduce NOx emissions by as much as 27,700 tons through its Driving PA Forward initiative.

"EVgo is excited to partner with the Pennsylvania DEP to expand the reach of reliable and convenient fast charging to more EV drivers in the state," said Cathy Zoi, CEO of EVgo.

Zoi continued, "We look forward to the continued growth of EVgo's network in Pennsylvania and beyond, as the demand for fast EV charging continues its rapid expansion across the country."

EVgo is a public fast charging network for electric vehicles powered by renewable energy.

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EVGO Price Action: EVgo has traded as high as $16.24 andas low as $7.17 over a 52-week period.

The stock was up 17.80% at $11.76 at time of publication.

Photo: courtesy of EVgo.