States like New Jersey offer incentives and programs for startup businesses and companies seeking to tap into the EV charging market. Through the New Jersey Department of Environmental Protection’s “It Pay$ to Plug In” program, startup EV charging company EVgo was awarded a number of grants to install 30 DC fast charging terminals at various locations around the state. The program offers grants up to $200,000 for public fast charging stations.
"EVgo is excited to partner with the New Jersey DEP to enable Electric for All by expanding the reach of reliable and convenient fast charging to more EV drivers," said Cathy Zoi, CEO of the startup business. "Public-private partnerships are critical for accelerating EV adoption, and these new EVgo fast charging stations are a key piece of the puzzle. We look forward to enhancing and expanding our footprint in New Jersey, while delivering efficient fast charging paired with a first-class customer experience."
Expanding Nationwide EV Charging
Founded in 2010, the startup business now claims to be the largest provider of fast EV charging stations in the US as well as the first to be powered exclusively by renewable energy sources.
Using DC charging technology, the stations developed by the startup company offer fast charge times at low rates to over 220.000 users across the country. Prices vary by region but tend to hover around $0.30-0.35 per minute for a 45 minute EV charging session. However, users who charge their electric vehicles more frequently can opt for a membership with the business that runs $7.99 per month and offers charging prices at least 10% lower than the pay-as-you-go model. Users can initiate a charging session through the EVgo mobile app.
The business claims that its chargers are capable of bringing low EV batteries to almost 80% in 30 minutes. Furthermore, the startup company boasts compatibility with any EV model capable of level 3 fast-charging. The charging stations designed by the startup business also feature integrations with Tesla EV charging adapters.
EV Charging Market Trends
EVgo plants its business firmly in an evolving industry driven by climate awareness and companies like GM and Tesla, which are pushing the adoption of electric vehicles.
Market research expects the EV charging infrastructure market size to grow at a compound annual growth rate (CAGR) of 32% from 2020 to 2027, reaching $111.75 billion by the end of the forecast. The New Jersey government aspires to have 330,000 registered light-duty, plug-in electric vehicles in the state by 2025, up from the 25,000 registered electric vehicles reported in 2020. EVgo’s network will likely find continued support as states continue to pursue their own green goals.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.