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EVgo and Delta Electronics Sign MOU to Co-Develop Next-Generation Charging Architecture

October 10, 2024

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LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (NASDAQ: EVGO) ("EVgo" or the "Company"), one of the nation's largest public fast charging networks for electric vehicles (EVs), announced today that it has entered into a new memorandum of understanding (MOU) with longtime technology partner, Delta Electronics, Inc. ("Delta"), a global leader in power management and a provider of IoT-based smart green solutions, to jointly develop next-generation EV charging architecture. This new charging architecture is designed to provide EVgo with more control over the full customer experience while bolstering reliability and delivering increased cost savings and enhanced energy efficiency.

Under the agreement, EVgo and Delta will expand their years-long collaboration to develop state-of-the-art fast chargers that will center on the customer experience. This will include several design features ranging from advanced software, all-in-one power electronics, contactless payment interface, ultra high-power 400kW dispensers, and extended cable length that allows for more maneuverability to easily reach any charge port location on all EV models, supporting EVgo's commitment to serve all EV drivers, regardless of the make or model of their vehicle.

"EVgo is committed to delivering a superior experience for our customers and we continue to advance long-term solutions to maximize convenience and improve reliability," said Dennis Kish, President of EVgo. "As the next step in our evolution, EVgo will leverage our learnings and experience from working with over one million customers across the U.S. to develop this next-generation charging architecture in collaboration with Delta Electronics with the goal of increasing consumer confidence in public EV infrastructure and supporting broader adoption of electric vehicles nationwide."

Austin Tseng, President of Delta Electronics (Americas), said, "Delta looks forward to collaborating further with EVgo as we pioneer the future of EV charging infrastructure by redefining the customer experience, enhancing charger reliability, and advancing energy conservation. Delta's core competencies in high-efficiency power electronics and system integration will be key to this endeavor."

The new charging architecture will also include key features to enhance energy efficiency and power distribution across sites by taking EVgo's dynamic power sharing to the next level. Designed to align with battery advancements in coming years, EVgo's next-generation charging technology will allow dynamic power sharing across as many as six charging stalls at a time. This extended power sharing ability enables EVgo to implement a variety of station configurations to suit a specific site's needs, which will be critical as the Company continues to focus on building larger stall footprints to maximize customer experience and serve the growing number of EV drivers on the road.

EVgo expects to complete final design and rigorous interoperability testing in its Innovation Lab and deploy these new chargers by the second half of 2026. As part of this next evolution of EVgo's charging architecture, the Company will also enhance its charger firmware and software capabilities to enable more detailed error codes and a more flexible interface to improve maintenance, reset times, and the overall customer experience.

These innovations will deliver faster, more efficient charging sessions by taking advantage of each vehicle's unique charging curves, reducing energy consumption and costs while meeting the evolving needs of drivers. EVgo aims to lower its gross capital expense per stall by 30% while increasing peak power delivery by nearly 20 percentage points.

This co-development effort is happening in tandem with ReNew™ program, focused on creating a holistically better customer experience for EV drivers. Through ReNew, EVgo recently launched new diagnostic tools and capabilities to bolster reliability, continues to streamline the payment process with enhancements to Autocharge+, and is proactively addressing legacy equipment on its network while it invests in developing the charging infrastructure to come.

With these expansive investments in customer-centric hardware, firmware and software solutions, EVgo is continuing to build out a nationwide fast charging network to power an all-electric transportation future.

For more information about the EVgo network, visit www.evgo.com.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation's largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

About Delta Electronics

Delta, founded in 1971, is a global leader in switching power supplies and thermal management products with a thriving portfolio of smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, "To provide innovative, clean and energy-efficient solutions for a better tomorrow," Delta leverages its core competence in high-efficiency power electronics and its ESG-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across 5 continents.

Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies and dedication to ESG. Since 2011, Delta has been listed on the DJSI World Index of Dow Jones Sustainability™ Indices for 13 consecutive years. Delta has also won CDP with double A List for three times for its substantial contribution to climate change and water security issues and has been named Supplier Engagement Leader for its continuous development of a sustainable value chain for seven consecutive years.

Cautionary Note Regarding Forward Looking Statements

This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this Press Release other than statements of historical fact are forward-looking statements. Such forward-looking statements include, among other things, statements regarding the Company's current and future plans. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipates," "could," "expects," "intends," "plans," "potential," "will," "would," and the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements are based on EVgo's current expectations, estimates, projections and beliefs and may involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties. Information regarding the foregoing and additional risks may be found in the section entitled "Risk Factors" in documents that EVgo files from time to time with the Securities and Exchange Commission. These forward- looking statements are made as of the date of this Press Release and EVgo undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Source: EVgo

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