EVgo (EVGO) is making big moves, you should be watching

Shares of electric vehicle charger giant EVgo (EVGO) surged when the company was recognized by General Motors (GM) as a preferred provider of fleet electrification. With the announcement, EVgo will deploy comprehensive new charging and infrastructure solutions specifically for GM fleet and BrightDrop customers; in addition, these customers can receive program discounts at EVgo’s nationwide network of more than 800 public fast charging locations.

Through the GM Ultium Charge 360 service, EVgo will offer GM fleet and BrightDrop customers turnkey fleet solutions tailored to meet their unique and diverse needs, from fleet transition planning to equipment provisioning, infrastructure deployment, dedicated depots, integrated software solutions and ongoing operations and maintenance.

In addition, the company will also acquire the company behind the PlugShare EV charging app, Recargo. EVgo being one of the biggest charging network companies in the US, announced a $25 million cash-only acquisition transaction.