Yahoo Finance EVGO Receives First Shipment of BABA-Compliant Chargers
EVgo, Inc. EVGO announced the receipt of the first batch of shipments of 350kW fast chargers from Delta Electronics. These chargers are compliant with Build America, Buy America Act (BABA) standards.
This shipment, which originated from the new facility of Delta Electronics in Plano, marks a milestone in developing a robust domestic supply chain to cater to the growing adoption of electric vehicles (EVs) across the United States. By achieving this milestone, both companies have opened doors to funding opportunities covered under the National Electric Vehicle Infrastructure (NEVI) Formula Program.
By far, Delta has delivered 10 BABA-compliant chargers and EVgo expects to receive additional chargers from Delta Electronics later this year.
An accelerated manufacturing process through close collaboration between Delta and EVgo has made the delivery of chargers possible ahead of the originally scheduled date. The Bipartisan Infrastructure Law created $7.5 billion in funding for EV charging stations. The chargers are made BABA-compliant to qualify for federal funding.
Till now, EVgo and its partners have received millions in preliminary awards from the NEVI initiative in Ohio, Colorado and Pennsylvania.
Dennis Kish, COO of EVgo, highlighted the shared commitment of EVgo and Delta to develop a resilient supply chain in America to satiate the growing demand for fast charging across the country.
Apart from onshoring its supply chain, EVgo is also ensuring that future chargers integrate with the North American Charging Standard (NACS), which is currently under consideration by standardization bodies.
Zacks Rank & Key Picks
EVGO currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space include Oshkosh Corporation OSK, Gentex Corporation GNTX and Allison Transmission Holdings, Inc. ALSN, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 and 2024 has moved north by 23 cents and 18 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings indicates year-over-year rises of 17.3% and 29.4%, respectively. The EPS estimate for 2023 and 2024 has moved up by 2 cents and 3 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings suggests year-over-year increases of 9.4% and 25.3%, respectively. The EPS estimate for 2023 and 2024 has moved up by 7 cents and 8 cents, respectively, in the past 30 days.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Allison Transmission Holdings, Inc. (ALSN) : Free Stock Analysis Report
Oshkosh Corporation (OSK) : Free Stock Analysis Report
Gentex Corporation (GNTX) : Free Stock Analysis Report
EVgo Inc. (EVGO) : Free Stock Analysis Report
