EVgo (EVGO) is preparing to expand its reach across the midwestern U.S. by building 480 new EV fast-charging stalls. The EV charging infrastructure company has announced plans to expand its partnership with Meijer, a grocery store chain with locations across six states. These two companies have already worked together to bring EV chargers to the underserved region. This type of expansion could be a growth-driving catalyst for EVgo stock, even as the clean energy sector faces an uncertain future.
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What’s Happening with EVgo Stock?
EVgo stock is down today, likely due to news of the partnership expansion. Shares fell this morning as markets opened, but since then, EVGO has reversed course and is currently trending upward. As of this writing, it is up 2% for the day, and its current trajectory suggests it can keep climbing. Overall, the company has enjoyed a week of fairly steady growth, with EVgo shaking off some volatility and rising 15%.
This isn’t the first time that EVgo has brought its EV charging technology to Meijers’ locations. According to The Fly, the company has opened 24 fast charging stalls at Meijer stores across Ohio and Michigan to date. Now it plans on adding 30 more locations in the midwestern United States by the end of 2026 and 30 more in 2027. Its ultimate goals are ambitious and include deploying fast charging stalls at Meijer’s throughout states such as Illinois, Wisconsin, Indiana, and Kentucky in addition to Michigan and Ohio.
Earlier this month, EVgo reported high revenue growth as its Q3 earnings showed strong demand for its EV charging services. This isn’t likely to change too much in 2025, even if Donald Trump’s incoming administration rolls back pro-climate regulations that have helped drive growth for the EV sector. EVgo is focused on expanding its reach regardless, as this partnership expansion news proves.
Wall Street Remains Highly Bullish on EVGO Stock
Turning to Wall Street, analysts have a Strong Buy consensus rating on EVGO stock based on nine Buys, and one Hold assigned in the past three months, as indicated by the graphic below. Even after a 100% rally in its share price over the past year, the average EVGO price target of $7.94 per share still implies 35.5% upside potential.
