Stifel sees $13.8M award as positive for EVgo, EV charging industry

Stifel analyst Stephen Gengaro notes that EVgo (EVGO) announced a $13.8M award from the Ohio Department of Transportation, in connection with the National Electric Vehicle Infrastructure, or NEVI, program, for the build out of 20 350kW DC fast charging stations. This follows an announcement last week by fast charger manufacturer Tritium (DCFC) of a NEVI funded project, and is an indication NEVI money is starting to flow. The firm continues to view the NEVI program as an important catalyst for EV charger installments. Further, Stifel views this as positive for EVgo and the EV charging industry. The firm has a Buy rating on EVgo shares.