General Motors Works With Pilot, EVgo To Build A Charging Network Along Highways
General Motors Company (NYSE:GM) and Pilot are teaming up to build a network of fast chargers for electric vehicles along highways in the U.S. EV charging network EVgo (NASDAQ:EVGOW) will also be in on the project, serving as the builder and operator of the electric vehicle charging stations.
GM, Pilot, EVgo Set To Start Building EV Chargers
The plan includes building 2,000 fast chargers at 500 Pilot stations along U.S. highways. The charging stations will be built at intervals of about 50 miles. GM, Pilot and EVgo expect to have a significant number of the chargers up and running by the end of next year.
In a statement, Pilot CEO Shameek Konar said they designed the program in partnership with GM to “combine private investments alongside intended government grant and utility programs to help reduce range anxiety and significantly close the gap in long-distances EV charger demand.”
General Motors and Pilot expect to tap grant money from the U.S. federal government to complete the project in addition to the capital they themselves are pouring into the program. It’s part of GM’s wider $750 million effort to construct an accessible fast-charging network ahead of its launch of several new electric vehicles in the coming years.
More Details On The Plan
EVgo will install, operate and maintain the fast-charging stations, which will have high-power fast chargers that can charge at up to 350 kilowatts. The stations will also feature charging stalls designed to serve EVs that are towing trailers. All electric vehicles compatible with DC fast charging will be able to use the chargers.
According to CNBC, General Motors and EVgo had previously revealed plans to install another 3,250 fast chargers in and around cities and suburbs in the U.S. by the end of 2025. GM is also working with its U.S. and Canadian dealers to install up to another 40,000 chargers in their communities. That plan targets “underserved rural and urban areas.”
For years, studies have shown that range anxiety due to a lack of charging stations has been greatly restricting adoption of electric vehicles. GM CEO Mary Barra said in a statement that they are “committed to an all-electric, zero-emissions future.” She added that a critical piece of the puzzle is “ensuring that the right charging infrastructure is in place.”
This article originally appeared in Value Walk.
Category: Stocks
