EVgo
NASDAQ: EVGO56Mixed / Improving· ProvisionalOne of the largest US public DC fast-charging networks; listed on NASDAQ (EVGO). Originally built and owned by LS Power before its 2021 SPAC listing.
Why it's on ClimateTicker
EVgo operates one of the largest US public DC fast-charging networks and its core business directly enables the displacement of tailpipe emissions from gasoline vehicles — a genuine mitigation play. However, its renewable energy claim rests entirely on purchased Renewable Energy Certificates (RECs) rather than direct clean-power procurement or on-site generation, which limits the additionality of its environmental impact. No SBTi-validated targets have been publicly disclosed, and ESG disclosures remain largely qualitative, so investors should treat the climate credentials as credible but not rigorously verified.
Commitments & Certifications
Controversy & Greenwashing Watch
Despite marketing itself as a climate-positive company, EVgo has not submitted to CDP or had any climate targets validated by the Science Based Targets initiative, creating a material gap between its green branding and third-party-verified climate accountability.source ↗
EVgo's claim to be '100% renewable' is based entirely on unbundled REC purchases rather than direct clean-power procurement or power purchase agreements, which critics and sustainability analysts regard as low-additionality and potentially misleading to retail consumers.source ↗
EVgo went public via SPAC in 2021 and has not achieved profitability; while not an ESG scandal, the governance structure of SPAC listings and continued cash burn raise questions about long-term viability and the reliability of growth-stage sustainability commitments.source ↗
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