General Motors (NYSE:GM) is building out a new network of EV fast chargers in partnership with Pilot Co., owner of the Pilot and Flying J highway travel centers, and EV charging network EVgo (NASDAQ:EVGO).
The companies will install a total of 2,000 fast chargers at 500 of Pilot’s locations along American highways at intervals of approximately 50 miles, they said Thursday. The partners expect to have a significant portion of those chargers installed and operating by the end of 2023.
Said Pilot CEO Shameek Konar, “GM and Pilot Company designed this program to combine private investments alongside intended government grant and utility programs to help reduce range anxiety and significantly close the gap in long-distance EV charger demand.”
The deal, which is expected to benefit from grants made available by the U.S. government, is part of a broader $750 million effort by GM to build out an accessible fast-charging network as it gears up to launch a series of new electric vehicles over the next few years.
The chargers will be installed, operated and maintained by EVgo and will include high-power fast chargers capable of charging at up to 350 kilowatts as well as charging stalls designed to accommodate electric vehicles that are towing trailers. The chargers will be open to all electric vehicles that are compatible with DC fast charging.
Shares in GM were caught in the general stock decline, losing 89 cents, or 2.8%, to $30.83 to begin Thursday, while those for EVGO gained eight cents, or 1.3%, to $6.45.
