EV Charging Stations Are Now Busy Enough to Make Money in the US

As electric car sales pick up in the US, the average utilization rate of many of the country’s fast-charging stations nearly doubled last year.

It’s “a threshold that truly makes my spirits soar,” Cathy Zoi, former CEO of EVgo Inc., said on an earnings call in September. “We believe the go-forward picture on network profitability is stronger than ever.” EVgo operates about 1,000 stations in the US; in September, almost one-third of them were humming at least 20% of the time.