Working for customers it could not have served a year ago

EVgo, Inc. (EVGO) — this company's answers

The model's full reasoning — Q2 2022 call → NOWe need to determine if management conveys a capability step-change that the company can now do something it could not roughly a year ago, with real customers paying for it now, and early relative to what it opens. The transcript discusses EVgo's Q2 2022 results. Key points: They announced partnerships, expanded operations, etc. The question asks about a specific capability step-change with three components. Let's examine the transcript for any such claim. They talk about EVgo eXtend, the Pilot/GM partnership. They mention that EVgo eXtend allows them to provide charging solutions on a capital-light basis, where the customer incurs capital expenditures and EVgo generates margin as developer/builder and ongoing service provider. They said they signed the agreement with Pilot and GM, and mentioned that under the agreement, EVgo will procure, construct, operate and maintain charging stalls. They also mentioned a charger supply agreement with Delta. They talk about the GSA BPA, federal government, etc. But the question wants a specific capability step-change: something they could not do roughly a year ago, now proven by paying work, and early. Specifically, they launched EVgo eXtend earlier this year. The Pilot/GM partnership is the first major announcement of EVgo eXtend. Before this, did they have such capability? They might have done similar deals? They mention "EVgo is now part of a managed charging pilot program with a major Midwestern investor owned utility" and "charging partnership with City of Philadelphia" for fleet electrification. But are these new capabilities? It seems they have been doing fleet charging. Look for a clear before/after. The transcript says: "As a reminder, earlier this year, we published best practices for state DOTs..." That's not capability. They talk about Autocharge+ activation for all GM EVs in June. That is a new feature? They say "In June, we activated plug in charge for all GM EVs on the EVgo network. Plug in charge, which we add NGO called Autocharge+ enables EVgo customers to start a fast charging session in seconds by simply plugging the car in." This might be a new capability? But is it something they could not do a year ago? It seems like it's a feature they developed and rolled out. But is there paying work proving it? It's for existing customers, but it's a feature that enhances driver experience.

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