EVgo Inc. (EVGO) announced Wednesday an expanded partnership with Regency Centers Corporation (REG) to open more than 400 electric vehicle charging stations across the United States.
The deal marks a significant scaling of a relationship that began in 2020, when EVgo installed its first charger at a Regency shopping center location.
EVgo currently operates more than 150 charging stalls at Regency properties, and the new expansion is expected to grow that footprint considerably.
Once the new stalls are complete, Regency’s overall EV infrastructure footprint is projected to increase by more than 20 percent.
The partnership makes strategic sense given that Regency properties are typically situated in high-traffic areas near major grocery stores and retail anchors.
Those busy retail environments are considered well-suited for EV charging, as drivers can top up their vehicles while running errands or shopping.
New EVgo chargers are planned for retail centers across Colorado, Florida, Illinois, New Jersey, New York, Pennsylvania, Texas, Virginia, and additional states.
The geographic spread of the rollout reflects a broader push by EV charging networks to plant infrastructure in suburban retail corridors where car ownership and EV adoption rates are high.
For Regency Centers, the expansion positions its shopping centers as destinations that cater to the growing number of electric vehicle owners across the country.
The EV charging sector continues to attract significant investment as automakers accelerate their transition away from combustion engines and consumer demand for charging access intensifies.
Markets responded cautiously to the announcement, with EVgo shares trading 2.48 percent lower at $1.3750 on the Nasdaq, while Regency Centers shares declined 0.75 percent to $75.36.
Despite the share dips on the day, the long-term strategic logic of embedding charging infrastructure within established retail real estate networks remains a compelling proposition for both companies.
