EVgo (EVGO) - Get Report surged Thursday after it said that General Motors (GM) - Get Report had named the electric-vehicle-charging network a preferred provider for the automaker's Ultium Charge 360 fleet service.
At last check, shares of the Los Angeles company were up 12% to $11.88, while the Detroit auto giant was down 2.1% to $56.78.
Ultium Charge 360 is intended to make the transition to a fleet of electric cars seamless, GM said. Part of its focus is on charging, offering support for home charging and access to public charging places to charge while drivers are on the road.
EVgo, a public fast-charging network powered by 100% renewable electricity, will deploy charging and infrastructure solutions specifically for GM fleet and BrightDrop customers.
BrightDrop is a GM unit that sells electric delivery vans.
Customers can receive program discounts at EVgo’s nationwide network of more than 800 public fast charging locations, the company said.
Last year GM unveiled its more than $20 billion plan to charge up production of electric and autonomous vehicles. In June, GM increased its planned EV and autonomous vehicle investments from 2020 through 2025 to $35 billion.
The automaker said its Ultium batteries range from 50 to 200 killowatt-hours. They'll enable cars to travel up to 400 miles or more on a full charge and go from 0 to 60 mph in as little as three seconds.
"EVgo and GM both know how important it is to electrify fleets -- for the economic benefit of fleet managers and for the planet," EVgo Chief Executive Cathy Zoi said in a statement.
EVgo went public earlier this month through a merger with special-purpose-acquisition company Climate Change Crisis Real Impact.
Last year, GM and EVgo said they planned to speed EV adoption by adding more than 2,700 fast chargers in markets across the country through 2025.
The companies brought the first stations online in California, Florida and Washington in April.
Earlier this month, Stellantis STLA, the No. 4 automaker and parent of Chrysler, Fiat, Peugeot and many more brands, said that it planned to invest more than $35.5 billion through 2025 in electrification.