Power-Device Shortage Slows Spread of Car Chargers, EVgo Says
Shortages of a key electricity device are slowing EVgo Inc.'s ability to expand its network of electric-car stations.
At the end of the third quarter, 130 newly installed charging stations awaited connections to the local grids, according to Chief Executive Officer Cathy Zoi. She attributed the delays to a paucity of transformers -- devices that step down the voltage of electricity flowing over power lines to a level that appliances can use. Another reason: labor shortages.
The transformer shortage is a potential stumbling block for President Joe Biden's push to slash transportation emissions via a nationwide network of EV chargers. The US recently launched a $5 billion effort to do so.
EVgo lowered its forecast Wednesday for the number of its charging stalls the company expects will be installed or under construction by year-end, to a range of 2,800 to 3,100 from a range of 3,000 to 3,300.
The company's high-speed chargers usually require local utilities to upgrade nearby transformers, Zoi said on an investor call. EVgo is now working with utilities earlier in the process of planning new stations, to enable the companies more time to access the necessary equipment.
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