Ingredient: EVgo operates one of the largest public fast-charging networks in the U.S. with partnerships across automakers and federal programs.
Soak: adoption curve still early; infrastructure expensive; revenue growing but utilization ramp is slow.
Rinse: cash burn, dependence on subsidies, competition from Tesla/NACS ecosystem, and uncertain throughput economics.
🌶️🌶️ Hot — heavy capex + policy exposure amplify volatility.
Thesis: EV infrastructure is inevitable but timelines, funding, and profitability remain uneven.
2–4 year cycle with fragile phases.
Role: Thematic Satellite. Sizing: small within energy-transition themes.