Recharge RevolutionNRG Energy isn't an auto manufacturer. Not even close. With close to a $9 billion market cap and 53,000 MW of nuclear, fossil, wind, and solar generating facilities spread across 3 million customers in 47 states, NRG Energy, is an electric utility through and through.
But utilities aren't the power-producing stalwarts they used to be. With decentralizing grids, smart meters, and increasingly volatile power portfolios, electric companies are looking for ways to stabilize and diversify their earnings. For NRG Energy that means taking a page out of Tesla Motors' book and building out an enviable electric vehicle charging infrastructure.
Dubbed "eVgo," NRG Energy, currently has charger stations in 10 national markets, with plans to expand to more than 25 markets in the next two years. From San Francisco to Houston to Atlanta, NRG Energy's already entrenched national presence gives it an advantage over Tesla Motors' start-from-scratch expansion. But it doesn't take more than a glance to realize NRG Energy is employing a different growth model:
The eVgo charging stations provide approximately 40 miles of range in just 15 minutes of charging. Source: NRG Energy, Inc.
Source: Tesla Motors, red = open now, grey = opening soon.
While Tesla Motors' 171 current stations in North America have a significantly wider spread, NRG Energy's 150 stations provide easy electric accessibility within its municipal markets. And more importantly for NRG Energy, its stations aren't an amenity -- they're profit-pulling investments. Owners can pay for individual plans, or hop in on pre-arranged partnerships NRG has with several of America's 13 electric vehicle manufacturers. NRG's "Recharge for No Charge" special offers are available to Ford Motor Co., General Motors Company , Porsche, Nissan, and BMW electric vehicle owners in select markets. In their latest quarterly statement, NRG Energy noted that these and other partnerships "have resulted in significant increases in customer count."
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