EVgo, Inc. has recently released its 10-K report, providing a detailed look into the company's operations. The company, incorporated in 2010 and headquartered in Los Angeles, California, owns and operates a direct current fast charging network for electric vehicles in the United States. It offers a range of services including electricity directly to drivers, original equipment manufacturer charging and related services, fleet and rideshare public charging services, and commercial charging. Additionally, EVgo provides ancillary services such as customization of digital applications, charging data integration, loyalty programs, access to chargers behind parking lot or garage pay gates, microtargeted advertising, and charging reservations. The company also offers hardware, design, and construction services for charging sites, as well as ongoing operations, maintenance, and networking and software integration solutions through eXtend. Furthermore, it provides PlugShare services including data, research, and advertising services and equipment procurement and operational services. EVgo, Inc. operates as a subsidiary of EVgo Holdings LLC.
In its 10-K report, EVgo detailed its cybersecurity risk management, strategy, and governance. The company maintains a cybersecurity risk management program designed to mitigate cybersecurity risks through a comprehensive framework that integrates cybersecurity into its overall risk management processes. This includes regular risk assessments to identify and manage material risks from cybersecurity threats and vulnerabilities within its systems and processes. EVgo also engages third parties to conduct independent assessments of its cybersecurity posture to provide an objective review of its security controls, breach readiness, and compliance with industry standards and regulations.
The company maintains a set of cybersecurity policies and procedures, regularly reviewed and updated, in accordance with components of the National Institute of Standards and Technology Cybersecurity Framework. It places significant emphasis on monitoring controls as a critical component of its cybersecurity strategy, utilizing advanced tools and technologies to oversee its network infrastructure and digital assets. EVgo's Security Incident Response Policy is designed to enable prompt and effective action in the event of a cybersecurity incident to safeguard its information technology systems, customer data, and overall business operations.
EVgo also conducts regular cybersecurity training for employees to ensure they are aware of potential cybersecurity threats and understand the role they play in maintaining the company's defenses. The company's Audit Committee actively oversees its cybersecurity strategy and risks from cybersecurity threats, meeting regularly to assess and manage material risks and review cyber security compliance initiatives as they are escalated from the cybersecurity team through management. The Chair of the Audit Committee regularly reports on the committee's oversight activities related to enterprise risk management and cybersecurity to the full Board of Directors.
As a result of these announcements, the company's shares have moved 2.33% on the market, and are now trading at a price of $3.07. If you want to know more, read the company's complete 10-K report here.
