Why These Energy Stocks Cratered This Week [Yahoo! Finance]
EVgo Inc. (EVGO)
Company Research
Source: Yahoo! Finance
The speculation is that generous subsidies that have helped solar, electric vehicle (EV), and charging companies over the past four years will be halted, and that could put tremendous strain on the industry. According to data provided by S&P Global Market Intelligence SolarEdge Technologies (NASDAQ: SEDG) stock fell as much as 25.4% this week, EVgo (NASDAQ: EVGO) fell 30%, and Sunnova Energy (NYSE: NOVA) dropped 47.8%. At the close of trading for the week, shares were down 24.1%, 29.1%, and 45.5%, respectively. Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » There were a number of subsidies in the Inflation Reduction Act (ITC) that directly impacted solar companies, and if those subsidies are rolled back, it would be a huge headwind for the industry. For example, there's a 30% investment tax credit for solar and energy storage installations, a $0.04-per-watt subsidy for solar cells produced in the U.S., and a $0.35-per-
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EVGO
Earnings
- 11/12/24 - Miss
EVGO
Sec Filings
- 2/7/25 - Form SCHEDULE
- 2/4/25 - Form 4
- 2/4/25 - Form 4/A
- EVGO's page on the SEC website