EVGO is a mediocre EV charging company that we believe is substantially overvalued. Not only are a significant number of their EV chargers broken, but they also have triple digit negative operating profit margins which have gotten even worse. UC Berkeley study reveals 25.5% of EVGO’s chargers are broken/out of service. Operating margins declined from -199% in 2019 to -260% in 2021 and -381% in Q1-22 Charger utilization has DECLINED by 21% from 2019 to 2021. Key patent was recently denied in May 2022. EVGO only spends $2m a year on R&D Questionable partnerships – including with ELMS who recently filed for bankruptcy.