EVgo Receives Conditional US Government Loan to Support Fast Charging Network

EVgo Inc. has received a conditional commitment for a loan guarantee of up to $1.05 billion of debt financing from the US Department of Energy to accelerate expansion of its fast charging network in locations across the U.S. EVgo is one of the largest public fast charging networks for electric vehicles (EVs) in the US.

The financing would accelerate EVgo’s efforts to scale its charging footprint and increase nationwide access to convenient, reliable public charging stations.

Access to this low-cost financing will facilitate the build out of approximately 7,500 additional fast charging stalls, with the top US state markets anticipated to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania and Texas.

If finalised, EVgo expects to complete the deployment of the new stalls by 2030.

The company  estimates that the project buildout will create more than 1,000 jobs, over 700 of which will be contracted resources engaged by the Company encompassing roles in construction, engineering, development, and operations and maintenance.

Badar Khan, CEO at EVgo, says: “EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most. This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”

EVgo's network features over 1,000 fast charging locations across more than 35 US states.