EVgo Closes $1.25-Billion Guaranteed Loan Facility from U.S. Department of Energy

EVgo Inc. has announced via a press release the closing of its $1.25-billion guaranteed loan facility from the U.S. Department of Energy Loan Programs Office under its Title 17 Clean Energy Financing Program to support EVgo’s forthcoming efforts to build convenient, reliable public charging infrastructure for electric vehicles with the construction of 7,500 new fast charging stalls nationwide. This buildout will bring EVgo’s total owned and operated network to at least 10,000 fast charging stalls, allowing the company to more than triple its network footprint by 2029.

“As one of the nation’s leading public fast-charging providers, we are well-positioned to deploy the infrastructure needed to support both current and future domestic investments in transportation electrification,” said EVgo CEO, Badar Khan. “This public-private partnership will help us continue to scale our operations to serve the influx of vehicle options that will be available to American consumers in the coming years.”

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

The closing of this DOE-guaranteed loan facility follows the receipt of a conditional commitment on October 3, 2024, and marks the conclusion of a thorough 18-month process.

Through the EVgo Innovation Lab, the company is working to advance the broader transportation electrification ecosystem, including its extensive interoperability testing and ongoing technical collaboration with leading automakers and technology partners to support a superior customer experience for drivers.

The company plans to deploy this new architecture beginning in the second half of 2026.

Goldman Sachs acted as the financial advisor to EVgo.

Information for this press release was sourced from BusinessWire.