EVgo Inc. (NASDAQ: EVGO) has successfully secured a $1.25 billion loan from the U.S. Department of Energy’s (DOE) Loan Programs Office. This funding, part of the DOE’s Title 17 Clean Energy Financing Program, is set to significantly expand EVgo’s public electric vehicle (EV) charging network, positioning the company as a key player in advancing America’s EV infrastructure.
The ambitious plan aims to build 7,500 new fast-charging stalls nationwide, tripling EVgo’s current footprint to reach at least 10,000 stalls by 2029. This expansion will cater to the increasing demand for EVs, especially as over 30 new affordable EV models are expected to hit the market by 2025.
Badar Khan, CEO of EVgo, highlighted the project’s potential to enhance consumer confidence in EVs by addressing range anxiety while fostering economic growth through job creation. The initiative is expected to generate approximately 1,000 jobs, with a majority in construction, engineering, and maintenance.
The loan carries favorable terms, including a 17-year repayment period and a five-year deployment window starting in 2025. Secured against existing charging infrastructure and anticipated project revenues, the funding will also support EVgo’s next-generation charging technologies.
Through its Innovation Lab, EVgo plans to streamline the charging process, improve energy efficiency, and cut costs. Deployment of these advancements is slated for 2026, reinforcing the company’s commitment to technological innovation in EV charging.
The announcement underscores a significant milestone in the U.S. journey toward widespread EV adoption and cleaner transportation solutions.
Source: https://finance.yahoo.com/news/evgo-closes-1-25-billion-121830647.html