EVgo Inc. has announced the receipt of its first drawdown of $75 million from a $1.25 billion guaranteed loan under the U.S. Department of Energy’s Title 17 Clean Energy Financing Program. This funding, which marks a significant step in EVgo’s nationwide expansion of public fast-charging infrastructure, follows a rigorous 18-month process and financial close in December 2024. The loan will enable EVgo to accelerate its deployment of charging stalls in amenity-rich locations such as retail centers and dining hubs across the United States.
Key Highlights:
- $1.25 billion loan guarantee to fund EVgo’s infrastructure expansion over five years.
- The first drawdown of $75 million facilitates immediate deployment of fast charging stalls.
- Planned construction of 7,500 new fast charging stalls, increasing the network to over 10,000 stalls by 2029.
- Focus on convenient and accessible locations with retail, dining, and service options.
Scaling EV Infrastructure for Growing EV Demand
EVgo CEO Badar Khan stated, “The timely completion of this first drawdown underscores EVgo’s operational expertise and ability to meet DOE requirements. EVgo’s comprehensive network plan helps address the growing demand for public charging infrastructure by bringing our industry-leading fast charging solutions to more drivers than ever before.”
The DOE’s low-cost financing will enable EVgo to more than triple its network size by 2029, expanding its geographic footprint and enhancing operational capabilities. This expansion aligns with the anticipated release of over 30 new affordable EV models by the end of 2025, adding to the existing 70+ EV models already on the market.
Supporting EV Growth and Range Confidence
The construction of high-power public charging is critical to increasing consumer confidence in EV adoption. With advancements in fast charging technology, such as higher charge rates and standardized cables, EVgo aims to support the rapid growth of the EV market while contributing to the success of automotive industry investments.
For more details about the EVgo network, visit www.evgo.com.
About EVgo
EVgo is one of the leading providers of public fast charging solutions in the United States, operating more than 1,000 fast charging stations across 40 states. The company partners with top businesses and industry leaders to offer localized, accessible charging options in key locations such as grocery stores, restaurants, and shopping centers. EVgo also conducts extensive interoperability testing through its Innovation Lab to ensure a seamless charging experience for drivers.
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