EVgo Inc., a leading public fast-charging network for electric vehicles (EVs) in the United States, announced it has received a conditional commitment for a loan guarantee of up to $1.05 billion from the U.S. Department of Energy (DOE). This financing aims to accelerate the expansion of EVgo’s fast charging network across the country, particularly in community locations.
Key Highlights:
- Conditional commitment for a $1.05 billion loan guarantee from the DOE’s Loan Programs Office under its Title 17 program.
- Construction of approximately 7,500 new DC fast charging stalls in community locations across the U.S. by 2030.
- Focus on increasing access in areas serving multifamily housing residents and those relying on public charging.
- Over 40% of new stalls anticipated in marginalized areas overburdened by environmental impacts, aligning with the Biden-Harris administration’s Justice40 initiative.
- No need for EVgo to raise third-party equity to reach financial close and begin drawdown.
- Estimated creation of more than 1,000 jobs, including over 700 contracted roles in construction, engineering, development, and operations.
The proposed financing, if finalized, will be provided directly by the Federal Financing Bank as a loan guaranteed by the DOE. The structure allows EVgo flexibility to continue scaling its network to meet growing demand and supports the Biden-Harris administration’s goal of building a nationwide network of public chargers.
“EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most,” said Badar Khan, CEO at EVgo. “This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”
The network expansion will complement the corridor charging deployed through the National Electric Vehicle Infrastructure (NEVI) Formula Program by creating localized, community charging stations. EVgo plans to leverage the 30C tax credit, expanded as part of the Inflation Reduction Act, to support the buildout of public EV charging infrastructure, focusing on rural and lower-income communities.
EVgo has a successful history of public-private partnerships and will continue to collaborate with utilities and state agencies to leverage incentives and funding programs that help accelerate infrastructure deployment. Partnering with retail site hosts and property owners, EVgo has over a decade of experience in making EV charging more accessible and supporting the broader adoption of electric vehicles.
EVgo and the DOE are committed to a superior customer experience for EV drivers and will collaborate on long-term solutions to maximize charging convenience and reliability. EVgo continues to invest in developing next-generation charging infrastructure that will enhance customer experience and expects to begin rolling out this new infrastructure in the second half of 2026.
While this conditional commitment indicates the DOE’s intent to finance the project, EVgo must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.
For more information about EVgo, visit www.evgo.com.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel, and play.
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