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EVgo Inc. has successfully closed a $1.25 billion loan guarantee from the U.S. Department of Energy (DOE) Loan Programs Office. This funding, provided under the Title 17 Clean Energy Financing Program, will support the construction of approximately 7,500 new high-power fast charging stalls across the United States, tripling EVgo’s network footprint to over 10,000 stalls by 2029.
Key Highlights:
- Loan Facility Details: DOE’s $1.25 billion guarantee will enable EVgo to significantly expand its public fast-charging infrastructure.
- Nationwide Impact: The project will create over 1,000 U.S. jobs, including more than 700 contracted positions in construction, engineering, and maintenance.
- EV Growth: This expansion supports the anticipated release of 30+ new affordable EV models by 2025, adding to the 70+ models already available.
- Innovative Technology: EVgo plans to deploy next-generation charging architecture in 2026, enhancing energy efficiency and customer experience.
Badar Khan, CEO of EVgo, commented: “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. 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.”
Supporting EV Adoption
The expanded network will enhance range confidence for EV drivers, encouraging broader adoption of electric vehicles. By addressing infrastructure needs, the project also protects investments by the automotive industry, which has been heavily focused on electrification.
Technical Innovation
EVgo’s Innovation Lab plays a central role in advancing transportation electrification. The lab focuses on interoperability testing and collaboration with automakers to improve the customer experience. It also supports the development of domestic intellectual property for next-generation charging technology, which EVgo will deploy starting in late 2026.
The DOE loan facility’s closing follows a thorough 18-month review process, solidifying EVgo’s role as a key player in the clean energy transition.
For more details about EVgo and its initiatives, visit www.evgo.com.
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