EVgo Secures $1.25 Billion Loan to Expand Public Charging Network Across the US
EVgo has successfully secured a $1.25 billion guaranteed loan from the U.S. Department of Energy's Loan Programs Office (LPO). This funding will support the development of 7,500 new public EV charging stations across the United States.
With this new loan, EVgo plans to expand its public charging network significantly, bringing the total number of fast-charging stalls under its management to at least 10,000. The company has also set ambitious goals to more than triple its network footprint by 2029.
Badar Khan, CEO of EVgo, emphasized the company's strategic position to deploy the necessary infrastructure to support the growing demand for electric vehicles in the U.S. "As one of the top public fast-charging providers in the country, we are poised to build out the charging infrastructure that will support current and future investments in electric transportation," Khan stated. "This partnership between the public and private sectors will help us scale operations to meet the increasing variety of electric vehicle options that will be available to U.S. consumers in the years ahead."
EVgo expects that its project's cashflows will generate additional equity to support the loan over its duration. The first drawdown of about $75 million is anticipated in January 2025.
Earlier this month, EVgo and General Motors reached a significant milestone, launching over 2,000 public fast-charging stations. EVgo continues its long-term collaboration with Taiwan-based Delta Electronics to develop a new generation of charging stations focused on affordability and reliability.
In its latest update, EVgo revealed plans to secure domestic intellectual property rights for its next-generation charging infrastructure and begin deploying it by mid-2026.
The company also highlighted the critical role that charging infrastructure plays in safeguarding the automotive industry's investments, especially as automakers prepare to introduce more than 30 new electric vehicle models by the end of 2025.
Original News Website:
electrive.com, evgo.com
Tags: #public EV charging stations #public fast-charging stations #public charging network