Summary
- EVgo received a conditional commitment for a loan guarantee of up to $1.05 billion for expanding its fast charging network
- This financing will support the construction of approximately 7,500 new DC fast charging stalls across the U.S.
- The expansion will focus on creating community charging stations to increase access for EV drivers
- Over 40% of the stalls will be in marginalized areas as part of the Justice40 initiative
- The project buildout is estimated to create over 1,000 jobs and will not require third-party equity to reach financial close
Article
EVgo Inc., a leading public fast charging network for electric vehicles (EVs), has received a conditional commitment for a loan guarantee of up to $1.05 billion from the U.S. Department of Energy Loan Programs Office. This funding will support the construction of approximately 7,500 new DC fast charging stalls across the United States. The top state markets for this expansion are expected to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. The goal is to complete the deployment of these new stalls by 2030, increasing nationwide access to convenient and reliable public charging stations.
The network expansion by EVgo will focus on creating community charging stations in areas that serve multifamily housing residents and others who rely primarily on public charging. Over 40% of the new stalls will be located in marginalized areas that have been overburdened by environmental impacts, aligning with the Biden-Harris administration’s Justice40 initiative. EVgo also plans to leverage the 30C tax credit to drive investment in rural and lower-income communities. The company aims to provide public charging to EV drivers across the country and support the broader adoption of electric vehicles.
EVgo’s proposed financing will be provided directly by the Federal Financing Bank as a loan guaranteed by the DOE, structured as a limited recourse project financing. This means that EVgo will not need to raise any third-party equity to reach financial close and begin the deployment of new charging stalls. The project buildout is anticipated to create over 1,000 jobs, with the majority being contracted resources engaged by the company in construction, engineering, development, and operations and maintenance. EVgo has a history of successful public-private partnerships and will continue collaborating with utilities and state agencies to accelerate infrastructure deployment.
The partnership between EVgo and the DOE aims to enhance the customer experience for EV drivers and maximize charging convenience and reliability. The company plans to roll out next-generation charging infrastructure starting in the second half of 2026, with a focus on delivering a seamless charging experience for all EV drivers. While the conditional commitment from the DOE indicates its intent to finance the project, EVgo must fulfill certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan. EVgo continues to invest in developing innovative charging infrastructure to support broader EV adoption and provide a superior charging experience for customers across the country.
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