Summary
- EVgo has received a conditional commitment for a $1.05 billion US Department of Energy loan to build around 7,500 DC fast chargers
- The financing would accelerate EVgo’s efforts to scale its charging footprint across top state markets
- The expected roll-out of the infrastructure will begin in the second half of 2026 and be completed by 2030
- In alignment with the Biden-Harris administration’s Justice40 initiative, over 40% of EVgo’s DC fast chargers will be built in marginalized areas
- The project buildout is estimated to create over 1,000 jobs, with more than 700 contracted roles
Article
EVgo, a leading electric vehicle charging network, has secured a conditional commitment for a $1.05 billion loan from the US Department of Energy to build approximately 7,500 DC fast chargers across the US. This low-cost financing from the US DOE Loan Programs Office will enable EVgo to expand its charging infrastructure in key state markets such as Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas.
The rollout of the new infrastructure is expected to begin in the second half of 2026 and be completed by 2030, pending the satisfaction of certain technical, legal, environmental, and financial conditions. EVgo’s network expansion will focus on creating local, community EV charging stations, particularly in areas that serve residents of multifamily housing and others who rely on public charging. This initiative will complement the corridor charging efforts of the National Electric Vehicle Infrastructure (NEVI) Formula Program.
In line with the Biden-Harris administration’s Justice40 initiative, over 40% of EVgo’s DC fast chargers will be installed in marginalized areas that have been disproportionately affected by environmental impacts. Additionally, EVgo plans to leverage the 30C tax credit to support the buildout of public EV charging infrastructure, with an emphasis on driving investment to rural and lower-income communities. CEO Badar Khan expressed the company’s commitment to increasing EV charging access in communities that need it the most, emphasizing the importance of this historic investment in expanding the network nationwide.
The proposed financing will be provided by the Federal Financing Bank as a loan guaranteed by the DOE and structured as a limited recourse project financing. This structure eliminates the need for EVgo to raise third-party equity, whether public or private, to reach financial close and begin implementing the project. The project buildout is estimated to create more than 1,000 jobs, with over 700 of these roles being contracted positions in construction, engineering, development, and operations and maintenance.
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