EVgo closes a $1.25B federal loan to build 7,500 DC fast chargers

EVgo (Nasdaq: EVGO) yesterday announced the closing of a $1.25 billion guaranteed US Department of Energy (DOE) loan to build around 7,500 DC fast chargers.

With the DOE loan’s backing, this buildout will bring EVgo’s total owned and operated network to at least 10,000 fast-charging stalls, allowing the company to more than triple its network footprint by 2029. It currently has more than 1,000 fast charging stations across 40 states. The loan requires the deployment period to be five years, starting in 2025.

EVgo estimates the project will create over 1,000 US jobs. More than 700 of those positions will be contracted roles in construction, engineering, development, and operations and maintenance.

In October, when EVgo announced a conditional commitment for the US DOE Loan Programs Office’s low-cost financing, it anticipated its top state markets to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas.

Expanding fast-charging infrastructure creates jobs and boosts local economies. It’s also essential for supporting the automotive industry’s investment in over 30 new affordable EV models set to hit the market by 2025, adding to the more than 70 EVs already available to US drivers.

EVgo CEO Badar Khan said, “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.”

Read more: Tesla loses out to EVgo in Oklahoma’s NEVI EV charger rollout

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