EVgo receives conditional commitment for $1.05B DOE loan guarantee

EVgo announced that it has received a conditional commitment for a loan guarantee of up to $1.05B of debt financing, from the U.S. Department of Energy, or DOE, Loan Programs Office under its Title 17 program to accelerate expansion of its fast-charging network in community locations across the U.S. The financing would accelerate EVgo‘s efforts to scale its charging footprint and increase nationwide access to public charging stations. Access to this low-cost financing will facilitate the build out of approximately 7,500 additional fast charging stalls across the U.S., with the top state markets anticipated to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania and Texas. If finalized, EVgo expects to complete the deployment of the new stalls by 2030. In alignment with the Biden-Harris administration’s Justice40 initiative, over 40% of stalls to be built pursuant to the financing, if finalized, are anticipated to be in marginalized areas that have been overburdened by environmental impacts. EVgo also plans to leverage the 30C tax credit, which was expanded as part of the Inflation Reduction Act and supports the buildout of public EV charging infrastructure with a focus on driving investment to rural and lower-income communities.