- EVgo has received a conditional commitment from the Department of Energy for a $1.05 billion loan.
- The low-cost financing would enable the company to build approximately 7,500 new charging stalls across the country.
- A number of these would be located in rural and lower-income communities as well as “marginalized areas that have been overburdened by environmental impacts.”
With automakers adopting the North American Charging Standard and gaining access to the Supercharger network, Tesla seemed destined to cement its status as the king of charging. However, EVgo is fighting back with the assistance of the United States Department of Energy.
The charging firm has received a “conditional commitment for a loan guarantee of up to $1.05 billion (£800 / €952 million) of debt financing … to accelerate expansion of its fast charging network in community locations across the U.S.” EVgo said the low-cost financing will enable them to build approximately 7,500 new fast charging stalls across the country.
More: America’s EV Charging Infrastructure Has Doubled In Less Than Four Years
The company added that the primary focus would likely be on Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania and Texas. If everything goes according to plan, the buildout could be completed by 2030.
While most charging efforts are aimed at highway corridors, this one focuses on “community locations.” In addition, over 40% of the stalls are slated to be built in “marginalized areas that have been overburdened by environmental impacts” as part of the “Biden-Harris administration’s Justice40 initiative.” It appears the firm will also focus on rural and lower-income communities to take advantage of tax credits to encourage infrastructure growth in these areas.
Things are far from finalized, but EVgo said the buildout would create more than 1,000 jobs. The company also stated they’re investing in “next-generation charging infrastructure that will enhance [the] customer experience and expects to begin rolling out this new infrastructure in the second half of 2026.”
In a statement, EVgo CEO Badar Khan said they share the “Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most.” He added, “This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”
Stockholders rejoiced as the news sent shares up more than 50%. EVgo stock was trading in the $3.90 range for most of yesterday but briefly topped $6 per share today, before retreating.
