US Grants $1.05 Billion Loan to EVgo

EVgo has received a conditional commitment for a $1.05 billion loan guarantee from the U.S. Department of Energy to expand its electric vehicle charging network across the U.S. This funding will facilitate the construction of approximately 7,500 fast charging stalls, with a focus on community locations, particularly in marginalized areas. The chargers, which will be 350 kW and capable of charging two vehicles simultaneously, aim to be completed by 2030, enhancing access in states like Arizona, California, and New York. The initiative aligns with the Biden-Harris administration's Justice40 initiative, emphasizing investment in overburdened communities. The loan is part of the DOE's Title 17 program and represents the first aid for an EV charger company from the Loan Programs Office, which has $70 billion in loan authority. EVgo's share prices surged following the loan announcement, reflecting investor confidence in the company's expansion plans.