EVgo Inc. (EVGO), a leader in public fast-charging networks for electric vehicles, announced on Thursday it has secured a conditional commitment for a loan guarantee of up to $1.05 billion. This comes from the U.S. Department of Energy’s Loan Programs Office, aiming to enhance its fast charging infrastructure across the country.
This cost-effective financing is set to support the establishment of approximately 7,500 additional fast charging stations nationwide. The primary markets targeted for expansion include Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas.
Upon finalization, EVgo plans to complete the rollout of these new charging stations by 2030.
This network expansion will enhance corridor charging efforts currently underway through the national electric vehicle infrastructure formula program, by introducing localized community charging stations.
The proposed financing will be directly provided by the Federal Financing Bank, backed by a guarantee from the Department of Energy.
Ahead of the market opening on the Nasdaq, EVGO shares surged by 31.60%, reaching $5.171.
