EVgo loan for over $1 billion for network expansion in the US

US charge point operator EVgo has received a conditional loan for $1.05 billion from the US Department of Energy (DOE). The money will be used to set up around 7,500 new DC charging points nationwide.

Specifically, the new chargers will be set up in communities in Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. All 7,500 should be up and running by 2030. “The network expansion will complement the corridor charging being deployed through the National Electric Vehicle Infrastructure (NEVI) Formula Program,” EVgo revealed in a statement.

“EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most,” said Badar Khan, CEO at EVgo. “This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”

According to the CPO, the network expansion will create more than 1,000 jobs.

This is a “conditional commitment,” meaning that the DOE intends to fund the undertaking, but EVgo “must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.”

Just a few weeks ago, EVgo extended its partnership with General Motors. Together, the companies want to set up 400 new fast-charging points with up to 350 kW capacity at covered ‘flagship’ locations in major metropolitan regions in the US. The first location, which has up to 20 stalls, should go into operation as early as next year.

evgo.com