EVgo financed to make 7,500 public charge points available across the USA
The closing of EVgo’s $1.25 billion guaranteed loan facility will enable the company to further build out public charging infrastructure in the USA. EVgo says this will bring its total owned and operated network to at least 10,000 fast-charging stalls. The company says the financing will allow it to more than triple its network footprint by 2029.
“As one of the nation’s leading public fast-charging providers, we are well-positioned to deploy the infrastructure needed to support both current and future domestic investments in transportation electrification,” said EVgo CEO Badar Khan. “This public-private partnership will help us continue to scale our operations to serve the influx of vehicle options that will be available to American consumers in the coming years.”
In terms of equity contribution, EVgo says that its project cashflows should provide additional cash equity over the course of the loan. The first drawdown of approximately $75 million is expected in January 2025.
Earlier this month, General Motors and EVgo announced they had reached the milestone of putting more than 2,000 public fast-charging stalls into operation. EVgo and Taiwanese charging station manufacturer Delta Electronics have a long-standing cooperation agreement and are currently developing a ‘next-generation charging architecture’, mainly focussing on making the new charging stations cheaper and more reliable.
In this latest announcement, the US charge point operator says it will soon secure domestic intellectual property rights for its next-generation architecture and plans to deploy this new architecture beginning in the second half of 2026.
EVgo points out that charging infrastructure is critical to protect the investments made by the automotive industry, which is expected to release over 30 new electric car models by the end of 2025.
0 Comments