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EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy

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EVgo Inc. (NASDAQ: EVGO) has secured a $1.25 billion guaranteed loan facility from the U.S. Department of Energy to support the nationwide deployment of approximately 7,500 new fast charging stalls. This expansion will increase EVgo's network to at least 10,000 fast charging stalls by 2029, more than tripling its current footprint.

The project is expected to create over 1,000 U.S. jobs, including 700+ contracted positions in construction, engineering, development, and operations. The loan facility includes $1.05 billion in principal and up to $193 million in capitalized interest, with a 17-year tenor and 5-year deployment period starting 2025. EVgo has contributed 1,594 existing charging stalls as project collateral.

The company plans to deploy new charging architecture beginning in second half of 2026, focusing on streamlining the charging process while improving energy efficiency.

EVgo Inc. (NASDAQ: EVGO) ha ottenuto una linea di prestito garantita di 1,25 miliardi di dollari dal Dipartimento dell'Energia degli Stati Uniti per supportare il dispiegamento a livello nazionale di circa 7.500 nuove stazioni di ricarica rapida. Questa espansione aumenterà la rete di EVgo ad almeno 10.000 stazioni di ricarica rapida entro il 2029, più che triplicando l'attuale presenza.

Il progetto si prevede creerà oltre 1.000 posti di lavoro negli Stati Uniti, inclusi oltre 700 posti contrattuali nei settori della costruzione, ingegneria, sviluppo e operazioni. La linea di prestito include 1,05 miliardi di dollari di capitale e fino a 193 milioni di dollari in interessi capitalizzati, con una durata di 17 anni e un periodo di implementazione di 5 anni a partire dal 2025. EVgo ha contribuito con 1.594 stazioni di ricarica esistenti come garanzia per il progetto.

L'azienda prevede di implementare una nuova architettura di ricarica a partire dalla seconda metà del 2026, concentrandosi sull'ottimizzazione del processo di ricarica e sul miglioramento dell'efficienza energetica.

EVgo Inc. (NASDAQ: EVGO) ha conseguido una línea de crédito garantizada de 1.25 mil millones de dólares del Departamento de Energía de EE. UU. para apoyar el despliegue nacional de aproximadamente 7,500 nuevos puestos de carga rápida. Esta expansión aumentará la red de EVgo a al menos 10,000 puestos de carga rápida para 2029, más que triplicando su huella actual.

Se espera que el proyecto genere más de 1,000 empleos en EE. UU., incluidos más de 700 puestos contratados en construcción, ingeniería, desarrollo y operaciones. La línea de crédito incluye $ 1.05 mil millones en capital y hasta $ 193 millones en intereses capitalizados, con un plazo de 17 años y un período de implementación de 5 años a partir de 2025. EVgo ha contribuido con 1,594 puestos de carga existentes como garantía para el proyecto.

La compañía planea desplegar una nueva arquitectura de carga a partir de la segunda mitad de 2026, centrándose en optimizar el proceso de carga y mejorar la eficiencia energética.

EVgo Inc. (NASDAQ: EVGO)는 약 7,500개의 새로운 급속 충전소를 전국적으로 배치하기 위해 미국 에너지부로부터 12억 5천만 달러의 보증 대출 시설을 확보했습니다. 이번 확장은 EVgo의 네트워크를 2029년까지 최소 10,000개의 급속 충전소로 늘려 현재의 규모를 세 배 이상 늘리는 것입니다.

이 프로젝트는 1,000개 이상의 미국 일자리를 창출할 것으로 예상되며, 여기에는 건설, 엔지니어링, 개발 및 운영의 700개 이상의 계약직이 포함됩니다. 대출 시설에는 10억 5천만 달러의 원금과 최대 1억 9천3백만 달러의 자본화된 이자가 포함되어 있으며, 17년의 만기와 2025년 시작 5년의 배치 기간이 있습니다. EVgo는 프로젝트 담보로 1,594개의 기존 충전소를 기여했습니다.

회사는 2026년 하반기부터 새로운 충전 아키텍처를 배치할 계획이며, 충전 프로세스를 간소화하고 에너지 효율성을 개선하는 데 집중할 것입니다.

EVgo Inc. (NASDAQ: EVGO) a obtenu une facilité de prêt garantie de 1,25 milliard de dollars du Département de l'Énergie des États-Unis pour soutenir le déploiement à l'échelle nationale d'environ 7 500 nouvelles stations de recharge rapide. Cette expansion augmentera le réseau d'EVgo à au moins 10 000 stations de recharge rapide d'ici 2029, plus que tripler sa présence actuelle.

Le projet devrait créer plus de 1 000 emplois aux États-Unis, y compris plus de 700 postes contractuels dans la construction, l'ingénierie, le développement et les opérations. La facilité de prêt comprend 1,05 milliard de dollars de principal et jusqu'à 193 millions de dollars d'intérêts capitalisés, avec une durée de 17 ans et une période de déploiement de 5 ans commençant en 2025. EVgo a contribué avec 1 594 stations de recharge existantes en tant que garantie pour le projet.

L'entreprise prévoit de déployer une nouvelle architecture de recharge à partir de la deuxième moitié de 2026, en se concentrant sur l'optimisation du processus de recharge tout en améliorant l'efficacité énergétique.

EVgo Inc. (NASDAQ: EVGO) hat eine garantierte Kreditlinie über 1,25 Milliarden US-Dollar vom US-Energieministerium gesichert, um den landesweiten Einsatz von etwa 7.500 neuen Schnellladepunkten zu unterstützen. Diese Erweiterung wird EVgos Netzwerk bis 2029 auf mindestens 10.000 Schnellladepunkte erhöhen und damit die derzeitige Präsenz mehr als verdreifachen.

Es wird erwartet, dass das Projekt über 1.000 Arbeitsplätze in den USA schafft, darunter über 700 Verträge in den Bereichen Bau, Ingenieurwesen, Entwicklung und Betrieb. Die Kreditlinie umfasst 1,05 Milliarden US-Dollar an Hauptsumme und bis zu 193 Millionen US-Dollar an kapitalisierten Zinsen, mit einer Laufzeit von 17 Jahren und einer 5-jährigen Bereitstellungsperiode, die 2025 beginnt. EVgo hat 1.594 bestehende Ladepunkte als Projektkollateral bereitgestellt.

Das Unternehmen plant, ab der zweiten Hälfte des Jahres 2026 eine neue Ladearchitektur einzusetzen, die sich auf die Optimierung des Ladevorgangs und die Verbesserung der Energieeffizienz konzentrieren wird.

Positive
  • Secured $1.25 billion in government-backed financing
  • Network expansion to 10,000 fast charging stalls by 2029
  • Creation of over 1,000 new jobs
  • 17-year loan tenor with favorable interest rates
  • Development of proprietary charging architecture
Negative
  • No principal repayments until after deployment period
  • Significant collateral requirement of 1,594 existing charging stalls
  • Extended 5-year deployment timeline starting 2025

Insights

The $1.25 billion DOE loan facility represents a significant financial milestone for EVgo, substantially strengthening its ability to scale operations. The favorable loan terms, including a 1.2% margin over Treasury rates and 17-year tenor, provide EVgo with low-cost, long-term capital for expansion. The structure, featuring capitalized interest and delayed principal repayments, allows for efficient cash management during the critical deployment phase. With plans to triple its network to 10,000 charging stalls by 2029, this financing positions EVgo to capture growing EV market share, currently at 9% of new vehicle sales. The recourse nature and project finance structure also help protect the parent company's balance sheet.

The planned deployment of 7,500 new fast charging stalls represents a transformative infrastructure expansion that will significantly enhance EV charging accessibility nationwide. The 5-year deployment timeline starting 2025 appears realistic and well-structured. The project's creation of over 1,000 domestic jobs, including 700+ contracted positions, demonstrates substantial economic impact. EVgo's focus on technological innovation through their Innovation Lab, particularly the development of proprietary charging architecture for 2026 deployment, suggests a forward-thinking approach to infrastructure optimization. The collateral contribution of 1,594 existing charging stalls provides a solid foundation for the project.
  • Loan guarantee to support nationwide deployment of approximately 7,500 high-power fast charging stalls
  • EVgo to host investor conference call at 5 p.m. ET today

LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”) today announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) under its Title 17 Clean Energy Financing Program to support EVgo’s forthcoming efforts to build convenient, reliable public charging infrastructure for electric vehicles (EVs) with the construction of 7,500 new fast charging stalls nationwide. This buildout will bring EVgo’s total owned and operated network to at least 10,000 fast charging stalls, allowing the Company to more than triple its network footprint by 2029.

EVgo fast charging network to further expand across the United States. (Photo: Business Wire)

EVgo fast charging network to further expand across the United States. (Photo: Business Wire)

“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.”

Building high-power public charging at scale bolsters range confidence for Americans as they consider the choice to drive an EV. Expanding fast charging infrastructure not only contributes to job creation and local economic benefits, but it is also critical to protecting the investments made by the automotive industry, which is expected to release over 30 new affordable EV models by the end of 2025,1 in addition to the more than 70 vehicle models already available to American consumers today.2 EVs now account for roughly 9% of new vehicle sales3 and increasing consumer confidence in the availability of public charging is key to the success of these investments.

EVgo estimates this project buildout will create more than 1,000 jobs in the U.S., over 700 of which will be contracted resources engaged by the Company encompassing roles in construction, engineering, development, and operations and maintenance.

Terms of the $1.25 Billion Guaranteed Loan Facility

Total Guaranteed Loan Facility Amount

  • $1.25 billion
    • Principal: $1.05 billion
    • Capitalized interest: Up to $193 million

Interest Rate

  • Interest rates fixed from the date of each quarterly advance for the term of the loan at the applicable long-dated U.S. Treasury rate with an aggregate risk-based charge and liquidity margin of approximately 1.2%

Collateral

  • EVgo has contributed 1,594 charging stalls from its existing public network to the project as project collateral

Equity Contribution

  • Project cashflows are expected to provide the additional cash equity from EVgo over the course of the loan

Tenor

  • 17 years from date of first drawdown

Deployment Period

  • 5-year deployment period starting 2025, ramping annually to reach approximately 7,500 fast charging stalls

Principal & Interest Grace Period

 

  • Scheduled principal repayments do not begin until after end of deployment period
  • Interest during the deployment period is capitalized, instead of being paid in cash

Loan Structure

  • Limited recourse project financing, secured by project assets

First Drawdown

  • Subject to satisfaction of all conditions precedent, the first drawdown of approximately $75 million is expected in January 2025

Additional Key Terms

  • Customary covenants and events of defaults for a limited recourse project finance loan facility
  • Customary conditions precedent to advances for a limited recourse project finance loan facility

The closing of this DOE guaranteed loan facility follows receipt of a conditional commitment on October 3, 2024, and marks the conclusion of a thorough 18-month process.

Innovative Charging Solutions

Through the EVgo Innovation Lab, the Company is fostering American innovation to advance the broader transportation electrification ecosystem, including its extensive interoperability testing and ongoing technical collaboration with leading automakers and technology partners to support a superior customer experience for drivers.

This technical innovation extends to the joint development of next-generation charging architecture, for which EVgo will soon secure domestic intellectual property rights. This architecture will leverage EVgo’s learnings from serving over a million customers nationwide to provide EVgo with more control over the full customer experience, streamlining the charging process while driving energy efficiency and cost savings. The Company plans to deploy this new architecture beginning in the second half of 2026.

For more information about the EVgo network, visit www.evgo.com.

Conference Call Information

A live audio webcast and conference call for EVgo’s DOE Loan Facility will be held today at 5 p.m. ET / 2 p.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:

Toll Free: (800) 715-9871 (for U.S. callers)
Toll/International: (646) 307-1963 (for callers outside the U.S.)
Conference ID: 9312273

This press release, along with other investor materials that will be used or referred to during the webcast and conference call, including a slide presentation will also be available on that site.

Transaction Advisors
Goldman Sachs acted as the financial advisor to EVgo.

About EVgo

EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,000 fast charging stations across 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the terms of the DOE loan facility; the anticipated benefits and growth from the DOE loan facility, including project build out plan, use of proceeds, issuance, timing and availability of advances, satisfaction of covenants and the absence of events of default; growth in the demand for EV vehicles and charging infrastructure; the anticipated release of new affordable EV models; anticipated job creation in the US from the project buildout; the Company’s ability to scale; the joint development and deployment of the Company’s next-generation charging infrastructure, and the anticipated IP rights, efficiencies, cost savings and launch plans. These statements are based on various assumptions and on the current expectations of EVgo’s management, and are not predictions of actual performance. The Company’s expectations and beliefs regarding these matters may not materialize. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes or developments in the broader general market; EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo's reliance on the DOE loan facility, its ability to fully draw on the DOE loan facility and its ability to comply with the covenants and other terms of the DOE loan facility; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; EVgo’s ability to satisfy the required conditions, enter into definitive agreements and receive loan funding in connection with, and to realize any anticipated benefits and growth from, the DOE loan facility; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; any current, pending or future legislation, regulations or policies that could impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs due to the results of the 2024 Presidential and Congressional elections; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, inflation and other increases in expenses; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants (collectively “Site Hosts”), original equipment manufacturers (“OEMs”), fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; and general economic or political conditions, including the conflicts in Ukraine, Israel and the broader Middle East region, and elevated rates of inflation and associated changes in monetary policy. The forward-looking statements contained in this report are also subject to other risks and uncertainties, including those more fully described herein and in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2023, the Company’s quarterly reports on Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 and current reports on Form 8-K. The forward-looking statements in this report are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.

1 Source: JD Power’s Future Vehicle Calendar (April 2024)
2 Source: EV Volumes, 2024 US EV sales
3 https://www.coxautoinc.com/market-insights/q3-2024-ev-sales/

EVgo Contacts

For Investors:

investors@evgo.com

For Media:

press@evgo.com

Source: EVgo Inc.

FAQ

How many new charging stalls will EVGO build with the $1.25 billion DOE loan?

EVgo will build approximately 7,500 new fast charging stalls nationwide with the DOE loan facility.

When will EVGO begin deploying the new charging stations from the DOE loan?

The deployment period starts in 2025 and will span 5 years, with the first drawdown of approximately $75 million expected in January 2025.

How many jobs will EVGO create with the DOE loan project?

The project is expected to create more than 1,000 jobs in the U.S., with over 700 being contracted positions in construction, engineering, development, and operations.

What collateral did EVGO provide for the DOE loan?

EVgo contributed 1,594 charging stalls from its existing public network as project collateral for the loan.

When will EVGO deploy its new charging architecture?

EVgo plans to deploy its new charging architecture beginning in the second half of 2026.

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