EVgo Receives Conditional Commitment for DOE Loan Guarantee of up to $1.05 Billion to Accelerate Buildout of Public Fast Charging Across the U.S.
EVgo Inc. (NASDAQ: EVGO) has received a conditional commitment for a $1.05 billion loan guarantee from the U.S. Department of Energy to expand its fast charging network across the U.S. This financing is expected to support the construction of approximately 7,500 new DC fast charging stalls in community locations by 2030.
The expansion will focus on increasing access in areas serving multifamily housing residents and those relying primarily on public charging. Over 40% of the new stalls are anticipated to be in marginalized areas, aligning with the Biden-Harris administration's Justice40 initiative. The project is estimated to create more than 1,000 jobs, with top state markets including Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas.
EVgo plans to leverage the 30C tax credit from the Inflation Reduction Act to support the buildout. The financing structure allows EVgo flexibility to scale its network without raising additional equity. The company will collaborate with utilities, state agencies, and retail site hosts to accelerate infrastructure deployment.
EVgo Inc. (NASDAQ: EVGO) ha ricevuto un'impegno condizionato per una garanzia di prestito di 1,05 miliardi di dollari dal Dipartimento dell'Energia degli Stati Uniti per espandere la sua rete di ricarica rapida in tutto il paese. Questo finanziamento dovrebbe sostenere la costruzione di circa 7.500 nuove stazioni di ricarica rapida DC in luoghi comunitari entro il 2030.
L'espansione si concentrerà sull'aumento dell'accesso nelle aree che servono residenti in alloggi multifamiliari e coloro che si affidano principalmente alla ricarica pubblica. Si prevede che oltre il 40% delle nuove stazioni sia situato in aree svantaggiate, in linea con l'iniziativa Justice40 dell'amministrazione Biden-Harris. Si stima che il progetto creerà oltre 1.000 posti di lavoro, con i principali mercati statali tra cui Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania e Texas.
EVgo prevede di sfruttare il credito d'imposta 30C previsto dal Inflation Reduction Act per sostenere lo sviluppo. La struttura di finanziamento consente a EVgo flessibilità per ampliare la sua rete senza dover raccogliere ulteriore capitale. L'azienda collaborerà con le utility, le agenzie statali e i proprietari di siti commerciali per accelerare la distribuzione delle infrastrutture.
EVgo Inc. (NASDAQ: EVGO) ha recibido un compromiso condicionado para una garantía de préstamo de 1.05 mil millones de dólares del Departamento de Energía de los Estados Unidos para expandir su red de carga rápida en todo el país. Se espera que este financiamiento apoye la construcción de aproximadamente 7,500 nuevas estaciones de carga rápida DC en ubicaciones comunitarias para 2030.
La expansión se enfocará en aumentar el acceso en áreas que atienden a residentes de vivienda multifamiliar y aquellos que dependen principalmente de la carga pública. Se anticipa que más del 40% de las nuevas estaciones estarán en áreas marginadas, en línea con la iniciativa Justice40 de la administración Biden-Harris. Se estima que el proyecto generará más de 1,000 empleos, con los principales mercados estatales que incluyen Arizona, California, Florida, Georgia, Illinois, Michigan, Nueva Jersey, Nueva York, Pensilvania y Texas.
EVgo planea aprovechar el crédito fiscal 30C de la Ley de Reducción de la Inflación para ayudar con la expansión. La estructura de financiamiento permite a EVgo flexibilidad para escalar su red sin necesidad de recaudar capital adicional. La empresa colaborará con empresas de servicios públicos, agencias estatales y anfitriones de sitios comerciales para acelerar el despliegue de infraestructura.
EVgo Inc. (NASDAQ: EVGO)는 미국 에너지부로부터 10억 5천만 달러의 대출 보증에 대한 조건부 약속을 받았습니다. 이는 미국 전역에 빠른 충전 네트워크를 확장하기 위한 것입니다. 이 자금은 2030년까지 약 7,500개의 새로운 DC 빠른 충전소 건설을 지원할 것으로 기대됩니다.
확장은 다세대 주택 주민들과 공공 충전에 주로 의존하는 사람들이 이용할 수 있는 접근성을 높이는 데 중점을 두게 됩니다. 새로운 충전소의 40% 이상이 소외된 지역에 설치될 것으로 예상되며, 이는 바이든-해리스 행정부의 Justice40 이니셔티브와 일치합니다. 이 프로젝트는 1,000개 이상의 일자리를 창출할 것으로 예상되며, 주요 주 시장으로는 애리조나, 캘리포니아, 플로리다, 조지아, 일리노이, 미시간, 뉴저지, 뉴욕, 펜실베니아, 텍사스가 포함됩니다.
EVgo는 인플레이션 감소법의 30C 세액 공제를 활용해 구축을 지원할 계획입니다. 이 금융 구조는 EVgo가 추가 자본을 조달하지 않고도 네트워크를 확장할 수 있는 유연성을 제공합니다. 회사는 유틸리티, 주 정부기관 및 소매 사이트 주최자와 협력하여 인프라 배치를 가속화할 것입니다.
EVgo Inc. (NASDAQ: EVGO) a reçu un engagement conditionnel pour une garantie de prêt de 1,05 milliard de dollars du Département de l'Énergie des États-Unis pour étendre son réseau de recharge rapide à travers le pays. Ce financement devrait soutenir la construction de près de 7 500 nouvelles stations de recharge rapide DC dans des zones communautaires d'ici 2030.
L'expansion se concentrera sur l'augmentation de l'accès dans les zones desservant des résidents de logements multifamiliaux et ceux qui dépendent principalement de la recharge publique. Plus de 40 % des nouvelles stations devraient se trouver dans des zones marginalisées, en accord avec l'initiative Justice40 de l'administration Biden-Harris. Le projet devrait créer plus de 1 000 emplois, avec des marchés d'État clés comprenant l'Arizona, la Californie, la Floride, la Géorgie, l'Illinois, le Michigan, le New Jersey, New York, la Pennsylvanie et le Texas.
EVgo prévoit de tirer parti du crédit d'impôt 30C de la loi sur la réduction de l'inflation pour soutenir l'expansion. La structure de financement permet à EVgo de faire évoluer son réseau sans devoir lever de capitaux supplémentaires. L'entreprise collaborera avec les services publics, les agences d'État et les hôtes de sites commerciaux pour accélérer le déploiement des infrastructures.
EVgo Inc. (NASDAQ: EVGO) hat eine bedingte Zusage für eine 1,05 Milliarden Dollar Kreditgarantie vom US-Energieministerium erhalten, um sein Schnelllade-Netzwerk in den USA auszubauen. Diese Finanzierung wird voraussichtlich den Bau von etwa 7.500 neuen DC-Schnellladesäulen an Gemeinschaftsstandorten bis 2030 unterstützen.
Der Ausbau wird sich darauf konzentrieren, den Zugang in Gebieten zu erhöhen, die Bewohner von Mehrfamilienhäusern bedienen und die hauptsächlich auf öffentliche Ladesäulen angewiesen sind. Es wird erwartet, dass über 40 % der neuen Ladesäulen in benachteiligten Gebieten angesiedelt sein werden, was mit der Justice40-Initiative der Biden-Harris-Administration übereinstimmt. Das Projekt soll mehr als 1.000 Arbeitsplätze schaffen, wobei die wichtigsten Bundesstaaten Arizona, Kalifornien, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania und Texas umfassen.
EVgo plant, den 30C-Steuergutschrift aus dem Inflation Reduction Act zu nutzen, um den Ausbau zu unterstützen. Die Finanzierungsstruktur ermöglicht es EVgo, seine Netze ohne zusätzliche Eigenkapitalbeschaffung zu erweitern. Das Unternehmen wird mit Versorgungsunternehmen, staatlichen Stellen und Einzelhandelsstandorten zusammenarbeiten, um die Infrastrukturverlagerung zu beschleunigen.
- Secured conditional commitment for $1.05 billion loan guarantee from DOE
- Planned construction of 7,500 new DC fast charging stalls across the U.S.
- Project expected to create over 1,000 jobs
- No need to raise additional equity for project financing
- Alignment with government initiatives (Justice40, 30C tax credit)
- Loan guarantee is still conditional and subject to satisfying various conditions
- Full deployment of new stalls not expected until 2030
Insights
This $1.05 billion conditional loan guarantee from the DOE is a significant development for EVgo, potentially transforming its growth trajectory and market position. The financing, if finalized, would enable EVgo to deploy approximately 7,500 new fast charging stalls across the U.S. by 2030, substantially expanding its network and revenue potential.
Key financial implications include:
- Low-cost financing structure, reducing capital costs
- No need for additional equity raising, preserving shareholder value
- Potential for accelerated revenue growth and market share expansion
- Job creation (over 1,000 jobs) potentially leading to operational scalability
The project aligns with government initiatives, which could provide regulatory tailwinds and additional incentives (e.g., 30C tax credit). However, investors should note that the commitment is conditional and EVgo must meet various requirements before funding. The long-term impact on profitability and return on investment will depend on EV adoption rates and utilization of the expanded network.
This potential DOE loan guarantee marks a significant step in scaling U.S. EV charging infrastructure. The planned 7,500 new fast charging stalls would substantially increase EVgo's footprint, particularly in community locations and underserved areas. Key points to consider:
- Focus on community charging complements the NEVI program's corridor emphasis
- Over 40% of stalls planned for marginalized areas, aligning with the Justice40 initiative
- Emphasis on serving multifamily housing residents could drive increased utilization
- Deployment across 10 key states suggests strategic market targeting
The project's scale and focus on accessibility could significantly accelerate EV adoption by addressing charging anxiety, particularly for those without home charging options. However, the success will depend on effective site selection, grid integration and the ability to maintain high uptime and reliability across this expanded network. The planned rollout of next-generation infrastructure from 2026 could further enhance the network's competitiveness and user experience.
Access to low-cost financing is expected to support construction of approximately 7,500 new DC fast charging stalls in community locations
EVgo fast charging station installed near multifamily housing (Photo: Business Wire)
The financing would accelerate EVgo’s efforts to scale its charging footprint and increase nationwide access to convenient, reliable public charging stations. Access to this low-cost financing will facilitate the build out of approximately 7,500 additional fast charging stalls across the
The network expansion will complement the corridor charging being deployed through the National Electric Vehicle Infrastructure (NEVI) Formula Program by creating localized, community charging stations with an emphasis on increased access and availability in areas that serve multifamily housing residents and others who rely primarily on public charging for their needs.
In alignment with the Biden-Harris administration’s Justice40 initiative, over
“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.”
The proposed financing will be provided directly by the Federal Financing Bank as a loan, guaranteed by DOE, and structured as a limited recourse project financing. EVgo will not need to raise any third-party equity—public or private—to reach financial close and begin drawdown. The financing structure provides EVgo flexibility to continue scaling its network both within and outside of the Project, to meet growing demand and support the Biden-Harris administration’s goal of building a nationwide network of public chargers.
EVgo estimates that the project buildout will create more than 1,000 jobs, over 700 of which will be contracted resources engaged by the Company encompassing roles in construction, engineering, development, and operations and maintenance.
EVgo has a successful history of public-private partnerships and will continue to collaborate with utilities and state agencies to leverage incentives and funding programs that help to accelerate infrastructure deployment. Partnering with retail site hosts and property owners, EVgo has over a decade of experience in making EV charging more accessible and supporting the broader adoption of electric vehicles.
EVgo and DOE are committed to a superior customer experience for EV drivers and will collaborate on long-term solutions to maximize charging convenience and reliability to bolster consumer confidence and support broader EV adoption across the country. EVgo continues to invest in developing next-generation charging infrastructure that will enhance customer experience and expects to begin rolling out this new infrastructure in the second half of 2026. If finalized, the landmark partnership between EVgo and DOE will enable EVgo to build the fast charging network of the future and deliver a seamless charging experience for all EV drivers.
While this conditional commitment indicates DOE’s intent to finance the project, the Company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.
For more information about EVgo, visit www.evgo.com.
Transaction Advisors
Goldman Sachs acted as the financial advisor to EVgo.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial and operating performance, revenues, market size and opportunity, capital expenditures and offsets; EVgo’s expectation of market position and progress on its network buildout, customer experience, and technological capabilities and cost efficiencies. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. Additional risks and uncertainties that could affect the Company’s financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of EVgo” in EVgo’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”), as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward-looking statements in this press release are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
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Source: EVgo
FAQ
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