EVgo Receives First Drawdown from $1.25 Billion Loan Guarantee
EVgo Inc. (NASDAQ: EVGO) has received its first drawdown of $75 million from its $1.25 billion guaranteed loan from the U.S. Department of Energy's Loan Programs Office. This initial drawdown, part of a 5-year deployment plan, will support the company's nationwide charging infrastructure expansion efforts.
The loan, which reached financial close in December 2024, will enable EVgo to construct approximately 7,500 new public fast charging stalls across the country. This expansion will bring EVgo's total owned and operated network to at least 10,000 fast charging stalls across the U.S. by 2029, effectively tripling its network size.
The company plans to prioritize installations in locations offering retail, dining, shopping, and service options. This expansion aims to support the automotive industry's growth in EV models, with over 30 new affordable models expected by the end of 2025, adding to the more than 70 vehicle models currently available.
EVgo Inc. (NASDAQ: EVGO) ha ricevuto il suo primo prelievo di $75 milioni da un prestito garantito di $1,25 miliardi dell'Ufficio dei programmi di prestito del Dipartimento dell'Energia degli Stati Uniti. Questo prelievo iniziale, parte di un piano di attuazione di 5 anni, supporterà gli sforzi dell'azienda per espandere l'infrastruttura di ricarica a livello nazionale.
Il prestito, che ha raggiunto la chiusura finanziaria nel dicembre 2024, permetterà a EVgo di costruire circa 7.500 nuovi posti di ricarica rapida pubblica in tutto il paese. Questa espansione porterà il totale di posti di ricarica di proprietà e gestiti da EVgo ad almeno 10.000 stalli di ricarica rapida negli Stati Uniti entro il 2029, triplicando di fatto le dimensioni della sua rete.
L'azienda prevede di dare priorità alle installazioni in luoghi che offrono opzioni di vendita al dettaglio, ristorazione, shopping e servizi. Questa espansione mira a supportare la crescita dell'industria automobilistica nei modelli di veicoli elettrici, con oltre 30 nuovi modelli accessibili previsti entro la fine del 2025, aggiungendosi ai più di 70 modelli di veicoli attualmente disponibili.
EVgo Inc. (NASDAQ: EVGO) ha recibido su primer desembolso de $75 millones de un préstamo garantizado de $1.25 mil millones de la Oficina de Programas de Préstamos del Departamento de Energía de los EE. UU. Este desembolso inicial, parte de un plan de implementación de 5 años, apoyará los esfuerzos de la empresa para expandir su infraestructura de carga a nivel nacional.
El préstamo, que alcanzó el cierre financiero en diciembre de 2024, permitirá a EVgo construir aproximadamente 7,500 nuevos espacios de carga rápida públicos en todo el país. Esta expansión llevará el total de la red de EVgo a al menos 10,000 puestos de carga rápida en los EE. UU. para 2029, triplicando efectivamente el tamaño de su red.
La empresa planea priorizar las instalaciones en lugares que ofrezcan opciones de venta minorista, restaurantes, compras y servicios. Esta expansión tiene como objetivo apoyar el crecimiento de la industria automotriz en modelos de EV, con más de 30 nuevos modelos asequibles previstos para finales de 2025, sumándose a los más de 70 modelos de vehículos actualmente disponibles.
EVgo Inc. (NASDAQ: EVGO)는 미국 에너지부 융자 프로그램 사무소로부터 보장된 12억 5000만 달러의 대출에서 7500만 달러의 최초 인출을 받았습니다. 5년 배포 계획의 일부인 이번 초기 인출은 회사의 전국 충전 인프라 확장을 지원하게 됩니다.
2024년 12월에 재정적 마감이 이루어진 이 대출은 EVgo가 전국적으로 약 7500개의 새로운 공공 고속 충전소를 건설할 수 있도록 해줍니다. 이 확장은 2029년까지 EVgo가 미국에서 보유하고 운영하는 충전소의 총수를 최소 1만 개의 고속 충전소로 늘려, 사실상 네트워크 규모를 세 배로 늘리는 것입니다.
회사는 소매, 식사, 쇼핑 및 서비스 옵션을 제공하는 장소에서 설치를 우선할 계획입니다. 이 확장은 2025년 말까지 30개 이상의 새로운 저렴한 모델이 출시될 것으로 예상되는 전기차(EV) 모델의 산업 성장을 지원하는 것을 목표로 하며, 현재 70개 이상의 차량 모델이 제공되고 있습니다.
EVgo Inc. (NASDAQ: EVGO) a reçu son premier tirage de 75 millions de dollars d'un prêt garanti de 1,25 milliard de dollars du Bureau des programmes de prêts du Département de l'énergie des États-Unis. Ce tirage initial, dans le cadre d'un plan de déploiement sur 5 ans, soutiendra les efforts de l'entreprise pour étendre l'infrastructure de recharge à l'échelle nationale.
Le prêt, qui a atteint la clôture financière en décembre 2024, permettra à EVgo de construire environ 7 500 nouvelles stations de recharge rapide publiques à travers le pays. Cette expansion portera le total du réseau possédé et exploité par EVgo à au moins 10 000 stations de recharge rapide aux États-Unis d'ici 2029, triplant ainsi la taille de son réseau.
L'entreprise prévoit de donner la priorité aux installations dans des lieux offrant des options de vente au détail, de restauration, de shopping et de service. Cette expansion vise à soutenir la croissance de l'industrie automobile dans les modèles de VE, avec plus de 30 nouveaux modèles abordables attendus d'ici la fin de 2025, s'ajoutant aux plus de 70 modèles de véhicules actuellement disponibles.
EVgo Inc. (NASDAQ: EVGO) hat seine erste Auszahlung von 75 Millionen USD aus einem garantierten Kredit über 1,25 Milliarden USD vom Darlehensprogramm des US-Energieministeriums erhalten. Diese erste Auszahlung, Teil eines 5-Jahres-Umsetzungsplans, wird die nationalen Erweiterungsbemühungen des Unternehmens im Bereich der Ladeinfrastruktur unterstützen.
Der Kredit, der im Dezember 2024 abgeschlossen wurde, ermöglicht es EVgo, etwa 7.500 neue öffentliche Schnellladepunkte im ganzen Land zu errichten. Diese Erweiterung wird die Gesamtzahl der von EVgo betriebenen und eigenständigen Netzwerke bis 2029 auf mindestens 10.000 Schnellladepunkte in den USA erhöhen und somit die Größe seines Netzwerks ver3-fachen.
Das Unternehmen plant, Installationen an Standorten zu priorisieren, die Einzelhandel, Gastronomie, Einkaufsmöglichkeiten und Dienstleistungen anbieten. Diese Erweiterung zielt darauf ab, das Wachstum der Automobilindustrie im Bereich der EV-Modelle zu unterstützen, wobei bis Ende 2025 über 30 neue erschwingliche Modelle erwartet werden, zusätzlich zu den mehr als 70 Fahrzeugmodellen, die derzeit verfügbar sind.
- Secured first $75M drawdown from $1.25B DOE loan guarantee
- Plans to triple network size to 10,000 charging stalls by 2029
- Access to low-cost government financing for expansion
- Already commenced construction of new stalls with loan funding
- 5-year deployment period indicates long-term capital commitment
- Significant debt addition to balance sheet
Insights
The
The financial structure provides EVgo with substantial operational leverage - each successfully deployed stall increases network density and utilization rates, potentially driving higher margins through economies of scale. The loan's government backing effectively de-risks the company's expansion plans, making the stock more attractive to risk-averse institutional investors. However, execution risk remains key - EVgo must demonstrate efficient capital deployment and achieve targeted utilization rates to generate returns above their cost of capital.
With projected EV adoption rates accelerating and over 30 new affordable models expected by 2025, the timing of this expansion positions EVgo to capture significant market share in the rapidly growing public charging space. The emphasis on high-traffic, amenity-rich locations should drive higher utilization rates per stall compared to industry averages.
The strategic deployment focus on amenity-rich locations represents best-in-class site selection methodology for EV charging infrastructure. High-traffic retail and service locations typically see
The standardization of charging cables and increasing charge rates (likely 350kW+) future-proofs these installations, particularly important given the 5-year deployment timeline. The infrastructure buildout's timing aligns perfectly with the automotive industry's EV rollout plans, creating a symbiotic relationship between charging availability and vehicle adoption. The focus on fast charging rather than Level 2 charging demonstrates EVgo's understanding of evolving consumer preferences and the growing importance of rapid charging in the public sphere.
A newly opened EVgo station in
“The timely completion of this first drawdown underscores EVgo’s operational expertise and ability to meet DOE requirements,” said EVgo CEO, Badar Khan. “EVgo’s comprehensive network plan helps address the growing demand for public charging infrastructure by bringing our industry-leading fast charging solutions to more drivers than ever before. DOE’s low-cost financing enables EVgo to more than triple our network size by 2029, building our operational and financial scale and expanding our geographic footprint.”
Building high-power public charging at scale bolsters range confidence for Americans as they consider the choice to drive an EV. Further, expanding fast charging infrastructure is critical to the success of the investments made by the automotive industry, which is expected to release over 30 new affordable EV models by the end of 20251 in addition to the more than 70 vehicle models already available to American consumers.2 With faster charge rates, standardized charging cables, and the rise of autonomous vehicles, demand for reliable charging continues to climb.
As part of EVgo’s
For more information about the EVgo network, visit www.evgo.com.
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
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 Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements regarding future drawdowns from 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; growth in the demand for EV vehicles and charging infrastructure; the anticipated release of new affordable EV models; and the Company’s ability to scale. These statements are subject to a number of risks, uncertainties and assumptions, including those more fully described in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2023, 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. In light of these risks, uncertainties and assumptions, actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. As a result, you should not rely on any forward-looking statements as predictors of future results. Any forward-looking statements in this release are based on the limited information currently 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
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FAQ
How much did EVgo receive in its first loan drawdown from the DOE?
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