EVgo, one of the largest public fast charging networks for electric vehicles in the US, 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.
The loan will enable the construction of 7,500 new fast charging stations across the US. 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.
“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, in addition to the more than 70 vehicle models already available to American consumers today.
EVs now account for roughly 9% of new vehicle sales 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.
