Public electric vehicle (EV) charging infrastructure provider EVgo has received its first $75m drawdown from a $1.25bn loan guarantee secured from the US Department of Energy’s (DOE) Loan Programs Office (LPO).
The loan, finalised under the Title 17 Clean Energy Financing Program in December 2024 after an 18-month approval process, is aimed at supporting the company’s efforts to expand its fast-charging infrastructure across the US.
The initial funding, along with subsequent disbursements over the next five years, will drive the deployment of approximately 7,500 new public fast-charging stalls.
This initiative is expected to increase EVgo’s total owned and operated network to over 10,000 fast-charging stalls by 2029.
The first new charging stalls financed by the loan have already been built, with installations continuing in high-traffic, amenity-rich locations offering access to retail, dining, shopping, and other services.
The automotive industry is expected to introduce over 30 new affordable EV models by the end of 2025, adding to the over 70 models currently available to US consumers.
EVgo’s efforts aim to support this growth by addressing the rising demand for faster, reliable charging.
EVgo CEO Badar Khan said: “The timely completion of this first drawdown underscores EVgo’s operational expertise and ability to meet DOE requirements.
“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.”
The DOE’s loan guarantee represents the federal government’s commitment to advancing clean energy initiatives and reducing carbon emissions.
EVgo’s expanded network is set to play a pivotal role in enabling a nationwide shift towards electric mobility, complementing ongoing investments by automakers in EV development.
