EVgo, a public fast charging network for electric vehicles (EVs), has secured a conditional commitment for a loan guarantee of up to $1.05bn in debt financing from the US Department of Energy (DOE).
Awarded by the department’s Loan Programs Office (LPO) under its Title 17 programme, the financing aims to expedite the expansion of EVgo’s fast charging network in community locations across the country.
The loan is expected to support EVgo’s initiatives to boost its charging infrastructure, improving nationwide access to convenient and reliable public charging stations. The financing will also facilitate the construction of about 7,500 additional fast charging stalls in the US.
EVgo’s key markets for fast charging stalls are anticipated to include Arizona, California, Florida, Michigan, New Jersey, New York, Georgia, Illinois, Pennsylvania, and Texas.
Once finalised, the company plans to complete the installation of the new charging stalls by the end of this decade. This expansion is expected to complement the corridor charging being rolled out under the National Electric Vehicle Infrastructure (NEVI) Formula Program.
The community charging stations will enhance access and availability for those living in areas such as multifamily housing and others who primarily rely on public charging facilities, said EVgo.
EVgo CEO Badar Khan said: “EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most.
“This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the US.”
According to EVgo, the project buildout will generate more than 1,000 jobs, with over 700 being contracted roles in construction, engineering, development, and operations and maintenance.
The company expects to begin its launch of new infrastructure in the second half of 2026.
EVgo must meet certain technical, legal, environmental, and financial conditions before entering into definitive financing documents and receiving the loan from the DOE.
Last year, EVgo launched a new EV charger navigation experience with Amazon’s cloud-based voice service Alexa. The feature allows drivers with Alexa-enabled vehicles as well as automotive accessories such as Echo Auto to ask Alexa for assistance in finding and navigating to nearby EV charging stations.
