EVgo gets $1.25 billion loan to establish 7,500 fast charging stalls

The company got the loan guarantee from the U.S. Department of Energy to support nationwide deployment of charging infrastructure.

EVgo announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy to construct 7,500 new fast charging stalls nationwide. 

This buildout will bring the company’s total owned and operated network to at least 10,000 fast charging stalls, more than tripling its network footprint by 2029. Building high-power public charging at scale will help bolster range confidence for Americans as they consider the choice to drive an electric vehicle (EV).

“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 Badar Khan, CEO of EVgo.

The company estimates this project buildout will create more than 1,000 jobs in the U.S.

EVgo is one of the nation’s leading public fast charging providers, with more than 1,000 fast charging stations across 40 states. At its dedicated Innovation Lab, the company performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.