EVgo, a prominent public fast-charging provider for electric vehicles, announced the successful closure of a $1.25 billion guaranteed loan facility from the US Energy Department (DOE) under its Title 17 Clean Energy Financing Program.
This financial support will be instrumental in EVgo's ambitious plan to expand its public charging infrastructure across the US by constructing 7,500 new fast-charging stalls. This expansion aims to significantly increase EVgo's existing network to at least 10,000 fast-charging stalls by 2029, thereby tripling its footprint.
EVgo CEO Badar Khan emphasized the importance of this public-private partnership in facilitating the company's growth and supporting the wider adoption of EVs in the face of a growing number of vehicle options for American consumers. The expansion of EVgo's charging network is expected to enhance consumer confidence in EV use by addressing range anxiety and is seen as critical support for the automotive industry's investment in EVs.
According to EVgo, with over 30 new affordable EV models expected to be released by the end of 2025, and EVs accounting for approximately 9% of new vehicle sales, expanding fast-charging infrastructure is also anticipated to stimulate job creation and yield local economic benefits. EVgo estimates that the project will generate over 1,000 jobs in the US, including more than 700 contracted roles spanning construction, engineering, development, and operations and maintenance.
This loan facility was finalized after an exhaustive 18-month evaluation, following a conditional commitment received by EVgo on Oct. 3. In addition to expanding its charging network, EVgo is promoting technological innovation within the EV ecosystem through its EVgo Innovation Lab. The lab facilitates interoperability testing and collaborative projects with automakers and tech partners to enhance the customer charging experience.
Notably, EVgo is developing a next-generation charging architecture to improve efficiency and reduce costs, with plans to deploy this new system in the latter half of 2026 and secure domestic intellectual property rights for it.
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