EVgo Secures $1 Billion Loan for Charging Network Expansion in the U.S.
EVgo, a U.S. charging point provider, has secured a conditional loan of $1.05 billion from the U.S. Department of Energy (DOE) aimed at establishing approximately 7,500 new DC fast chargers across the country.
These charging stations will be located in various communities across Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas, with all units expected to be operational by 2030. According to EVgo, this expansion will enhance the corridor charging initiatives being implemented through the National Electric Vehicle Infrastructure (NEVI) Formula Program.
“EVgo aligns with the Biden-Harris administration's objective to improve EV charging accessibility in underserved communities,” stated Badar Khan, CEO of EVgo. “This significant investment will significantly speed up our network growth, allowing us to provide public charging options for electric vehicle users throughout the United States.”
The company noted that this network development is projected to generate over 1,000 jobs.
It’s important to note that this funding is a “conditional commitment,” meaning the DOE plans to finance the project once EVgo meets specific technical, legal, environmental, and financial criteria prior to finalizing the loan agreement.
Recently, EVgo also expanded its collaboration with General Motors to install 400 new fast-charging stations, each capable of delivering up to 350 kW, at prominent locations in major U.S. cities. The first site, featuring up to 20 charging stalls, is expected to become operational as early as next year.
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Tags: #charging stations, #fast-charging stations, #DC fast chargers #charging point
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