U.S. electric vehicle charging network operator EVgo has secured a $225 million commercial bank credit facility to accelerate the deployment of more than 1,500 high-power fast-charging stalls across its national network. The oversubscribed five-year facility, reportedly the largest of its kind in the U.S. to date, includes an option to increase total funding to $300 million.
The facility will support the buildout of EVgo’s public charging infrastructure and dedicated hubs for autonomous and fleet vehicles. It also allows the inclusion of charging stalls beyond those already covered under existing debt structures, enabling the company to broaden its infrastructure reach.
“This facility will provide incremental low-cost capital to enable us to increase our infrastructure buildout, which will ultimately provide EV drivers more fast charging choices,” said EVgo CEO Badar Khan. “As the first of its kind in the United States, the Facility reflects continued and growing confidence in both EVgo’s leadership position and in the future of the EV charging industry by financial markets.”
Led by SMBC as Structuring Agent, Coordinating Lead Arranger, and Joint Bookrunner, the lending syndicate also includes Bank of Montreal, Royal Bank of Canada, and ING Bank NV as Joint Lead Arrangers and Bookrunners. Investec Bank Plc also participated in the financing.
“This groundbreaking financing transaction sets a precedent for expanding high-power charging infrastructure by leveraging debt capital,” said Francine Sullivan, EVgo’s Chief Legal Officer and EVP of Corporate Development. “Such resounding support from the global project finance bank market marks another milestone in EVgo’s plan to enhance value with our growing industry-leading fast charging solutions.”
Juan Kreutz, Head of Global Structured Finance for SMBC Americas, added: “This financing demonstrates SMBC’s continued ability to lead innovative financing solutions for clients in emerging sectors across the broader infrastructure landscape.”
EVgo’s expansion strategy focuses on extending geographic coverage and increasing capacity, particularly to support fleet electrification and scalable charging infrastructure. The company will provide additional updates on its rollout during its Q2 2025 earnings call, scheduled for August 5.
In a separate development, EVgo closed a $1.25 billion loan guarantee facility from the U.S. Department of Energy’s Loan Programs Office late last year. The funding, the first installment of which was received earlier this year, is aimed at deploying 7,500 public charging points nationwide.