EVgo has announced the closing of a $1.25 billion guaranteed loan facility from the US Department of Energy’s Loan Programs Office (LPO), aimed at expanding the company’s public charging infrastructure across the United States. The financing will support the installation of 7,500 new public charging points, helping to grow EVgo’s network to at least 10,000 fast-charging stalls.
This loan will allow EVgo to significantly increase its footprint, with plans to more than triple its network by 2029. The company’s CEO, Badar Khan, emphasized that this expansion will help meet the growing demand for EV charging infrastructure, driven by the rising availability of electric vehicles (EVs) for American consumers. He noted that this partnership between the public and private sectors will enable EVgo to scale its operations to support the broader transition to electric transportation.
EVgo’s project cashflows are expected to provide additional equity throughout the loan period, with the first drawdown of approximately $75 million slated for January 2025. Earlier this month, the company and General Motors reached a milestone of 2,000 public fast-charging stalls now in operation.
The company is also collaborating with Delta Electronics, a Taiwanese charging station manufacturer, on the development of a next-generation charging architecture designed to make new stations more affordable and reliable. EVgo plans to secure domestic intellectual property rights for this new technology and begin deploying it in the second half of 2026.
With over 30 new electric vehicle models expected to hit the market by the end of 2025, EVgo underscores the importance of expanding charging infrastructure to support the automotive industry’s investments in electrification.
