EVgo Secures $1.05 Billion Loan for Nationwide Charger Expansion

The Department of Energy's conditional loan will fund the installation of 7,500 fast chargers, focusing on community access and marginalized areas.

EVgo's shares surged over 60% following the announcement of the conditional loan guarantee from the U.S. Department of Energy.
The loan will support the construction of approximately 7,500 fast charging stalls across 10 states by 2030, with a focus on Arizona, California, and Florida.
More than 40% of the new chargers will be deployed in marginalized communities to improve access to EV infrastructure.
The initiative is part of a broader effort to enhance community charging stations, particularly where residents rely on public chargers.
EVgo aims to create over 1,000 jobs in construction, engineering, and operations as part of this expansion.