EVgo Secures $1.25 Billion Federal Loan to Build 7,500 Fast Chargers

The DOE-backed loan will triple EVgo's charging network by 2029, creating over 1,000 U.S. jobs and supporting EV adoption.

EVgo closed a $1.25 billion loan from the U.S. Department of Energy to expand its fast-charging network nationwide.
The funding will support the construction of 7,500 new DC fast chargers, increasing EVgo’s network to at least 10,000 stalls by 2029.
The five-year deployment period begins in 2025, with the first loan drawdown of $75 million expected in January 2025.
The project is estimated to create over 1,000 jobs, including more than 700 in construction, engineering, and maintenance roles.
This expansion aligns with the anticipated release of over 30 new affordable EV models by 2025, addressing range confidence for consumers.