EVgo (Nasdaq: EVGO) yesterday announced the closing of a $1.25 billion guaranteed US Department of Energy (DOE) loan to build around 7,500 DC fast chargers.
With the DOE loan’s backing, this buildout will bring EVgo’s total owned and operated network to at least 10,000 fast-charging stalls, allowing the company to more than triple its network footprint by 2029. It currently has more than 1,000 fast charging stations across 40 states. The loan requires the deployment period to be five years, starting in 2025.
EVgo estimates the project will create over 1,000 US jobs. More than 700 of those positions will be contracted roles in construction, engineering, development, and operations and maintenance.
In October, when EVgo announced a conditional commitment for the US DOE Loan Programs Office’s low-cost financing, it anticipated its top state markets to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas.
Expanding fast-charging infrastructure creates jobs and boosts local economies. It’s also essential for supporting the automotive industry’s investment in over 30 new affordable EV models set to hit the market by 2025, adding to the more than 70 EVs already available to US drivers.
Top comment by David Dietzel
Excellent. These department of energy loans are crucial for many companies. Tesla and Rivian, for example, have benefitted as well. Unfortunately the incoming billionaire administration wants to stop all "green" policies. Thankfully in many cases they will find that objective difficult.
EVgo CEO Badar Khan said, “This public-private partnership will help us continue to scale our operations to serve the influx of vehicle options that will be available to American consumers in the coming years.”
Read more: Tesla loses out to EVgo in Oklahoma’s NEVI EV charger rollout
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
Comments