EVgo announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy (DOE) Loan Programs Office (LPO) under its Title 17 Clean Energy Financing Program to support EVgo’s forthcoming efforts to build convenient and reliable public charging infrastructure for electric vehicles (EVs) with the construction of 7,500 new fast charging stalls nationwide. This buildout brings EVgo’s total owned and operated network to at least 10,000 fast-charging stalls, enabling the company to triple its network footprint by 2029.
Building high-power public charging at scale supports range confidence for Americans as they consider driving an EV. Expanding fast-charging infrastructure contributes to job creation and benefits local economies. However, it is also critical to protect the investments made by the automotive industry. It is expected to release over 30 new affordable EV models by the end of next year, in addition to the more than 70 vehicle models already available to American consumers. EVs now account for about 9% of new vehicle sales, and increasing consumer confidence in the availability of public charging is key to the success of these investments.
EVgo estimates this project buildout will create over 1,000 jobs in the U.S., 700 of which will be contracted resources engaged by the company in roles in construction, engineering, development, operations, and maintenance.
The company fosters American innovation through the EVgo Innovation Lab to advance the broader transportation electrification ecosystem. This includes extensive interoperability testing and ongoing technical collaboration with leading automakers and technology partners to support a superior customer experience for drivers.
This innovation extends to the joint development of next-generation charging architecture, for which EVgo will soon secure domestic intellectual property rights. And this architecture will utilize EVgo’s learnings from serving over a million customers nationwide to provide EVgo with more control over the full customer experience, streamlining the charging process while driving energy efficiency and cost savings. The company also plans to deploy this new architecture beginning in the second half of 2026.
Goldman Sachs acted as the financial advisor to EVgo.
KEY QUOTE:
“As one of the nation’s leading public fast charging providers, we are well-positioned to deploy the infrastructure needed to support both current and future domestic investments in transportation electrification. 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.”
- EVgo CEO, Badar Khan
