24/7 Market News- EVgo Receives Conditional $1.05 B DOE Loan Guarantee Commitment to Quicken Public Fast-Charging Buildout
DENVER, Colo., Oct 03, 2024 (247marketnews.com)- EVgo (NASDAQ: EVGO) reported receiving a conditional commitment for a loan guarantee of up to $1.05 billion of debt financing, from the U.S. Department of Energy (“DOE”) to accelerate expansion of its fast-charging network in community locations across the U.S.
If approved, EVgo plans to use the funds to quicken its efforts to scale its charging footprint and facilitate the build out of approximately 7,500 additional fast charging stalls across the U.S., which EVgo anticipates completing the new stalls by 2030.
Badar Khan, EVgo’s CEO, commented, “EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most.
“This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”
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