EVgo receives conditional commitment for DOE loan guarantee of up to $1.05B
EVgo, a public fast-charging network for electric vehicles, recently announced it has received a conditional commitment for a loan guarantee of up to $1.05 billion of debt financing from the U.S. Department of Energy Loan Programs Office under its Title 17 program to expand its fast charging network.
Access to this low-cost financing will facilitate the build-out of approximately 7,500 additional fast-charging stalls across the U.S., with the top state markets anticipated to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. If finalized, EVgo expects to deploy the new stalls by 2030.
The network expansion will complement the corridor charging being deployed through the National Electric Vehicle Infrastructure Formula Program by creating localized, community charging stations with an emphasis on increased access and availability in areas that serve multifamily housing residents and others who rely on public charging.
In alignment with the Biden-Harris administration’s Justice40 initiative, more than 40% of stalls to be built under the financing, if finalized, are anticipated to be in marginalized areas overburdened by environmental impacts. EVgo also plans to leverage the 30C tax credit, which was expanded as part of the Inflation Reduction Act and supports the buildout of public EV charging infrastructure with a focus on driving investment to rural and lower-income communities.
“EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most,” Badar Khan, CEO at EVgo, said. “This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”
EVgo estimates that the project buildout will create more than 1,000 jobs, of which over 700 will be contracted positions hired by the company for roles in construction, engineering, development, and operations and maintenance.
EVgo continues to invest in developing next-generation charging infrastructure that will enhance customer experience and expects to begin rolling out this new infrastructure in the second half of 2026. While this conditional commitment indicates DOE’s intent to finance the project, EVgo must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.
