News
EVgo Closes $1.25 Billion Loan From Government To Expand Fast Charging Network; Stock Gains
EVgo Inc. (NASDAQ: EVGO ) shares are trading higher on Friday.
EVgo announced the closure of a $1.25 billion guaranteed loan facility from the U.S. Department of Energy’s (DOE) Loan Programs Office.
This loan is part of the DOE’s Title 17 Clean Energy Financing Program and is designed to support EVgo’s ambitious plans to expand its public electric vehicle (EV) charging infrastructure.
The company aims to build 7,500 new fast charging stalls across the U.S., increasing its network to at least 10,000 stalls by 2029.
This expansion will more than triple EVgo’s network footprint, positioning it as a leader in supporting the country’s transportation electrification efforts.
Also Read: Bitcoin, Dogecoin Slide, Ethereum Gains Amid Hotter-Than-Expected Inflation Data: Top Analyst Says Its ‘Onwards And Upwards’ For Altcoins
EVgo CEO Badar Khan highlighted the company’s readiness to deploy infrastructure, supporting a growing number of EVs in the market, including over 30 new affordable models expected by 2025.
The expanded charging network will address the critical need for range confidence among consumers, as well as contribute to job creation, with an estimated 1,000 new U.S. jobs, including over 700 in construction, engineering, and maintenance roles.
The $1.25 billion loan has favorable terms, including a 17-year tenure and a five-year deployment period, beginning in 2025. The loan is secured by existing charging stalls and expected project cash flows.
Additionally, EVgo is working on next-generation charging technology through its Innovation Lab, which will streamline the EV charging process, improve energy efficiency, and reduce costs, with deployment expected by 2026. This project marks a significant step in the U.S.’s push toward electric vehicle adoption and infrastructure development.
Price Action: EVGO shares are trading higher by 0.8% to $6.89 premarket at last check Friday.
Read Next:
Photo: Courtesy of EVgo, Inc.
Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Get the latest stock analysis from Benzinga?
This article EVgo Closes $1.25 Billion Loan From Government To Expand Fast Charging Network; Stock Gains originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.