{"id":794672,"date":"2024-12-12T16:11:02","date_gmt":"2024-12-12T21:11:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\/"},"modified":"2024-12-12T16:11:02","modified_gmt":"2024-12-12T21:11:02","slug":"evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\/","title":{"rendered":"EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth20 { width: 20% }\n.bwwidth80 { width: 80% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>Loan guarantee to support nationwide deployment of approximately 7,500 high-power fast charging stalls<\/i><\/li>\n<li><i>EVgo to host investor conference call at 5 p.m. ET today<\/i><\/li>\n<\/ul>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nEVgo Inc. (NASDAQ: EVGO) (\u201cEVgo\u201d or the \u201cCompany\u201d) today announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy (\u201cDOE\u201d) Loan Programs Office (\u201cLPO\u201d) under its Title 17 Clean Energy Financing Program to support EVgo\u2019s forthcoming efforts to build convenient, reliable public charging infrastructure for electric vehicles (EVs) with the construction of 7,500 new fast charging stalls nationwide. This buildout will bring EVgo\u2019s 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.<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20241212262441\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241212262441\/en\/<\/a><\/p>\n<div id=\"bwbodyimg\" style=\"width: 480px;float:left;padding-left:0px;padding-right:20px;padding-top:0px;padding-bottom:0px\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241212262441\/en\/2330387\/4\/EVgo_Station_Livermore.jpg\" alt=\"EVgo fast charging network to further expand across the United States. (Photo: Business Wire)\" \/><\/p>\n<p style=\"font-size:85%\">EVgo fast charging network to further expand across the United States. (Photo: Business Wire)<\/p>\n<\/div>\n<p>\n\u201cAs one of the nation\u2019s 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,\u201d said EVgo CEO, Badar Khan. \u201cThis 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.\u201d<\/p>\n<p>\nBuilding high-power public charging at scale bolsters range confidence for Americans as they consider the choice to drive an EV. Expanding fast charging infrastructure not only contributes to job creation and local economic benefits, but it is also critical to protecting the investments made by the automotive industry, which is expected to release over 30 new affordable EV models by the end of 2025,<sup>1<\/sup> in addition to the more than 70 vehicle models already available to American consumers today.<sup>2<\/sup> EVs now account for roughly 9% of new vehicle sales<sup>3<\/sup> and increasing consumer confidence in the availability of public charging is key to the success of these investments.<\/p>\n<p>\nEVgo estimates this project buildout will create more than 1,000 jobs in the U.S., over 700 of which will be contracted resources engaged by the Company encompassing roles in construction, engineering, development, and operations and maintenance.<\/p>\n<p><b>Terms of the $1.25 Billion Guaranteed Loan Facility<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal Guaranteed Loan Facility Amount<\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\n$1.25 billion<br \/>\n<br \/>\u2022 Principal: $1.05 billion<br \/>\n<br \/>\u2022 Capitalized interest: Up to $193 million<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest Rate<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nInterest rates fixed from the date of each quarterly advance for the term of the loan at the applicable long-dated U.S. Treasury rate with an aggregate risk-based charge and liquidity margin of approximately 1.2%<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCollateral<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nEVgo has contributed 1,594 charging stalls from its existing public network to the project as project collateral<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEquity Contribution<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nProject cashflows are expected to provide the additional cash equity from EVgo over the course of the loan<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTenor<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\n17 years from date of first drawdown<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeployment Period<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\n5-year deployment period starting 2025, ramping annually to reach approximately 7,500 fast charging stalls<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPrincipal &amp; Interest Grace Period<\/p>\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nScheduled principal repayments do not begin until after end of deployment period<\/p>\n<\/li>\n<li>\nInterest during the deployment period is capitalized, instead of being paid in cash<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLoan Structure<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nLimited recourse project financing, secured by project assets<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nFirst Drawdown<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nSubject to satisfaction of all conditions precedent, the first drawdown of approximately $75 million is expected in January 2025<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdditional Key Terms<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwwidth80 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nCustomary covenants and events of defaults for a limited recourse project finance loan facility<\/p>\n<\/li>\n<li>\nCustomary conditions precedent to advances for a limited recourse project finance loan facility<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe closing of this DOE guaranteed loan facility follows receipt of a <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.evgo.com%2Fpress-release%2Fevgo-receives-conditional-commitment-doe%2F&amp;esheet=54165794&amp;newsitemid=20241212262441&amp;lan=en-US&amp;anchor=conditional+commitment&amp;index=1&amp;md5=7b39404e3f0b621b5858c4f28d0d5655\">conditional commitment<\/a> on October 3, 2024, and marks the conclusion of a thorough 18-month process.<\/p>\n<p><b>Innovative Charging Solutions<\/b><\/p>\n<p>\nThrough the EVgo Innovation Lab, the Company is fostering American innovation to advance the broader transportation electrification ecosystem, including its extensive interoperability testing and ongoing technical collaboration with leading automakers and technology partners to support a superior customer experience for drivers.<\/p>\n<p>\nThis technical innovation extends to the joint development of <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.evgo.com%2Fpress-release%2Fevgo-and-delta-electronics-sign-mou-to-co-develop-next-generation-charging-architecture%2F&amp;esheet=54165794&amp;newsitemid=20241212262441&amp;lan=en-US&amp;anchor=next-generation+charging+architecture&amp;index=2&amp;md5=d51cc3cca5f41c9e8e2ffbce6749f0d3\">next-generation charging architecture<\/a>, for which EVgo will soon secure domestic intellectual property rights. This architecture will leverage EVgo\u2019s 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 plans to deploy this new architecture beginning in the second half of 2026.<\/p>\n<p>\nFor more information about the EVgo network, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.evgo.com&amp;esheet=54165794&amp;newsitemid=20241212262441&amp;lan=en-US&amp;anchor=www.evgo.com&amp;index=3&amp;md5=9b271e31a7b57d8a030e3f068145de14\">www.evgo.com<\/a>.<\/p>\n<p><b>Conference Call Information<\/b><\/p>\n<p>\nA live audio webcast and conference call for EVgo\u2019s DOE Loan Facility will be held today at 5 p.m. ET \/ 2 p.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:<\/p>\n<p><b>Toll Free<\/b>: (800) 715-9871 (for U.S. callers)<br \/>\n<br \/><b>Toll\/International<\/b>: (646) 307-1963 (for callers outside the U.S.)<br \/>\n<br \/><b>Conference ID<\/b>: 9312273<\/p>\n<p>\nThis press release, along with other investor materials that will be used or referred to during the webcast and conference call, including a slide presentation will also be available on that site.<\/p>\n<p><b>Transaction Advisors<br \/>\n<br \/><\/b><i>Goldman Sachs acted as the financial advisor to EVgo.<\/i><\/p>\n<p><b>About EVgo<\/b><\/p>\n<p>\nEVgo (Nasdaq: EVGO) is one of the nation\u2019s leading public fast charging providers. With more than 1,000 fast charging stations across 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. Forward-looking statements generally relate to future events or the Company\u2019s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201cgoing to,\u201d \u201ccould,\u201d \u201cintends,\u201d \u201ctarget,\u201d \u201cprojects,\u201d \u201ccontemplates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cpredicts,\u201d \u201cpotential\u201d or \u201ccontinue\u201d or the negative of these words or other similar terms or expressions that concern the Company\u2019s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the terms of the DOE loan facility; the anticipated benefits and growth from the DOE loan facility, including project build out plan, use of proceeds, issuance, timing and availability of advances, satisfaction of covenants and the absence of events of default; growth in the demand for EV vehicles and charging infrastructure; the anticipated release of new affordable EV models; anticipated job creation in the US from the project buildout; the Company\u2019s ability to scale; the joint development and deployment of the Company\u2019s next-generation charging infrastructure, and the anticipated IP rights, efficiencies, cost savings and launch plans. These statements are based on various assumptions and on the current expectations of EVgo\u2019s management, and are not predictions of actual performance. The Company\u2019s expectations and beliefs regarding these matters may not materialize. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes or developments in the broader general market; EVgo\u2019s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo&#8217;s reliance on the DOE loan facility, its ability to fully draw on the DOE loan facility and its ability to comply with the covenants and other terms of the DOE loan facility; competition from existing and new competitors; EVgo\u2019s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo\u2019s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo\u2019s revenue and operating results; EVgo\u2019s ability to satisfy the required conditions, enter into definitive agreements and receive loan funding in connection with, and to realize any anticipated benefits and growth from, the DOE loan facility; unfavorable conditions or disruptions in the capital and credit markets and EVgo\u2019s ability to obtain additional financing on commercially reasonable terms; EVgo\u2019s ability to generate cash, service indebtedness and incur additional indebtedness; any current, pending or future legislation, regulations or policies that could impact EVgo\u2019s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs due to the results of the 2024 Presidential and Congressional elections; EVgo\u2019s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo\u2019s expansion plans, including permitting and utility-related delays; EVgo\u2019s ability to integrate any businesses it acquires; EVgo\u2019s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo\u2019s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, inflation and other increases in expenses; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo\u2019s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and\/or tenants (collectively \u201cSite Hosts\u201d), original equipment manufacturers (\u201cOEMs\u201d), fleet operators and suppliers; EVgo\u2019s ability to maintain, protect and enhance EVgo\u2019s intellectual property; and general economic or political conditions, including the conflicts in Ukraine, Israel and the broader Middle East region, and elevated rates of inflation and associated changes in monetary policy. The forward-looking statements contained in this report are also subject to other risks and uncertainties, including those more fully described herein and in the Company\u2019s filings with the Securities and Exchange Commission, including the Company\u2019s annual report on Form 10-K for the fiscal year ended December 31, 2023, the Company\u2019s quarterly reports on Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 and current reports on Form 8-K. The forward-looking statements in this report are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.<\/p>\n<p><sup>1<\/sup> Source: JD Power\u2019s Future Vehicle Calendar (April 2024)<br \/>\n<br \/><sup>2<\/sup> Source: EV Volumes, 2024 US EV sales<br \/>\n<br \/><sup>3<\/sup><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.coxautoinc.com%2Fmarket-insights%2Fq3-2024-ev-sales%2F&amp;esheet=54165794&amp;newsitemid=20241212262441&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.coxautoinc.com%2Fmarket-insights%2Fq3-2024-ev-sales%2F&amp;index=4&amp;md5=9dc33a7a2214afad72b9f14aac6e0686\">https:\/\/www.coxautoinc.com\/market-insights\/q3-2024-ev-sales\/<\/a><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241212262441r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20241212262441\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241212262441\/en\/<\/a><\/span><\/p>\n<p><b>EVgo Contacts<br \/>\n<\/b><br \/>For Investors:<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:investors@evgo.com\"><b>investors@evgo.com<\/b><\/a><\/p>\n<p>\nFor Media:<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@evgo.com\"><b>press@evgo.com<\/b><\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> EV\/Electric Vehicles Automotive Alternative Vehicles\/Fuels<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241212262441\/en\/1938925\/3\/EVgo-Primary-Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Photo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241212262441\/en\/2330387\/3\/EVgo_Station_Livermore.jpg\" alt=\"Photo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\">EVgo fast charging network to further expand across the United States. (Photo: Business Wire)<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy Loan guarantee to support nationwide deployment of approximately 7,500 high-power fast charging stalls EVgo to host investor conference call at 5 p.m. ET today LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; EVgo Inc. (NASDAQ: EVGO) (\u201cEVgo\u201d or the \u201cCompany\u201d) today announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy (\u201cDOE\u201d) Loan Programs Office (\u201cLPO\u201d) under its Title 17 Clean Energy Financing Program to support EVgo\u2019s forthcoming efforts to build convenient, reliable public charging infrastructure for electric vehicles (EVs) with the construction of 7,500 new fast charging stalls nationwide. This buildout will bring EVgo\u2019s total owned and operated network to at least 10,000 fast charging stalls, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-794672","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy Loan guarantee to support nationwide deployment of approximately 7,500 high-power fast charging stalls EVgo to host investor conference call at 5 p.m. ET today LOS ANGELES&#8211;(BUSINESS WIRE)&#8211; EVgo Inc. (NASDAQ: EVGO) (\u201cEVgo\u201d or the \u201cCompany\u201d) today announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy (\u201cDOE\u201d) Loan Programs Office (\u201cLPO\u201d) under its Title 17 Clean Energy Financing Program to support EVgo\u2019s forthcoming efforts to build convenient, reliable public charging infrastructure for electric vehicles (EVs) with the construction of 7,500 new fast charging stalls nationwide. This buildout will bring EVgo\u2019s total owned and operated network to at least 10,000 fast charging stalls, &hellip; Continue reading &quot;EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-12T21:11:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mms.businesswire.com\/media\/20241212262441\/en\/2330387\/4\/EVgo_Station_Livermore.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy\",\"datePublished\":\"2024-12-12T21:11:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\\\/\"},\"wordCount\":1796,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mms.businesswire.com\\\/media\\\/20241212262441\\\/en\\\/2330387\\\/4\\\/EVgo_Station_Livermore.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/evgo-closes-1-25-billion-guaranteed-loan-facility-from-u-s-department-of-energy\\\/\",\"name\":\"EVgo Closes $1.25 Billion Guaranteed Loan Facility from U.S. Department of Energy - 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