Industry News: EVgo to Expand Nationwide Charging Network with $1.25 Billion Loan

[G. David Felt]

EVgo, a publicly traded national company offering public fast charging stations across North America teamed up with various auto companies like GM, Toyota and Subaru to offer fast charging stations access to customers of newly purchased electric vehicles.

EVgo had 1,000 public EV stations in August of 2023, and a year later in 2024 they opened their 2,000th DC fast charging station and are on pace to finish out 2024 with 2,850 DC fast charging stations nationwide. This is 390 locations in 45 metropolitan markets across 32 states. This is part of a longstanding collaboration to expand public access to EV charging in amenity-rich locations, such as grocery stores, retail centers and city centers. EVgo believes they can offer a convenient charging experience for those that cannot charge at home or work and include those such as renters living in apartments or multifamily dwellings where there is no local charging available.

The newest EVgo charging stations are five dual 350kW chargers serving 10 vehicles simultaneously. EVgo plans to take this new format forward into the future across the U.S. with their newly closed $1.25 Billion guaranteed loan from the U.S. Department of Energy ("DOE") loan program under title 17 Clean Energy Financing Program which will go to pay for building our EVgo's reliable public charging infrastructure for electric vehicles.

This secured loan will allow EVgo to construct 7,500 new DC Fast charging stations nationwide. This buildout will bring EVgo's total owned and operated network to at least 10,000 fast charging stations, tripling the EVgo footprint by 2029.

EVgo CEO, Badar Khan stated;

“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.”

EV's now account for 9% of new vehicle sales and with the investments by the auto industry in EV with more and more new models coming out for sale, this will give increasing consumer confidence in the availability of public charging.

This DOE loan will not only allow EVgo to expand and grow their company but will be contributing to the creation of more than 1,000 jobs in the U.S., over 700 of which will be contacted resources by EVgo that will encompass roles in construction, engineering, development, and operations and maintenance.

The closing of this loan marks the conclusion of a thorough 18-month process.

Terms of EVgo $1.25 Billion Guaranteed Loan

This loan allows EVgo to move forward with offering innovation of next generation charging systems that EVgo will have joint development and secured domestic intellectual property rights. This new system will allow EVgo  more control over the full customer experience, streamlining the charging process as it delivers energy efficiency and cost savings.

The new architecture will be rolled out nationally beginning in the second half of 2026 in partnership with Delta Electronics. This collaboration will allow the next generation of DC fast chargers to offer an all-in-one power electronics, contactless payment interface while delivering a minimum of 400kW dispensers using extended cable lengths that allow easier maneuverability to reach any charging port.

EVgo is focused on giving the consumer an easy tap to pay system using current chipped credit/debit cards or giving a richer experience to those that choose to sign up for an EVgo account. This delivers on EVgo focus to serve all EV drivers, regardless of the make or model of their vehicle.

The joint development of next generation charging stations will allow EVgo to implement a variety of station configurations that will serve individual EVs or those with trailers easier to maximize the customer experience. The new system will deliver a faster, more efficient charging experience by taking advantage of each EVs unique charging curves, allowing to maximize the re-charge of ones battery while reducing energy consumption and costs.

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