EVgo Inc. announced that it has received its first drawdown of $75 million from its $1.25 billion guaranteed loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO) under its Title 17 Clean Energy Financing Program, which reached financial close in December 2024 after a thorough 18-month process.
This and subsequent drawdowns over the five-year deployment period will support the company’s ongoing buildout efforts to deploy nationwide charging infrastructure. EVgo has already built the first new stalls financed by the loan and will continue to prioritize installations in amenity-rich locations offering retail, dining, shopping and service options across the United States.
“The timely completion of this first drawdown underscores EVgo’s operational expertise and ability to meet DOE requirements,” said EVgo CEO Badar Khan. “EVgo’s comprehensive network plan helps address the growing demand for public charging infrastructure by bringing our industry-leading fast charging solutions to more drivers than ever before. DOE’s low-cost financing enables EVgo to more than triple our network size by 2029, building our operational and financial scale and expanding our geographic footprint.”
As part of EVgo’s $1.25 billion loan guarantee, the company will construct approximately 7,500 new public fast charging stalls across the country, bringing EVgo’s total owned and operated network to at least 10,000 fast charging stalls across the U.S. by 2029.
