This financing, under DOE’s Title 17 program, aims to scale EVgo’s charging infrastructure across the US, focusing on community locations. The funding would support the buildout of 7,500 new fast-charging bays, with key markets in Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. EVgo anticipates completing the project by 2030.
Aligned with the Biden-Harris administration’s Justice40 initiative, over 40% of the new bays will be in marginalised areas disproportionately affected by environmental impacts. EVgo also plans to leverage the 30C tax credit from the Inflation Reduction Act to support infrastructure development in rural and lower-income communities.
EVgo estimates the project will create over 1,000 jobs, 700 of which will be in construction, engineering, and operations. The network expansion will complement the National Electric Vehicle Infrastructure (NEVI) Formula Program by offering localised charging solutions, particularly benefiting residents of multifamily housing and those reliant on public charging.
The DOE’s loan, guaranteed by the Federal Financing Bank, will allow EVgo to expand its network without raising third-party equity. EVgo’s CEO, Badar Khan, emphasised the project’s role in advancing nationwide EV adoption and providing reliable charging access in underserved areas. The company aims to roll out next-generation charging infrastructure by 2026, pending final approval of the loan.
