EVgo Receives First Drawdown from $1.25 Billion Loan Guarantee

January 08, 2025 at 07:00 AM EST

$75 million drawdown will support deployment of convenient, reliable public charging infrastructure nationwide

EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”) today announced 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 5-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.

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A newly opened EVgo station in Florida built with financing from the DOE Loan Programs Office (Photo: Business Wire)

“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.”

Building high-power public charging at scale bolsters range confidence for Americans as they consider the choice to drive an EV. Further, expanding fast charging infrastructure is critical to the success of the investments made by the automotive industry, which is expected to release over 30 new affordable EV models by the end of 2025¹ in addition to the more than 70 vehicle models already available to American consumers.² With faster charge rates, standardized charging cables, and the rise of autonomous vehicles, demand for reliable charging continues to climb.

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.

For more information about the EVgo network, visit www.evgo.com.

About EVgo

EVgo (Nasdaq: EVGO) is one of the nation’s 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.

Forward-Looking Statements

This 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 Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements regarding future drawdowns from 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; growth in the demand for EV vehicles and charging infrastructure; the anticipated release of new affordable EV models; and the Company’s ability to scale. These statements are subject to a number of risks, uncertainties and assumptions, including those more fully described in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2023, 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. In light of these risks, uncertainties and assumptions, actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. As a result, you should not rely on any forward-looking statements as predictors of future results. Any forward-looking statements in this release are based on the limited information currently 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.

¹ Source: JD Power’s Future Vehicle Calendar (April 2024)

² Source: EV Volumes, 2024 US EV sales