EVgo Lands $1.25 Billion Federal Loan to Accelerate U.S. EV Charging Infrastructure
Electric vehicle charging leader EVgo has secured a $1.25 billion loan from the U.S. Department of Energy (DOE), marking a significant milestone in the Biden administration’s push to expand clean energy infrastructure before the potential transition of power in 2025.
The Race Against Time for Clean Energy Funding
The loan approval comes as the current administration accelerates approvals for projects funded through the Inflation Reduction Act (IRA). With former President Donald Trump pledging to revoke unspent IRA funds—including EV tax credits and clean energy loans—this move represents a strategic effort to lock in critical investments.
What the Funding Will Achieve
- 7,500 new public chargers deployed nationwide
- 1,100 charging stations constructed within five years
- First installations to feature 350kW DC fast-chargers with dual-port capability
- Expected to create 730+ jobs (180 construction, 550+ operations roles)
A Growing Trend in Clean Energy Financing
EVgo joins other major recipients of DOE loans, including:
- StarPlus Energy (Stellantis-Samsung battery JV)
- Rivian ($6.6B for Georgia factory)
This wave of funding underscores the federal government’s commitment to building a robust domestic EV ecosystem, from manufacturing to charging infrastructure.
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