EVgo has received a conditional commitment for a loan guarantee of up to $1.05 billion of debt financing from the US Department of Energy (DOE) Loan Programs Office (LPO) under its Title 17 program to accelerate expansion of its fast charging network in community locations across the US.

The financing would accelerate EVgo’s efforts to scale its charging footprint and increase nationwide access to convenient, reliable public charging stations. Access to this low-cost financing will facilitate the build out of approximately 7,500 additional fast charging stalls across the US, with the top state markets anticipated to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania and Texas. If finalized, EVgo expects to complete the deployment of the new stalls by 2030.

The network expansion will complement the corridor charging being deployed through the National Electric Vehicle Infrastructure (NEVI) Formula Program by creating localized, community charging stations with an emphasis on increased access and availability in areas that serve multifamily housing residents and others who rely primarily on public charging for their needs.

More than 40% of stalls to be built pursuant to the financing, if finalized, are anticipated to be in marginalized areas that have been overburdened by environmental impacts. EVgo also plans to leverage the 30C tax credit, which was expanded as part of the Inflation Reduction Act and supports the buildout of public EV charging infrastructure with a focus on driving investment to rural and lower-income communities.

The proposed financing will be provided directly by the Federal Financing Bank as a loan, guaranteed by DOE, and structured as a limited recourse project financing. EVgo will not need to raise any third-party equity—public or private—to reach financial close and begin drawdown. The financing structure provides EVgo flexibility to continue scaling its network both within and outside of the project.

EVgo estimates that the project buildout will create more than 1,000 jobs, more than 700 of which will be contracted resources engaged by the company encompassing roles in construction, engineering, development, and operations and maintenance.

EVgo continues to invest in developing next-generation charging infrastructure that will enhance customer experience and expects to begin rolling out this new infrastructure in the second half of 2026.

While this conditional commitment indicates DOE’s intent to finance the project, the company must satisfy certain technical, legal, environmental, and financial conditions before DOE enters into definitive financing documents and funds the loan.