EVgo Receives First Drawdown from $1.25 Billion Loan Guarantee

LOS ANGELES--EVgo Inc. 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.

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 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.