US public fast charging infrastructure provider EVgo secured a loan of up to $300mn to finance charging infrastructure in the US.
The funds will be used to accelerate the deployment of over 1,500 high-powered charging stalls, including charging hubs serving autonomous vehicles and other fleet partners, EVgo said on Monday.
The funding consists of a $225mn senior secured, non-recourse credit facility, with an option to increase by an additional $75mn.
EVgo operates over 1,100 fast charging stations across more than 40 states, deploying charging stalls through partnerships with retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators and autonomous vehicle companies.
The company closed a $1.25bn loan in December 2024 from the Department of Energy under the previous administration of former president Joe Biden and received its first drawdown of $75mn in January.
Still, the federal funding faced uncertainty as President Donald Trump in February signed an executive order to suspend the $5bn electric vehicle charging program, but a federal judge in June ordered the Trump administration to rescind the "temporary pause".
The $500mn was funded by top tier global project finance banks led by Sumitomo Mitsui Banking, according to EVgo.
