Episode 10 : EVgo Nears $1 Billion Govt Loan To Take On Tesla’s Charging Empire
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Episode 10 : EVgo Nears $1 Billion Govt Loan To Take On Tesla’s Charging Empire
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EVgo, a company that builds electric vehicle charging stations, has received a conditional commitment for a $1.05 billion loan from the U.S. Department of Energy. This loan will enable EVgo to build roughly 7,500 new charging stations across the country, focusing on rural and lower-income communities as well as areas disproportionately affected by environmental issues. This investment reflects the Biden-Harris administration's Justice40 initiative, which aims to direct 40% of federal investments to disadvantaged communities. EVgo plans to complete the buildout by 2030, creating over 1,000 jobs and expanding its fast charging network. This investment is intended to accelerate EV adoption and promote equitable access to charging infrastructure across the United States.