EVgo Gets Commitment For Govt. Loan Guarantee Of Up To $1.05 Bln, Pre-Market Stock Jump

(RTTNews) - EVgo Inc. (EVGO), a public fast charging networks for electric vehicles or EVs, announced on Thursday that it has received a conditional commitment for loan guarantee of up to $1.05 billion, from the U.S. Department of Energy's or DOE's Loan Programs Office to boost its fast charging network across the U.S.

This low-cost financing will facilitate the build out of around 7,500 additional fast charging stalls across the U.S., with the top state markets in 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 formula program by creating localized, community charging stations.

The proposed financing will be provided directly by the Federal Financing Bank as a loan, guaranteed by DOE.

EVGO was trading up by 31.60 percent at $5.171 in the pre-market trade on the Nasdaq.