EVgo closes $1.25B DOE loan facility to build 7,500 new fast charging stalls

EVgo Inc.

DOE loan guarantee of $1.25B ($1.05B principal + up to $193M capitalized interest) to deploy ~7,500 fast charging stalls nationally.
First draw of ~$75M expected in Jan 2025; 5-year deployment period; principal payments begin Mar 2030.
Interest fixed at long-dated UST rate + ~1.2%; interest capitalized during deployment; 17-year tenor from first draw.
EVgo contributed 1,594 existing stalls as collateral; expects over 1,000 US jobs; total owned network to reach at least 10,000 stalls.
Loan closes after conditional commitment on Oct 3, 2024; Goldman Sachs acted as financial advisor; investor call at 5pm ET.

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