Written by Cláudio Afonso | LinkedIn | X
EVgo announced on Thursday the closing of a $1.25 billion guaranteed loan facility from the U.S. Department of Energy (DOE). In October, the company announced that the loan was $1.05 billion.
The 17-year loan includes $1.05 billion in principal and up to $193 million in capitalized interest. Interest rates are fixed at U.S. Treasury rates, with an additional risk-based charge and liquidity margin of about 1.2%.
Construction will take place over a five-year deployment period starting in 2025, with the first loan drawdown of approximately $75 million expected in January 2025. Principal repayments will begin after the deployment period, while interest during this time will be capitalized.
The charging firm estimates the project will create more than 1,000 jobs in the U.S., including over 700 contracted positions in construction, engineering, and maintenance.
EVgo has 1,594 charging stalls from its existing public network as collateral, and project cash flows are expected to provide additional equity contributions throughout the loan, according to the company’s statement.
EVgo announced funding will support the construction of 7,500 new fast-charging stalls nationwide and expects to increase its owned and operated network to at least 10,000 stalls by 2029.
The company estimates the project will create over 1,000 U.S. jobs, including more than 700 contracted positions in construction, engineering, and maintenance.
The company posted a 92% revenue surge in the third quarter of the year as it added more than 147,000 new customer accounts between July and September.
Revenue reached $67.5 million in the third quarter, up from $35.1 million, representing a 92% year-over-year growth. According to EVgo, this growth was driven by increases in both the charging network and eXtend revenues.
As of the end of September, the company had “approximately” 3,680 stalls.
Written by Cláudio Afonso | LinkedIn | X
