Written by Cláudio Afonso | LinkedIn | X
Charging start-up EVgo announced Thursday it received a conditional commitment for a loan guarantee of up to $1.05 billion of debt financing, from the U.S. Department of Energy to install “approximately 7,500” EV chargers over the next six years.
As of the time of writing, shares of EVgo are surging 61 percent to $6.40 sending the company’s market cap value to nearly $2 billion.
In a statement, the company said the loan “will facilitate the build out of approximately 7,500 additional” fast charging stalls until 2030 across the country with Arizona, California and Florida among the top three states.
EVgo expects to create more than 1,000 jobs with the majority being in the areas of construction in construction, engineering, development, and operations and maintenance areas.
Benchmark analyst Mickey Legg has recently raised the price target on the stock by 66.6 percent to $5.00, up from the previous target of $3.00, while maintaining a Buy rating on the stock.
Toyota Motor announced recently a collaboration with the charging company to install DC fast chargers in Baldwin Park, and Sacramento, both areas located in California.
The high-power 350kW chargers, to be installed, owned, and operated by EVgo, one of the nation’s largest public fast charging networks, are targeted to be operational in 2025.
Written by Cláudio Afonso | LinkedIn | X
