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As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) today announced a conditional commitment for a loan guarantee of up to $1.05 billion to EVgo Swift Borrower LLC (EVgo) to expand public electric vehicle (EV) charging infrastructure across the United States. If finalized, the loan guarantee will support EVgo’s deployment of approximately 7,500 charging stalls—featuring high-power 350kW chargers that are each capable of charging two EVs simultaneously—at roughly 1,100 charging stations across the United States.
LPO’s conditional commitment to EVgo is part of the Biden-Harris Administration’s broader efforts to make EV charging more accessible to residents across the country. President Biden set a goal to build a network of 500,000 publicly available EV chargers by 2030 to support the adoption of EVs and the development of a U.S. supply chain, creating good-paying jobs in manufacturing, installation, operations, and maintenance in all pockets of the country. The United States is on track to achieve this goal years early, having recently doubled the number of publicly available EV chargers since the beginning of this administration, with over 196,000 publicly available chargers operational. The Biden-Harris administration and DOE are building towards a future where EVs are affordable and accessible in every part of the country.
While this conditional commitment indicates DOE’s intent to finance the project, DOE and the company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan guarantee.
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