In an effort to make EV charging more accessible, the Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment to EVgo Swift Borrower LLC, better known as EVgo, for a loan guarantee of up to $1.05 billion to expand public EV charging infrastructure.
If finalized, the loan guarantee would support the company in deploying approximately 7,500 charging ports at about 1,100 charging stations throughout the nation.
The first deployments include high-power 350kW fast chargers, which are capable of charging two EVs at the same time.
According to Energy.gov, EVgo plans to continue installing power sharing equipment over the 5-year deployment period.
The Biden-Harris administration has previously set a goal of building a network of 500,000 public EV chargers by 2030 in order to support EV adoption and a U.S. supply chain. The U.S. is currently on track to meet this goal early, having doubled the number of public EV chargers since the beginning of the administration.
EVgo will deploy charging stalls in Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. The chargers will be compatible with all new EVs capable of fast charging, including those that use NACS and CCS connectors.
Read more here.