Charging up America’s EV future! (https://lnkd.in/gKaRt_CZ) Today, LPO announced a conditional commitment for a loan guarantee of up to $1.05 billion to 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 throughout the U.S.
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 U.S. 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.
As with all conditional commitments that LPO offers, it’s important to note that while this announcement demonstrates an intent to finance the project, the expected U.S. Department of Energy (DOE) financing will only be issued pending the satisfaction of certain conditions—including final legal, contractual, technical, and financial requirements—that the conditional commitment specifies.
For more details, read the full EVgo conditional commitment announcement: https://lnkd.in/gKaRt_CZ
LEARN MORE:
• What is a Conditional Commitment & How is it Different from a Loan or Loan Guarantee? https://lnkd.in/gkhfhYHZ
• The Biden-Harris Administration’s “Investing in America” Agenda: https://lnkd.in/gCFiWyzx
• LPO’s Title 17 Clean Energy Financing Program: Energy.gov/LPO/Title-17
• LPO’s Tech Talk on Electric Vehicle & Fleet Charging: https://lnkd.in/dKVF3XAy
• Read about other recent project announcements on LPO’s blog: https://lnkd.in/g23s_Uk4
• Explore LPO’s full portfolio of projects: Energy.gov/LPO/Projects
