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The Department of Energy’s (DOE) Loan Programs Office (LPO) announced Thursday a conditional commitment to EVgo Swift Borrower LLC (EVgo) for a loan guarantee of up to $1.05 billion to expand the public electric vehicle (EV) charging infrastructure. The loan guarantee, if finalized, will support EVgo’s deployment of ~7500 charging ports at ~1100 charging stations across the United States. The first deployments will include high-power 350kW fast chargers capable of charging two EVs simultaneously. EVgo plans to continue installing power sharing equipment over the 5-year deployment timeline.
“The Biden-Harris administration and DOE are building towards a future where EVs are affordable and accessible in every part of the country,” LPO said in a detailed release.
LPO’s conditional commitment to EVgo is part of the Biden-Harris Administration’s larger 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 more than 196,000 publicly available chargers operational” LPO said.
EVgo would deploy the charging stalls across the country, including in Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. The chargers would be compatible with all new EVs capable of fast charging, including those that use NACS and CCS connectors.
In support of the Biden-Harris Administration’s efforts to deliver good-paying, high-quality job opportunities to communities across the country, this project is expected to create more than 180 external construction jobs and more than 550 maintenance and support jobs, as well as roughly 290 roles at EVgo supporting engineering and operations.
EVgo said “it is committed to improving customer experience and working with LPO to lift up the charging industry together so that more Americans can access reliable, fast-charging EV infrastructure at convenient locations across the United States and ensure workers, consumers, and communities benefit from the historic transition to a clean energy future. Through the deployment of grid-enabled EV charging stations, which would also further the deployment and use of highly efficient EVs, the project is expected to enable the avoidance of at least 284,000 tons of carbon dioxide equivalent per year. This amount is roughly equivalent to removing 61,000 gasoline-powered cars from the road for a year.
“EVgo aims to support future EV growth with its public charging services, particularly in areas expected to experience the fastest growth, such as metropolitan areas. EVgo plans to deploy 7500 charging stalls, equipped with high-power 350-KW chargers that can serve two cars at once, in a variety of high-traffic locations, including some of the nation’s leading retail centers and grocery store chains. With a DCFC, drivers can reach 80% charge from empty in as little as 20 minutes (charging speed may vary based on vehicle and battery conditions),” Evgo said.
Projects such as this one will benefit from the Alternative Fuel Vehicle Refueling Property Tax Credit, aka 30C, which was created by the Biden-Harris Administration’s Inflation Reduction Act. The credit is only available in rural areas and those that are disadvantaged relative to a given region. EVgo intends to install roughly half of its new charging stations in 30C-eligible Census tracts, bringing public charging infrastructure to lower-income communities to ensure equitable investment in transportation electrification.
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DOE Loan Programs Office – $1B to Evgo for Charging Points
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The Department of Energy’s (DOE) Loan Programs Office (LPO) announced Thursday a conditional commitment to EVgo Swift Borrower LLC (EVgo) for a loan guarantee of up to $1.05 billion to expand the public electric vehicle (EV) charging infrastructure. The loan guarantee, if finalized, will support EVgo’s deployment of ~7500 charging ports at ~1100 charging stations across the United States. The first deployments will include high-power 350kW fast chargers capable of charging two EVs simultaneously. EVgo plans to continue installing power sharing equipment over the 5-year deployment timeline.
“The Biden-Harris administration and DOE are building towards a future where EVs are affordable and accessible in every part of the country,” LPO said in a detailed release.
LPO’s conditional commitment to EVgo is part of the Biden-Harris Administration’s larger 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 more than 196,000 publicly available chargers operational” LPO said.
EVgo would deploy the charging stalls across the country, including in Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. The chargers would be compatible with all new EVs capable of fast charging, including those that use NACS and CCS connectors.
In support of the Biden-Harris Administration’s efforts to deliver good-paying, high-quality job opportunities to communities across the country, this project is expected to create more than 180 external construction jobs and more than 550 maintenance and support jobs, as well as roughly 290 roles at EVgo supporting engineering and operations.
EVgo said “it is committed to improving customer experience and working with LPO to lift up the charging industry together so that more Americans can access reliable, fast-charging EV infrastructure at convenient locations across the United States and ensure workers, consumers, and communities benefit from the historic transition to a clean energy future. Through the deployment of grid-enabled EV charging stations, which would also further the deployment and use of highly efficient EVs, the project is expected to enable the avoidance of at least 284,000 tons of carbon dioxide equivalent per year. This amount is roughly equivalent to removing 61,000 gasoline-powered cars from the road for a year.
“EVgo aims to support future EV growth with its public charging services, particularly in areas expected to experience the fastest growth, such as metropolitan areas. EVgo plans to deploy 7500 charging stalls, equipped with high-power 350-KW chargers that can serve two cars at once, in a variety of high-traffic locations, including some of the nation’s leading retail centers and grocery store chains. With a DCFC, drivers can reach 80% charge from empty in as little as 20 minutes (charging speed may vary based on vehicle and battery conditions),” Evgo said.
Projects such as this one will benefit from the Alternative Fuel Vehicle Refueling Property Tax Credit, aka 30C, which was created by the Biden-Harris Administration’s Inflation Reduction Act. The credit is only available in rural areas and those that are disadvantaged relative to a given region. EVgo intends to install roughly half of its new charging stations in 30C-eligible Census tracts, bringing public charging infrastructure to lower-income communities to ensure equitable investment in transportation electrification.
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