If You Didn’t Think EVGO Could Get Any Greener, It Just Has. Shares Soar 60% on $1Bn DOE Loan

PRISM Emerging EV Index company EVgo, Inc. (EVGO) has announced it received a conditional commitment loan guarantee from the US Department of Energy (DOE) for up to $1.05Bn of debt financing to accelerate its fast charging network across the country. This is expected to support about 7,500 new DC fast charging stalls in US communities.

Once completed EVgo’s charging stations will be in top state markets such as Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania and Texas by 2030. EVgo estimates that the project buildout will create more than 1,000 jobs with over 700 being contracted resources engaged by the company through various roles such as construction, engineering, development, and operations and maintenance. EVgo expects to begin rolling out this new infrastructure in the second half of 2026.

Shares of EVGO have risen ~60% on the announcement.