EVgo

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PROJECT SUMMARY 

In December 2024, the Department of Energy’s (DOE) Loan Programs Office (LPO) announced the closing of a $1.25 billion loan guarantee ($1.05 billion of principal and $193 million of capitalized interest) to EVgo Swift Borrower LLC (EVgo) to expand public electric vehicle (EV) charging infrastructure. The loan guarantee will support EVgo’s deployment of approximately 7,500 chargers at roughly 1,100 charging stations across the United States. 

 ECONOMIC IMPACT  

The project is expected to create more than 180 external construction jobs and over 550 maintenance and support jobs, as well as roughly 290 roles at EVgo supporting engineering and operations.

CLIMATE BENEFIT 

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.

COMMUNITY BENEFIT  

As a part of EVgo’s Community Benefits Plan (CBP), EVgo is working to ensure workers interested in the EV charging field can access training and apprenticeships. The company is developing a scholarship program for employees of contractor partners to complete the Electric Vehicle Infrastructure Training Program (EVITP). The EVITP certification is increasingly a requirement of state and federally funded EV infrastructure projects.

PROJECT STATISTICS: EVgo  

* Last Updated December 2024. Approximate amount of the loan approved at closing including principal and any capitalized interest. 

** Estimated at the time of closing