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whip bull report, october 6, according to foreign reports, evgo inc. (nasdaq: evgo), one of the largest electric vehicle (ev) public fast charging networks in the united states, announced today that it has obtained a loan from the u.s. department of energy the program office received a conditional loan guarantee commitment of up to $1.05 billion in debt financing under its chapter 17 program to accelerate the expansion of its fast-charging network at community locations across the united states.

the financing will accelerate evgo's efforts to expand its charging coverage and increase access to convenient, reliable public charging stations across the country. obtaining this low-cost financing will help build approximately 7,500 additional fast chargers across the united states, with key state markets expected to be arizona, california, florida, georgia, illinois, michigan, new jersey, new york states, pennsylvania and texas.

if finalized, evgo expects to complete deployment of the new piles by 2030.

the network expansion will complement corridor charging deployed through the national electric vehicle infrastructure (nevi) formula program, by establishing localized community charging stations with a focus on increasing service to multifamily residential residents and other populations that rely primarily on public charging for their needs. charging access and availability in the region.

under the biden-harris administration's justice 40 plan, if finalized, more than 40% of chargers built under the funding program would be in marginal areas overburdened by environmental impacts.

evgo also plans to take advantage of the 30c tax credit, which was expanded as part of the inflation reduction act, and support the construction of public electric vehicle charging infrastructure, with a focus on driving investment in rural and low-income communities.

evgo ceo badar khan said: evgo aligns with the biden-harris administration’s goal of increasing electric vehicle charging services in communities that need it most. this historic investment will significantly accelerate our network expansion to provide public charging services to electric vehicle drivers across the united states.

the proposed financing would be provided as a loan directly from the federal financing banks, guaranteed by the department of energy, and structured as a limited recourse project finance. evgo does not need to raise any third-party equity, either public or private, to complete the financing and begin taking withdrawals. this financing structure provides evgo with the flexibility to continue to expand its network within and outside of projects to meet growing demand and support the biden-harris administration's goal of establishing a nationwide network of public chargers.

evgo estimates that construction of the project will create more than 1,000 jobs, more than 700 of which will be employed by the company through contract resources in areas such as construction, engineering, development, operations and maintenance.

evgo has a successful history of public-private partnerships and will continue to work with utilities and state agencies to leverage incentives and funding programs to accelerate infrastructure deployment. evgo has over a decade of experience making ev charging more convenient and supporting wider adoption of evs by working with retail site owners and landlords.