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DOE Approves $1.25 Billion Loan for EVgo to Expand Charging Network
The Biden administration’s Department of Energy (DOE) has approved a $1.25 billion loan for EVgo, a leading electric vehicle (EV) charging network operator in the U.S. This funding will help EVgo build 7,500 new fast-charging stations across the nation.
This decision comes as the incoming administration of President-elect Donald Trump has indicated plans to cut back on current EV spending.
EVgo’s Expansion Plans
With this new funding, EVgo aims to have at least 10,000 fast-charging stations by 2029. The new chargers will be installed in various states, including Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas.
EVgo’s CEO, Badar Khan, expressed that this partnership will help the company grow and meet the increasing demand for EVs in the U.S.
Innovative Charging Technology
The DOE highlighted that EVgo’s new chargers will feature dynamic power sharing, which enables faster charging. Additionally, these chargers will allow users to start charging without needing a credit card or phone.
National Charging Standards and Infrastructure Growth
The DOE and a private consortium are working on a universal protocol to make public charging stations accessible to all EVs by 2025. A lack of charging infrastructure is a major hurdle for widespread EV adoption.
Since the Biden administration began in 2021, it has aimed to build 500,000 chargers by 2030, dedicating $7.5 billion to this goal. Currently, there are more than 204,000 public charging ports in the U.S., more than doubling since Biden took office. This growth includes 38,000 new chargers added in just the past year, driven by federal and local funding, tax incentives, and private investments.
Partnerships and Political Implications
EVgo is also collaborating with General Motors to expand its charging network across 32 states, having recently launched their 2,000th co-branded fast-charging station.
While the Trump administration plans to cut existing EV-related spending, such as the $7,500 tax credit for new EV purchases, it remains unclear how much of the already established infrastructure can be reversed. Interestingly, a significant portion of the investments and jobs from Biden’s clean energy initiatives have benefited Republican states that supported Trump.
