EVgo Inc. has closed on a senior secured, non-recourse credit facility with top tier global project finance banks in the amount of $225 million. The credit facility has an option of $75 million and can reach $300 million total.
The facility was oversubscribed and is a first-of-its-kind financing in the commercial bank market for U.S. EV charging infrastructure.
The financing’s primary purpose is to acceleate EVgo’s nationwide deployment of additional high-powered charging infrastructure by over 1,500 stalls. That includes expanding EVgo’s dedicated charging hubs business serving autonomous vehicles and other fleet partners, in addition to EVgo’s public fast charging network.
The continued growth of the company’s network is expected to further solidify its position as an industry leader in public fast charging.
“EVgo has built a trusted nationwide public fast charging network and has consistently demonstrated strong operational and financial asset performance,” said EVgo CEO, Badar Khan, in a statement. “This facility will provide incremental low-cost capital to enable us to increase our infrastructure buildout, which will ultimately provide EV drivers more fast charging choices. As the first of its kind in the United States, the Facility reflects continued and growing confidence in both EVgo’s leadership position and in the future of the EV charging industry by financial markets.”
EVgo will provide an update on the buildout on its second quarter fiscal 2025 earnings call, which is scheduled for August 5.
Read more here.