The United States of America is putting up serious cash to build out more electric vehicle charging stations nationwide.
What’s happening:
- EVgo (NASDAQ: EVGO) has received a conditional commitment for a $1.05B USD loan guarantee from the Department of Energy to build out new electric vehicle charging stations across the United States of America
Why it matters:
- This is one of the largest funding commitments from the government of the United States to a publicly traded electric vehicle charging company ever
By the numbers:
- The new loan commitment from the Department of Energy will fund the build out of 7,500 new fast charging stalls
- EVgo expects they will complete all the installations within the next 6 years
Going deeper:
- EVgo also recently launched a new partnership with General Motors (NYSE: GM) to build out electric charging stations that have similar design and architecture to traditional gas stations
- The push from the United States government to build out more electric vehicle charging station infrastructure has been unrelenting, with ChargePoint (NYSE: CHPT) also recently landing fresh funding from the state of California to install more charging stations close to busy highways
Market reaction:
- Shares of EVgo soared more than +50% following the announcement
