EVgo Secures Conditional $1.05B DOE Loan to Build 7,500 Fast Chargers; Shares Jump 22% Pre-Market

Oct 3, 2024, 12:24 PM

EVgo Inc. has received a conditional commitment from the U.S. Department of Energy for a loan guarantee of up to $1.05 billion. The funding is intended to accelerate the expansion of EVgo's public fast charging network across the United States. The company plans to build approximately 7,500 high-power charging stalls across 1,100 stations, with more than 40% of these stations located in disadvantaged communities. Following the announcement, EVgo shares surged as much as 22% in pre-market trading. Additionally, JPMorgan upgraded the company's stock from Neutral to Overweight and set a price target of $7.