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EVgo Secures Conditional $1.05 Billion DOE Loan Guarantee for Public Fast Charging Expansion, Shares Surge 47%

Oct 3, 2024, 12:52 PM

The U.S. Department of Energy has offered EVgo a conditional loan guarantee of up to $1.05 billion to expand its public fast charging infrastructure. This loan aims to support the construction of approximately 7,500 high-power charging stalls across 1,100 stations nationwide, with more than 40% of these in underserved areas. The announcement has led to a significant increase in EVgo's stock price, which surged by up to 47% in pre-market trading. Additionally, JPMorgan upgraded EVgo's rating to Overweight from Neutral, with a price target of $7, citing the company's fast charging owner-operator model and higher utilization rates.