EVgo (EVGO) said Wednesday it has secured $75 million as the first drawdown from a $1.25 billion loan guarantee from the US Department of Energy's Loan Programs Office.
The company said it plans to use the loan, which has a five-year deployment period, to install about 7,500 new fast-charging stalls by 2029, increasing its total network to at least 10,000 stalls.
The first new stations funded by the loan are already operational, EVgo said.
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