EVgo, Inc. (EVGO – Free Report) has secured its first $75 million disbursement from a $1.25 billion guaranteed loan provided by the U.S. Department of Energy’s (DOE) Loan Programs Office under the Title 17 Clean Energy Financing Program. The financial close for the loan was achieved in December 2024 after an extensive 18-month process.
This initial funding, along with future drawdowns over a five-year deployment period, will support EVgo’s efforts to expand its nationwide charging infrastructure. The company has already installed its first new charging stalls financed through the loan. It plans to continue prioritizing installations in amenity-rich areas featuring retail, dining, shopping and service options across the United States.
Per Badar Khan, EVgo CEO, the DOE’s low-cost financing will enable the company to more than triple the size of its network by 2029. This expansion will enhance EVgo’s operational and financial scale while broadening its geographic reach. Building extensive high-power public charging infrastructure is essential for increasing range confidence among Americans considering switching to electric vehicles.
Additionally, this expansion is critical to supporting the automotive industry’s investments, with over 30 new affordable EV models expected to launch by the end of 2025, complementing more than 70 models already available in the United States.
Through the $1.25 billion loan guarantee, EVGO plans to construct approximately 7,500 new public fast-charging stalls across the country. This will bring the company’s total owned and operated network to at least 10,000 fast-charging stalls nationwide by 2029, meeting the growing demand for reliable and accessible charging solutions as faster charge rates, standardized cables and autonomous vehicle technologies gain traction.
EVgo’s Zacks Rank & Key Picks
EVGO currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Suzuki Motor Corporation (SZKMY – Free Report) , Geely Automobile Holdings Limited (GELYY – Free Report) and Blue Bird Corporation (BLBD – Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for SZKMY’s fiscal 2025 sales and earnings suggests year-over-year growth of 2.38% and 33.77%, respectively. EPS estimates for fiscal 2025 and 2026 have improved 43 cents and 46 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GELYY’s fiscal 2025 sales and earnings suggests year-over-year growth of 60.04% and 149.31%, respectively. EPS estimates for fiscal 2025 and 2026 have improved by 15 cents and 38 cents, respectively, in the past seven days.
The Zacks Consensus Estimate for BLBD’s fiscal 2025 sales and earnings suggests year-over-year growth of 10.97% and 12.14%, respectively. EPS estimates for fiscal 2025 have improved 18 cents in the past 60 days.
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