EVgo Secures $225 Million Loan Facility to Build 1,500 New DC Fast Chargers

EVgo has secured a $225 million loan facility with five commercial banks to expand its fast charging network by adding over 1,500 DC fast chargers across the US. The company has an option to increase the line of credit by $75 million more. The financing is seen as a milestone in the maturity and profitability of the EVgo network and reflects confidence in the company's management team.

EVgo Inc. has secured a $225 million loan facility with five commercial banks to expand its fast charging network by adding over 1,500 DC fast chargers across the US. The company has an option to increase the line of credit by $75 million more. The financing is seen as a milestone in the maturity and profitability of the EVgo network and reflects confidence in the company's management team.

The loan facility, which is a first-of-its-kind financing in the commercial bank market for charging infrastructure in the United States, includes an option to increase the total amount to $300 million. The proceeds will be used to deploy more than 1,500 additional high-power fast-charging stalls across EVgo’s public charging network and its dedicated charging hubs for autonomous and fleet vehicles. The funding structure also enables EVgo to include charging stalls that fall outside its existing debt arrangements.

The lending syndicate includes SMBC as the Structuring Agent, Coordinating Lead Arranger, and Joint Bookrunner, with Bank of Montreal, Royal Bank of Canada, and ING Bank NV as Joint Lead Arrangers and Bookrunners. Investec Bank Plc also participated in the financing.

“This facility will provide incremental low-cost capital to enable us to increase our infrastructure buildout, which will ultimately provide EV drivers more fast charging choices,” said Badar Khan, CEO of EVgo. “As the first of its kind in the United States, the Facility reflects continued and growing confidence in both EVgo’s leadership position and in the future of the EV charging industry by financial markets” [1].

The financing demonstrates SMBC’s continued ability to lead innovative financing solutions for clients in emerging sectors across the broader infrastructure landscape. “We are proud to partner with an industry leader like EVgo on this pioneering financing as the company expands its network of accessible charging infrastructure throughout the U.S.” said Juan Kreutz, SMBC Americas Head of Global Structured Finance [1].

EVgo’s expansion strategy targets increased geographic coverage and capacity, with an emphasis on fleet electrification and scalable fast charging solutions. The company reports that its operational and financial performance has supported investor confidence and enabled access to structured project finance. The CPO plans to provide further updates on the infrastructure rollout during its Q2 2025 earnings call scheduled for 5 August.

References:
[1] https://www.electrive.com/2025/07/30/evgo-secures-225m-to-expand-us-fast-charging-network/
[2] https://www.marketscreener.com/news/evgo-inc-announces-closing-senior-secured-non-recourse-credit-facility-ce7c5fd9df8bff25
[3] https://www.tradingview.com/news/reuters.com,2025:newsml_L8N3TT24Z:0-evgo-inc-expected-to-post-a-loss-of-9-cents-a-share-earnings-preview/
[4] https://www.morningstar.com/news/globe-newswire/9501170/evgo-inc-announces-commercial-bank-loan-facility-to-accelerate-nationwide-infrastructure-buildout