EVgo Secures $225 Million Loan Facility for Nationwide Charging Infrastructure Expansion

EVgo Inc. secured a $225 million senior secured, non-recourse credit facility for charging infrastructure expansion. The oversubscribed facility allows for an increase of $75 million, totaling up to $300 million potential funding. EVgo will deploy over 1,500 additional high-power charging stalls, enhancing its public and dedicated charging networks. The facility is the largest EV charging commercial bank facility in the United States to date.

EVgo Inc. (NASDAQ: EVGO), a leading electric vehicle (EV) charging network operator, has secured a $225 million senior secured, non-recourse credit facility to fund the deployment of over 1,500 additional high-power charging stalls across the United States. The facility, which was oversubscribed, includes an option to increase the total financing to $300 million. This represents the largest EV charging commercial bank facility in the United States to date [1].

The five-year facility, led by SMBC as the structuring agent, with participation from Bank of Montreal, Royal Bank of Canada, ING Bank NV, and Investec Bank Plc, carries an interest rate of SOFR plus 3.25%, with a 0.25% step-up beginning in year five. The non-recourse project financing is secured by project assets, with EVgo contributing 400 charging stalls from its existing public network as initial loan collateral. The company’s strong current ratio of 2.27 and liquid assets exceeding short-term obligations likely played a role in securing these favorable terms [1].

The proceeds from the facility will fund the expansion of EVgo’s public fast charging network and its dedicated charging hubs for autonomous vehicles and fleet partners. The financing allows for the inclusion of stalls that fall outside the scope of EVgo’s existing debt financing. EVgo currently operates more than 1,100 fast charging stations across over 40 states [1].

EVgo’s CEO, Badar Khan, stated, "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." The company plans to provide further details about the expansion during its second quarter fiscal 2025 earnings call scheduled for August 5 [1].

Analysts anticipate continued sales growth this year, though profitability remains a challenge. For comprehensive analysis of EVgo’s upcoming earnings and detailed financial metrics, investors can access the full research report on InvestingPro [1].

In other recent news, EVgo Inc. reported record first-quarter 2025 earnings, exceeding analyst expectations with a narrower loss per share and higher revenue. The company posted a first-quarter loss per share of ($0.09), outperforming the consensus forecast of ($0.11). Revenue for the quarter reached $75.3 million, surpassing the anticipated $71.4 million and reflecting a 36% increase from the previous year [1].

References:
[1] https://www.investing.com/news/company-news/evgo-secures-225-million-credit-facility-to-expand-charging-network-93CH-4154898
[2] https://finance.yahoo.com/news/why-evgo-evgo-stock-trading-181600470.html