EVgo Secures $1.25 Billion Loan Amid Biden's EV Investment Push
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US Department of Energy Allocates $1.25 Billion for EVgo Charging Expansion
The US Department of Energy (DOE) has announced an ambitious $1.25 billion loan to electric vehicle charging company EVgo, emphasizing the Biden administration's commitment to boosting electric vehicle (EV) infrastructure before the transition of power.
Expansion Plans: Charging Stations to Increase Nationwide
Under this funding, EVgo plans to install approximately 7,500 chargers at around 1,100 charging stations across the nation over the next five years. The project will particularly focus on the installation of fast-charging 350kW stalls, which enable two vehicles to charge simultaneously.
The Urgency Behind the Funding
As Biden's time in office dwindles, the urgency to allocate funds for EV projects has intensified. Trump, having promised to dismantle much of Biden's EV spending, presents a considerable impetus for these actions. Among his plans is the potential elimination of the $7,500 tax credit for new EV purchases and cuts to EV charging infrastructure funding through the Inflation Reduction Act (IRA).
Job Creation Through Infrastructure Development
Notably, these loans are positioned as catalysts for job creation. EVgo anticipates that its expansion will generate 180 external construction jobs and over 550 maintenance and support jobs, revitalizing local economies.
Collaborations with Industry Leaders
EVgo, headquartered in Los Angeles, is also collaborating with General Motors to deploy thousands of EV chargers nationwide. Their joint efforts recently celebrated the activation of their 2,000th charging stall.
The Current State of EV Charging Infrastructure
The fragmented and often unreliable EV charging landscape has been a significant barrier to widespread EV adoption. Drivers frequently report frustrations with inconsistent charging options and broken equipment. In response to this, Biden pledged to build 500,000 chargers by 2030, promoting a more robust EV market.
Progress Reports and Future Goals
Despite initial slow progress, the DOE recently updated that as of now, there are over 204,000 publicly available charging ports. In fact, nearly 38,000 new public chargers have been added this year, with nearly 1,000 new chargers installed every week. This improvement is attributed to a combination of federal funding, tax incentives, state investments, and private sector contributions. Notably, this effort has effectively doubled the number of EV charging ports since Biden took office.
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