EVgo Closes Senior Secured, Non-Recourse Credit Facility With Global Project Finance Banks In Amount Of $225M With Optionality To Increase Size Of Financing By $75M To Fund Additional Growth

Author: Benzinga Newsdesk | July 28, 2025 07:11am

• $225 million oversubscribed 5-year facility placed with five participating lenders with option to increase up to a total of $300 million
• Incremental financing to support deployment of more than 1,500 additional high-power fast charging stalls
• Largest EV charging commercial bank facility in the United States

LOS ANGELES, July 28, 2025 (GLOBE NEWSWIRE) -- EVgo Inc. (NASDAQ:EVGO) ("EVgo" or the "Company"), one of the nation's largest providers of public fast charging infrastructure for electric vehicles (EVs), announced that it has closed on a senior secured, non-recourse credit facility with top tier global project finance banks in the amount of $225 million with optionality to increase the size of the financing by $75 million to fund additional growth (the "Facility"). The Facility was oversubscribed and is a first-of-its-kind financing in the commercial bank market for charging infrastructure in the United States.

The Facility provides EVgo with additional leverage capacity to fund growth beyond debt financing currently in place. Proceeds from the Facility will be used to accelerate EVgo's nationwide deployment of additional high-powered charging infrastructure by more than 1,500 stalls, including the expansion of EVgo's dedicated charging hubs business serving autonomous vehicles and other fleet partners as well as EVgo's public fast charging network, with the flexibility to include stalls that do not fall within the scope of EVgo's existing debt financing. The continued growth of EVgo's network is expected to further expand its position as an industry leader in public fast charging.

Posted In: EVGO