EVGo gets $1B loan guarantee from DOE

[Zoidz]

https://finance.yahoo.com/news/evgo-jumps-37-1-1-132851954.html

Bloomberg) -- Shares of EVgo Inc. surged the most in more than three years after the electric vehicle charging company received a conditional loan guarantee of up to $1.05 billion from the US Department of Energy to expand its network.

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[NY_Rob]

Not a surprise considering that anyone who shows up in Washington with their hand out nowadays gets 10's of billions at least... and we're not talking "loan".

 

[beatle]

Because I'm somewhat ignorant of the programs' financial mechanics, how does this loan tie in to NEVI? Or is this completely separate? I think it is separate from NEVI since I saw no mention of it in the article, and I think NEVI is a federal >> state program, not direct to companies.

I'll say "I don't care" since I don't drive to any of the states mentioned by EVgo, but it's good to see expansion nonetheless.

 

[docwhiz]

Not a surprise considering that anyone who shows up in Washington with their hand out nowadays gets 10's of billions at least... and we're not talking "loan".

Oil companies have been getting billions a year so it's good to see EVs getting support.

 

[moosetags]

I guess that I would rather see taxpayer money go to EV charging infrastructure expansion than most of the other stupid crap that the Federal Government pays for.

Brian

 

[Autolycus]

Because I'm somewhat ignorant of the programs' financial mechanics, how does this loan tie in to NEVI? Or is this completely separate? I think it is separate from NEVI since I saw no mention of it in the article, and I think NEVI is a federal >> state program, not direct to companies.

I'll say "I don't care" since I don't drive to any of the states mentioned by EVgo, but it's good to see expansion nonetheless.

You're right about NEVI. It's a federal grant program to the states who then use the funds for contracts to build chargers. The federal government has no involvement in the selection of companies to build the NEVI-funded chargers other than to set the criteria that has to be used by the state and in approving the qualifying routes.

 

[mikehmb]

They're in the middle of a buildout - more of a rip/replace of an old and slower station - down the road from me. Great spot, right in front of a grocery store, near the intersection of 2 major roads. Great move, and glad it's being done (even if it's something I rarely use).

More charging stations, please! EVGo has (ironically?) been the most reliable non-Rivian or Tesla station I've used, esp compared to EA and Chargepoint.

 

[DCFC]

https://www.eesi.org/papers/view/fact-sheet-proposals-to-reduce-fossil-fuel-subsidies-january-2024

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