Electric vehicle charging startup EVgo is the latest company to secure funds from the U.S. Department of Energy as the Biden administration races to approve clean energy loans before Donald Trump takes over.
Trump has promised to cancel any unspent funds from Biden’s bipartisan Inflation Reduction Act, including the $7,500 tax credit for new EV purchases and loans to companies onshoring the production of batteries, charging equipment, and renewable resources.
The DOE Friday approved a $1.25 billion loan to EVgo to help the startup install 7,500 public chargers at 1,100 charging stations across the U.S. over the next five years. The first deployments will include 350kW DC fast charging equipment that can charge two cars at once.
EVgo’s project is expected to create more than 180 construction jobs and over 550 maintenance and support jobs.
Other recent DOE loan recipients include StarPlus Energy, a battery joint venture from Stellantis and Samsung, and Rivian.
