EVgo Inc. Announces Commercial Bank Loan Facility to Accelerate Nationwide Infrastructure Buildout
EVgo Inc. (Nasdaq: EVGO), a leading U.S. public fast charging provider, has secured a groundbreaking $225 million senior secured, non-recourse credit facility with an option to increase by $75 million. This marks the largest EV charging commercial bank facility in the United States.
The oversubscribed facility, led by SMBC with participation from four other global banks, will fund the deployment of more than 1,500 additional high-power charging stalls. Key terms include a 5-year tenor, SOFR plus 3.25% interest rate, and 60% financing of eligible project costs. The company made its first draw of $48 million on July 24, 2025.
EVgo contributed 400 existing charging stalls as initial loan collateral, demonstrating the maturity of its network and profitability. The facility will support both public fast charging expansion and dedicated charging hubs for autonomous vehicles and fleet partners.
EVgo Inc. (Nasdaq: EVGO), uno dei principali fornitori pubblici di ricarica rapida negli Stati Uniti, ha ottenuto una rivoluzionaria linea di credito senior garantita non ricorrente da 225 milioni di dollari, con un'opzione di incremento di 75 milioni di dollari. Si tratta della più grande linea di credito commerciale per la ricarica di veicoli elettrici negli USA.
La linea di credito, sovrasottoscritta e guidata da SMBC con la partecipazione di altri quattro istituti bancari globali, finanzierà l'installazione di oltre 1.500 postazioni di ricarica ad alta potenza aggiuntive. Le condizioni principali prevedono una durata di 5 anni, un tasso di interesse SOFR più 3,25% e un finanziamento pari al 60% dei costi eleggibili del progetto. La società ha effettuato il primo prelievo di 48 milioni di dollari il 24 luglio 2025.
EVgo ha conferito come garanzia iniziale 400 postazioni di ricarica esistenti, dimostrando la solidità e la redditività della sua rete. La linea di credito sosterrà sia l'espansione della ricarica rapida pubblica sia la creazione di hub dedicati alla ricarica per veicoli autonomi e partner di flotte.
EVgo Inc. (Nasdaq: EVGO), un destacado proveedor público de carga rápida en EE. UU., ha asegurado una innovadora línea de crédito senior garantizada y sin recurso de 225 millones de dólares con opción a aumentar en 75 millones más. Esta es la mayor línea de crédito comercial para carga de vehículos eléctricos en Estados Unidos.
La línea sobredemandada, liderada por SMBC con la participación de otros cuatro bancos globales, financiará el despliegue de más de 1,500 puestos de carga de alta potencia adicionales. Los términos clave incluyen un plazo de 5 años, tasa de interés SOFR más 3.25%, y financiamiento del 60% de los costos elegibles del proyecto. La compañía realizó su primer desembolso de 48 millones de dólares el 24 de julio de 2025.
EVgo aportó 400 puestos de carga existentes como garantía inicial del préstamo, demostrando la madurez y rentabilidad de su red. La línea apoyará tanto la expansión de la carga rápida pública como la creación de hubs dedicados para vehículos autónomos y socios de flotas.
EVgo Inc. (나스닥: EVGO)는 미국을 선도하는 공공 급속 충전 제공업체로서, 2억 2,500만 달러 규모의 선순위 담보 비소구 신용 시설을 확보했으며, 7,500만 달러 추가 증액 옵션도 포함되어 있습니다. 이는 미국 내 최대 규모의 전기차 충전 상업 은행 대출입니다.
SMBC가 주도하고 네 개의 글로벌 은행이 참여한 이 초과 청약된 신용 시설은 1,500개 이상의 추가 고출력 충전 스테이션 설치에 자금을 지원합니다. 주요 조건은 5년 만기, SOFR에 3.25%를 더한 이자율, 그리고 적격 프로젝트 비용의 60% 자금 조달입니다. 회사는 2025년 7월 24일에 4,800만 달러를 첫 인출했습니다.
EVgo는 기존 충전기 400대를 초기 대출 담보로 제공하여 네트워크의 성숙도와 수익성을 입증했습니다. 이 신용 시설은 공공 급속 충전 확대와 자율주행 차량 및 플릿 파트너를 위한 전용 충전 허브 지원에 활용될 예정입니다.
EVgo Inc. (Nasdaq : EVGO), un fournisseur public de recharge rapide de premier plan aux États-Unis, a obtenu une facilité de crédit senior garantie non recourante de 225 millions de dollars avec une option d’augmentation de 75 millions de dollars. Il s'agit de la plus grande facilité bancaire commerciale dédiée à la recharge de véhicules électriques aux États-Unis.
Cette facilité sursouscrite, menée par SMBC avec la participation de quatre autres banques mondiales, financera le déploiement de plus de 1 500 bornes de recharge haute puissance supplémentaires. Les conditions clés comprennent une durée de 5 ans, un taux d’intérêt SOFR plus 3,25 %, et un financement à hauteur de 60 % des coûts éligibles du projet. La société a effectué son premier tirage de 48 millions de dollars le 24 juillet 2025.
EVgo a apporté 400 bornes de recharge existantes en garantie initiale du prêt, démontrant ainsi la maturité et la rentabilité de son réseau. Cette facilité soutiendra à la fois l’expansion de la recharge rapide publique et la création de hubs dédiés pour les véhicules autonomes et les partenaires de flotte.
EVgo Inc. (Nasdaq: EVGO), ein führender öffentlicher Anbieter von Schnellladestationen in den USA, hat eine bahnbrechende besicherte, nachrangige Kreditfazilität in Höhe von 225 Millionen US-Dollar mit einer Option zur Erhöhung um 75 Millionen US-Dollar gesichert. Dies ist die größte kommerzielle Bankfazilität für EV-Ladestationen in den Vereinigten Staaten.
Die überzeichnete Fazilität, angeführt von SMBC mit Beteiligung von vier weiteren globalen Banken, wird die Errichtung von mehr als 1.500 zusätzlichen Hochleistungs-Ladestationen finanzieren. Wichtige Konditionen umfassen eine Laufzeit von 5 Jahren, einen Zinssatz von SOFR plus 3,25 % und eine Finanzierung von 60 % der förderfähigen Projektkosten. Das Unternehmen tätigte seine erste Auszahlung von 48 Millionen US-Dollar am 24. Juli 2025.
EVgo brachte 400 bestehende Ladestationen als anfängliche Kreditsicherheit ein, was die Reife und Rentabilität seines Netzwerks unterstreicht. Die Fazilität unterstützt sowohl den Ausbau der öffentlichen Schnellladeinfrastruktur als auch dedizierte Ladestationen für autonome Fahrzeuge und Flottenpartner.
- None.
- Additional debt increases financial obligations and leverage
- Success depends on continued EV market growth and adoption
- Project execution risks in deploying 1,500+ new stalls
Insights
EVgo secured a groundbreaking $225M loan facility to deploy 1,500+ new charging stalls, significantly accelerating expansion capabilities.
EVgo has achieved a notable milestone in the EV charging infrastructure sector by securing a
The financial structure reveals sophisticated project finance engineering: the facility offers a competitive interest rate of SOFR plus
This incremental capital will specifically fund the deployment of more than 1,500 additional high-powered charging stalls, expanding both EVgo's public network and its dedicated charging hubs for autonomous vehicles and fleet partners. The non-recourse project financing structure is particularly advantageous as it limits EVgo's balance sheet exposure while providing substantial leverage for growth beyond existing debt facilities.
The successful closing of this facility signals strong institutional confidence in both EVgo's business model and the broader EV charging sector. The participation of five established global banks demonstrates the maturing financial landscape for EV infrastructure, with the banking sector now viewing well-positioned charging networks as bankable, cash-generating assets worthy of project finance treatment typically reserved for established infrastructure classes.
$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
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.
“EVgo has built a trusted nationwide public fast charging network and has consistently demonstrated strong operational and financial asset performance,” said EVgo CEO, Badar Khan. “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. As the first of its kind in the United States, the Facility reflects continued and growing confidence in both EVgo’s leadership position and in the future of the EV charging industry by financial markets.”
“This groundbreaking financing transaction sets a precedent for expanding high-power charging infrastructure by leveraging debt capital,” said Francine Sullivan, EVgo CLO & EVP Corporate Development. “Such resounding support from the global project finance bank market marks another milestone in EVgo’s plan to enhance value with our growing industry-leading fast charging solutions. We look forward to partnering with our banking partners to continue to grow our leadership position into the future.”
The Facility is provided by a syndicate of top-tier global banks led by SMBC as Structuring Agent, Coordinating Lead Arranger, and Joint Bookrunner, and Bank of Montreal, Royal Bank of Canada, and ING Bank NV as Joint Lead Arrangers and Joint Bookrunners, and Investec Bank Plc as a participating lender. The opening of the commercial bank project financing market as a source of capital for public fast charging is an important milestone reflecting the maturity of the Company, the profitability of the EVgo network, and confidence in the Company’s management.
“This financing demonstrates SMBC’s continued ability to lead innovative financing solutions for clients in emerging sectors across the broader infrastructure landscape,” said Juan Kreutz, SMBC Americas Head of Global Structured Finance. “We are proud to partner with an industry leader like EVgo on this pioneering financing as the company expands its network of accessible charging infrastructure throughout the U.S.”
Milbank acted as legal advisor to EVgo and Paul Hastings acted as legal advisor to the lenders.
The Company anticipates providing an update on its expectations for the build out of additional charging stalls on its second quarter fiscal 2025 earnings call to be held Aug. 5 at 8 a.m. ET.
Key Financing Terms of the Commercial Bank Loan Facility
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About EVgo
EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,100 fast charging stations across over 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo’s future financial and operating performance; the Facility, including expectations regarding the timing and availability of project drawdowns, cash flows, capital expenditures and deployment costs, the Company’s equity contributions, distributions to the Company, deployment and operation periods, and interest rates and payments; and EVgo’s banking partnerships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes adversely affecting EVgo’s business; EVgo’s dependence on the widespread adoption of electric vehicles (“EVs”) and growth of the EV and EV charging markets; EVgo’s reliance on existing project financing for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the “DOE Loan”), and its ability to comply with the covenants and other terms of thereof; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; EVgo’s ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, changing tariff and taxation policies, and geopolitical events such as the conflicts in Ukraine and the Middle East. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.
For Investors:
investors@evgo.com
For Media:
press@evgo.com
Source: EVgo Inc.
FAQ
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