EVgo Inc. announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy (?DOE?) Loan Programs Office (?LPO?) under its Title 17 Clean Energy Financing Program to support EVgo?s forthcoming efforts to build convenient, reliable public charging infrastructure for electric vehicles (EVs) with the construction of 7,500 new fast charging stalls nationwide. This buildout will bring EVgo?s total owned and operated network to at least 10,000 fast charging stalls, allowing the Company to more than triple its network footprint by 2029. Total Guaranteed Loan Facility Amount: $1.25 billion, Principal: $1.05 billion and Capitalized interest: Up to $193 million.

Interest Rate: Interest rates fixed from the date of each quarterly advance for the term of the loan at the applicable long-dated U.S. Treasury rate with an aggregate risk-based charge and liquidity margin of approximately 1.2%. Tenor: 17 years from date of first drawdown. Deployment Period: 5-year deployment period starting 2025, ramping annually to reach approximately 7,500 fast charging stalls.

Principal & Interest Grace Period: Scheduled principal repayments do not begin until after end of deployment period. Interest during the deployment period is capitalized, instead of being paid in cash. First Drawdown: Subject to satisfaction of all conditions precedent, the first drawdown of approximately $75 million is expected in January 2025.