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EVgo nabs $1.25 billion loan as Biden races to approve more EV spending

The clock is ticking.

The US Department of Energy announced a $1.25 billion loan to electric vehicle charging company EVgo as the Biden administration races to finalize its spending on EVs before Donald Trump takes office. But more importantly, it shows how President Joe Biden is intent on doling out as much money for EV projects as he can before leaving office. After his election, Biden vowed to build 500,000 chargers by 2030 as a way to spur more EV sales, including $7.5 billion for charging expansion in the Bipartisan Infrastructure Bill.

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