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EVgo secures $1.25B loan amid Biden’s rush to approve clean energy loans

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

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. Other recent DOE loan recipients include StarPlus Energy, a battery joint venture from Stellantis and Samsung, and Rivian.

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