EVgo plans to install 7,500 new public fast charging points in the U.S.
The Department of Energy has approved a loan of $1.25 billion to EVgo, the American company responsible for electric vehicle charging stations, for the construction of 7,500 new fast charging spaces.
The Biden administration, through the Department of Energy (DOE), has taken swift action to consolidate its electric vehicle infrastructure plan. A loan of $1.25 billion was recently approved for EVgo, the American company operating electric vehicle (EV) charging stations, aimed at building 7,500 new fast charging stations across the country. This announcement comes at a time when the incoming administration of elected President Donald Trump has expressed its intention to cancel a large portion of existing spending on electric vehicle initiatives.
With this expansion, EVgo expects to increase its charging network to a total of at least 10,000 stations by 2029. The new chargers will be distributed across various locations in the United States, including Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania, and Texas. According to Badar Khan, CEO of EVgo, this public-private partnership will allow the company to continue expanding its operations to accommodate the growing variety of vehicle options that will be available to U.S. consumers in the coming years.
EVgo's deployment will include an innovative technology known as "dynamic power sharing," which optimizes the charging speed of electric vehicles. Additionally, the new chargers will allow users to start the charging process without the need for a credit card or mobile phone. This week, the DOE and a private consortium announced the implementation of a universal protocol that will enable all electric vehicles to connect and charge at any public station in the U.S. starting in 2025.
Charging infrastructure, still insufficient in many places, is frequently cited as one of the main barriers for drivers to fully adopt electric vehicles. Since Biden took office in 2021, the goal has been established to build 500,000 chargers by 2030, allocating $7.5 billion for this purpose. Currently, there are over 204,000 public charging stations available in the U.S., more than double the number that existed when Biden was inaugurated. In the past year, 38,000 new public chargers have been added, averaging nearly 1,000 per week, thanks to a combination of direct federal funding, tax incentives, and state and local contributions.
Additionally, EVgo has partnered with General Motors to build charging stations in 32 states, and they recently celebrated the opening of their 2,000th fast charging station. Although the incoming Trump administration has indicated plans to cancel existing spending, such as the $7,500 tax credit for new electric vehicle purchases, it remains unclear how many of the ongoing infrastructure projects could be reversed. According to E2, a nonpartisan group, nearly 85% of the investments and 68% of the jobs generated by the Biden administration's clean energy initiatives have benefited Republican states that supported Trump.
