EVgo (EVGO) Secures $1.05 Billion Loan Guarantee, Shares Surge

EVgo Inc. (EVGO, Financial), an electric vehicle charging company, has obtained a conditional loan guarantee of up to $1.05 billion from the U.S. Department of Energy. This funding is aimed at expanding its charging network. Following the announcement, EVgo's stock skyrocketed by 60.81%, marking its largest gain in over three years. The company plans to use the financing to install approximately 7,500 fast chargers across several U.S. states, including Arizona, California, Florida, Georgia, and Illinois. Th ...