EVgo (US:EVGO) Globenewswireยท2025-07-28 11:00Core Insights - EVgo Inc. has secured a $225 million senior secured, non-recourse credit facility, with an option to increase by $75 million, aimed at funding growth in electric vehicle charging infrastructure [1][2][3] - The financing is a pioneering move in the U.S. commercial bank market for charging infrastructure, reflecting confidence in EVgo's leadership and the EV charging industry's future [3][4] Financing Details - The facility is oversubscribed and represents the largest EV charging commercial bank facility in the United States, with a total potential of $300 million [7] - Proceeds will fund the deployment of over 1,500 additional high-powered charging stalls, enhancing EVgo's public fast charging network and dedicated charging hubs for autonomous vehicles [2][7] - The first draw of approximately $48 million was received on July 24, 2025, with an interest rate of SOFR plus 3.25%, increasing by 0.25% starting in year 5 [6][8] Strategic Implications - The financing will enable EVgo to expand its infrastructure, providing more fast charging options for EV drivers, thereby solidifying its position as an industry leader [3][4] - The involvement of top-tier global banks in this financing indicates a growing maturity and profitability of EVgo's network, as well as confidence in its management [3][4] Company Overview - EVgo operates over 1,100 fast charging stations across more than 40 states, partnering with various businesses to enhance charging accessibility [9] - The company is focused on interoperability testing and technical collaborations to advance the EV charging industry [9]