The US Department of Energy has announced a $1.25 billion loan to EVgo, enabling the installation of approximately 7,500 chargers with a focus on fast-charging technology. This significant funding is part of President Biden's final push to approve EV initiatives before the anticipated reversal by the incoming Trump administration, who aims to dismantle current EV spending and credits established in Biden's tenure.
The loans, including a notable $6.6 billion for Rivian's Georgia plant and $7.54 billion for Stellantis-Samsung's Indiana battery factory, are intended to provide job opportunities. EVgo's upcoming project alone is expected to create 180 external construction jobs and over 550 maintenance and support roles, showcasing a broader goal of boosting employment through green technology investments.
Amid a fragmented EV charging system, with many owners citing unreliable chargers as a barrier to adoption, this loan aims to enhance accessibility and reliability in charging infrastructure across the U.S. EVgo's collaboration with General Motors has already resulted in the activation of their 2,000th charging stall, underscoring the commitment to improving the EV charging landscape.
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