EVgo Stock Jumps Pre-Market After Company Closes $1.25B DoE Loan Facility: Retail Sentiment Electrified

The loan, secured under the Title 17 Clean Energy Financing Program, will fund the construction of 7,500 new fast-charging stalls nationwide.

Shares of EVgo Inc., a leading electric vehicle charging network operator, surged over 10% in premarket trading Friday, drawing significant retail attention.

The company announced the successful closing of a $1.25 billion loan facility with the Department of Energy (DoE).

The loan, secured under the Title 17 Clean Energy Financing Program, will fund the construction of 7,500 new fast-charging stalls nationwide, significantly expanding EVgo’s public charging infrastructure. 

The project will triple EVgo’s footprint by 2029, bringing its total network to at least 10,000 fast-charging stalls.

The buildout is projected to create more than 1,000 U.S. jobs, with over 700 roles in construction, engineering, development, and maintenance, according to the company.

Retail sentiment for EVgo turned ‘extremely bullish’ on Stocktwits, with message volume spiking as the stock rose to the top five trending symbols before the bell.

JPMorgan applauded the move, describing the loan facility as an “early holiday gift to investors.” 

The brokerage highlighted that the loan will cover 80% of project costs, with EVgo funding the remaining 20% through project cash flows, avoiding the need for additional equity raises. 

JPMorgan said it sees minimal risk of fund claw-back and maintained an ‘Overweight’ rating on the stock, citing the company’s improving operating leverage as its network grows.

Year-to-date, EVgo stock has climbed 88% as of the last close, reflecting growing investor confidence in the company’s expansion and clean energy initiatives.

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