EVgo Shares of Evgo Inc. (NASDAQ:EVGO) rose 24% on Wednesday, driven by an upward upgrade from JPMorgan and news of a $1 billion loan guarantee from the US Department of Energy (DOE).
The stock initially rose 9% after JPMorgan’s upgrade and rose further after reports confirmed the DOE’s conditional commitment to the loan.
EVgo, one of the largest public rapid charging networks in the US, announced that it has secured a conditional commitment of up to $1.05 billion in debt financing from the DOE’s Office of Loan Programs.
The funding will support the expansion of EVgo’s charging infrastructure, with plans to deploy around 7,500 additional fast charging stations across the country by 2030.
The initiative is said to be part of the Biden-Harris administration’s efforts to increase EV charging access, especially in underserved communities.
The DOE loan guarantee is expected to accelerate the company’s growth, with a particular focus on states such as California, Texas, Florida and New York.
According to the company’s press release, more than 40% of the new charging stations will be located in marginalized areas, aligning with the administration’s Justice40 initiative to invest in communities affected by environmental challenges.
“EVgo shares the goal of the Biden-Harris administration to increase access to EV charging in the communities that need it most,” said Badar Khan, CEO of EVgo. “This historic investment would significantly accelerate the expansion of our network to provide public charging to EV drivers across the United States.”
Earlier in the morning, JPMorgan analysts upgraded EVgo to Overweight from Neutral, citing the company’s owner-operator model and strong grid usage in the current EV market.
The investment bank reinstated its December 2025 price target of $7, stressing
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Reference;
Boughedda, S. (2024) Evgo shares surge after conditional $1bn DOE loan guarantee, JPMorgan upgrade By Investing.com, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/evgo-shares-surge-after-conditional-1bn-doe-loan-guarantee-jpmorgan-upgrade-3647269 (Accessed: 3 October 2024).
