EVgo Secures Landmark $225M to Supercharge U.S. EV Charging Expansion

EVgo Inc., one of America’s most prominent public fast charging networks, secured a game-changing $225 million senior secured credit facility last week, a powerful boost for the company’s mission to expand its infrastructure footprint across the country. This financing deal, the largest of its kind for any U.S. EV charging company in the commercial banking market, will enable the deployment of over 1,500 new high-power fast charging stalls nationwide.

The five-year credit facility, structured as non-recourse and backed by a syndicate of top-tier global project finance banks, was oversubscribed and includes an option to increase total financing to $300 million. The arrangement not only showcases market confidence in EVgo’s leadership but also in the rapid growth of the EV charging industry more broadly.

“This facility provides low-cost capital that allows us to expand faster, giving EV drivers even more access to reliable fast charging,” said EVgo CEO Badar Khan. “It’s a signal that major financial players believe in the future of electrified transportation—and in EVgo’s central role within that future.”

Proceeds from the financing will support accelerated deployment across public fast charging sites as well as specialized hubs serving commercial fleets and autonomous vehicles. Notably, the deal also offers flexibility to fund installations outside the scope of previous financing arrangements, marking a strategic advantage as the company continues to scale.

The participating lenders include SMBC, Bank of Montreal, Royal Bank of Canada, ING Bank NV, and Investec. Legal counsel was provided by Milbank for EVgo and Paul Hastings for the lender group.

With more than 1,100 fast charging locations already operating in 40+ states, EVgo continues to lead the way in developing equitable, high-speed EV infrastructure across urban and rural areas alike. As the U.S. moves toward an electric future, this financing ensures EVgo remains a cornerstone of that transition.

Paren’s State of the Industry Report: U.S. EV Fast Charging – Q2 2025, Predicts Continued EV Charging Growth in 2025

Paren Inc.’s Q2 2025 State of the Industry Report, released on July 28, 2025, reveals that U.S. DC fast charging (DCFC) infrastructure is on track for record growth this year, with a projected 19% year-over-year increase in port deployment. This expansion comes even amid reduced government support, reflecting strong momentum from new and established charge point operators (CPOs). The report highlights a shift toward “Charging 2.0,” marked by larger stations equipped with more high-power ports, improved reliability, and more transparent, flexible pricing, trends that collectively enhance the EV driving experience. The full report is available on Paren’s website.

“2025 is going to be a record year for deployment of DC fast charging ports — and 2024 was already the highest year on record,” said Loren McDonald, chief analyst at Paren. “Charging 2.0 players are deploying new — and larger — stations at a breakneck pace.”

While national average utilization slightly declined to 16.1% from 16.6% in Q1, attributed partly to seasonality, the report flags potential early signs of overbuilding in areas with lower EV adoption. Nevertheless, reliability improved 5.3% year-over-year, and average prices dropped to $0.48 per kWh, driven by a broader move toward time-of-use (TOU) pricing. Despite localized price hikes, notably in California, the overall trend reflects providers actively testing pricing models. The report underscores industry optimism, suggesting that fast, reliable, and consumer-friendly charging will drive long-term growth, even as incentives taper.

“Paren’s Q2 2025 report highlights the steady buildout of the public charging network and intricacies of deploying charging stations ahead of demand and with future-ready capacity,” said Heiko Schmidt, VP, Network Strategy & Consumer Offering at Mercedes-Benz HPC North America. “While this approach may apply short-term pressure on utilization, we believe that charge point operators who deliver a strong customer experience, prioritizing speed, reliability, seamless payment and pricing transparency, premium amenities, and safe, well-lit locations, will earn long-term loyalty from EV drivers.”

EVinfo.net’s Take: EVgo Offers a Smooth Charging Experience, Payroc Offers a Valuable EV Charging Payment Service

At EVinfo.net, we are very encouraged by this news of EVgo’s expansion. Similar to the EV revolution, EV charging is growing fast, and can’t be stopped. We congratulate our amazing colleagues at Paren, Florent Breton (CEO), Bill Ferro (CTO), and Loren McDonald (Chief Analyst) on their outstanding reporting on the growth of EV charging in America. EVinfo.net highly recommends Paren’s analytics.

Last week, I stopped by one of my favorite hangouts, beautiful Moonlight State Beach in Encinitas, California. Encinitas is in the Northern part of EVinfo.net‘s home county of San Diego. I charged at an EVgo station, located at 561 S Vulcan Ave, Encinitas, CA 92024, in the Encinitas city hall lower parking lot. It has 6 50kW chargers, featuring both CCS1 and CHAdeMO connectors.

Many EV drivers have suffered from payment problems at public charging stations. I didn’t have any problems at the EVgo station. But I have had a wide variety of payment problems as an EV driver.

Leading payments company Payroc handles payments for a wide variety of products and services, including EV charging.

I was honored to work with Payroc‘s Sidney Chiappetti, Todd Bellino, and Sarah Hoodin recently for an article about how Payroc is solving EV charging problems, and how the company is an excellent partner for EV charging companies.

In the article, “5 Things EV Drivers Hate About Charging Network Payments—And How Payroc Can Help Your Software Application Fix Them,” We talked about the problems EV drivers face with payments, and it was gratifying to know I’m part of the solution to make payments easier for new adopters getting their first EVs.

EVs are the most eco-friendly transportation. Another important benefit of EVs is cost savings. EVs have far fewer moving parts, and need far less maintenance. Drivers who are able to charge at home save significantly on charging costs, far cheaper than gasoline.