{"id":53918,"date":"2024-12-13T10:29:46","date_gmt":"2024-12-13T10:29:46","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=53918"},"modified":"2024-12-13T10:29:46","modified_gmt":"2024-12-13T10:29:46","slug":"evgo-secures-1-25bn-to-expand-fast-ev-charging-across-us","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/evgo-secures-1-25bn-to-expand-fast-ev-charging-across-us\/53918\/","title":{"rendered":"EVgo secures $1.25bn loan guarantee to expand fast EV charging across US"},"content":{"rendered":"

In a significant boost to the nation\u2019s electric vehicle (EV) charging infrastructure, the United States Department of Energy (DOE) has announced a $1.25bn loan guarantee to EVgo Swift Borrower LLC.<\/h2>\n

This major initiative aims to deploy around 7,500 high-powered fast EV charging stations at approximately 1,100 locations across the United States over the next five years.<\/p>\n

By enabling drivers to charge their vehicles quickly and conveniently, this technology is vital to addressing range anxiety and supporting widespread EV adoption<\/a>.<\/p>\n

Revolutionising EV charging accessibility<\/h3>\n

The first wave of deployments will feature state-of-the-art 350kW direct current (DC) fast chargers. These units can charge two vehicles simultaneously, offering an 80% battery recharge in just 20 minutes, depending on the EV model and battery conditions.<\/p>\n

Such advancements address a critical barrier to EV adoption: the lack of reliable and fast EV charging options.<\/p>\n

This initiative also incorporates dynamic power-sharing technology, which maximises charging efficiency by redistributing unused power between vehicles.<\/p>\n

The rollout will include advanced features like Autocharge+, simplifying the payment process by enabling users to plug in and charge without using a phone or credit card.<\/p>\n

Driving toward a clean energy future<\/h3>\n

EVgo\u2019s expansion aligns with the US\u2019 goal to build a national EV charging network. Since President Biden took office, the number of publicly available chargers has doubled, with nearly 1,000 new chargers added weekly.<\/p>\n

Currently, over 204,000 public charging ports are operational nationwide, and EVgo\u2019s efforts will further amplify this growth.<\/p>\n

These EV charging stations will serve various high-traffic locations, including retail centers and grocery stores, ensuring accessibility for drivers in metropolitan areas and multi-family housing communities.<\/p>\n

Notably, more than 40% of the new chargers will be installed in disadvantaged communities, advancing equitable access to clean transportation options.<\/p>\n

Economic and environmental benefits<\/h3>\n

This project is expected to create over 180 construction jobs and 550 maintenance and support roles, fostering a robust EV ecosystem while promoting economic growth.<\/p>\n

The chargers will enable an annual reduction of 284,000 tons of carbon dioxide emissions, equivalent to removing 61,000 gasoline-powered vehicles from the road.<\/p>\n

EVgo\u2019s use of prefabrication techniques at its Jacksonville, Florida facility will expedite deployments while supporting domestic manufacturing.<\/p>\n

The chargers will also comply with universal standards, such as SAE J3400 and CCS connectors, ensuring compatibility with all fast-charging-capable EVs.<\/p>\n

Supporting disadvantaged communities<\/h3>\n

EVgo plans to install nearly half of its new EV chargers in locations eligible for the Alternative Fuel Vehicle Refueling Property Tax Credit (30C).<\/p>\n

These areas, often economically disadvantaged, will benefit from improved access to public charging, ensuring an equitable distribution of EV infrastructure.<\/p>\n

To further enhance community engagement, EVgo is implementing a comprehensive Community Benefits Plan<\/a> (CBP).<\/p>\n

This plan emphasises workforce development, including training programmes and scholarships for electricians to earn EV Infrastructure Training Program (EVITP) certification.<\/p>\n

Such initiatives are vital as EV charging projects increasingly require skilled labour to meet state and federal standards.<\/p>\n

Catalysing the EV revolution<\/h3>\n

Fast EV charging is critical to meeting the growing demand for electrified transportation. With automakers expanding their EV portfolios, accessible and efficient public charging is vital for consumer confidence.<\/p>\n

While homeowners with garages can rely on Level 1 or Level 2 chargers<\/a>, public fast chargers are indispensable for those living in multi-family dwellings.<\/p>\n

EVgo\u2019s ambitious project, supported by the DOE\u2019s Loan Programs Office (LPO), demonstrates a firm commitment to building a clean energy future.<\/p>\n

By addressing infrastructure gaps, fostering economic growth, and reducing greenhouse gas emissions, this initiative positions the US as a global leader in EV adoption and sustainability.<\/p>\n

The DOE\u2019s $1.25bn loan guarantee marks a pivotal step toward nationwide fast EV charging availability.<\/p>\n

As EVgo accelerates the deployment of cutting-edge chargers across the country, this investment not only supports the nation\u2019s clean energy goals but also underscores the importance of equitable access to EV infrastructure.<\/p>\n","protected":false},"excerpt":{"rendered":"

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