EVgo Jumps 64% After $1.1 Billion Loan Commitment From DOE
- Financing to allow EV charging company to expand its network
- JPMorgan upgrades stock on view EVgo should outperform peers
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Shares of EVgo Inc. surged the most in more than three years after the electric vehicle charging company received a conditional loan guarantee of up to $1.05 billion from the US Department of Energy to expand its network.
The financing would allow the Los Angeles-based company to build out about 7,500 additional fast charging stalls across the US in states including Arizona, California, Florida, Georgia and Illinois, EVgo said in a statement Thursday.