EV Charging Company Wins $1.1 Billion Federal Loan Guarantee as Helene Victims Suffer

Breitbart ^ | 10/04/2024 | Lucas Nolan

[ChicagoConservative27]

Shares of electric vehicle charging company EVgo Inc. jumped by the most in over three years after securing a major financing deal from the U.S. government. Meanwhile, Helene victims are suffering in the face of paltry FEMA aid.

Bloomberg reports that in a significant boost to its expansion plans, Los Angeles-based EVgo Inc. announced on Thursday that it has received a conditional loan guarantee of up to $1.05 billion from the US Department of Energy (DOE). The news sent the EV company’s stock soaring by 64 percent, marking its biggest single-day gain in more than three years.

As one of the leading providers of public fast charging services for EVs, EVgo operates over 850 fast charging locations in more than 60 metropolitan areas across 34 states. The company has established partnerships with automakers, fleet and rideshare operators, retail hosts, and public entities to further expand its network and promote EV adoption.

[ChicagoConservative27]

Your government HATES YOU

[timestax]

bttt

[chuckb87]

“Your government HATES YOU”

The feeling is mutual.

[cableguymn]

The feeling is mutual.

[Major Matt Mason]

Likely a Democrat donor that runs that company. More of the Green Grift that we saw during the Obama years.

[blackdog]

A safe landing gig for a few hundred political appointees if the administration loses the election. That "Reward Our Friends" thingy.

Remember Hillary saying, "I can't be responsible for every undercapitalized business in America"? It seems times have shifted.

[Tell It Right]

The more the government embeds itself into EV's and charging, the slower and less efficient charging will grow.

EVGo has no reason to make a good charging experience for the end consumer: because their customer is the government, not the EV driver. And other businesses will be afraid to set up new chargers because they'll fear that their investment will be for naught if a cheaper, government subsidized charger will be set up nearby.

[stevio]

And that’s how politicians become multi-millionaires.

[Bikkuri]

Another bailout?

[logi_cal869]

“Let them know eat cake.”

[trebb]

Maybe they can provide another 8 charging stations where 1/4 of them don’t work...the Dems’ only priority is to make those who make the world go around suffer.

[EVO X]

You are right about gov stepping in. The following article has details about the loan arrangement:

https://www.businesswire.com/news/home/20241003903916/en/EVgo-Receives-Conditional-Commitment-for-DOE-Loan-Guarantee-of-up-to-1.05-Billion-to-Accelerate-Buildout-of-Public-Fast-Charging-Across-the-U.S.

Probably next to a zero interest loans, tax credits and the loan is a limited recourse loaning meaning they don’t have to pay it all back if the project goes sour.