EVgo secured $1.25 billion in loans as Biden rushes to approve clean energy credits

Electric car charging startup EVgo the latest company to provide funds from the US Department of Energy as the Biden administration races to approve clean energy credits before Donald Trump takes office.

Trump promised cancel it Any unspent funds from Biden’s two parties Inflation Reduction Actincluding a $7,500 tax credit for new EV purchases and credits to companies involved in the production of batteries, charging equipment and renewable resources.

DOE on Friday a $1.25 billion in loans To help EVgo install 7,500 public charging units at 1,100 charging stations across the United States over the next five years. The first deployments include a 350kW DC fast-charging facility that can charge two cars simultaneously.

EVgo’s project is expected to create more than 180 construction jobs and more than 550 maintenance and support jobs.

Other new DOE loan recipients include StarPlus Energy, a battery joint venture from Stellantis and Samsung, and Rivian.