Biden Administration Pours 125 Billion Into Electric Vehicle Charging Expansion

The US Department of Energy has awarded a $1.25 billion loan to EV charging company EVgo to support the installation of approximately 7,500 fast-charging 350kW stalls at over 1,100 charging stations across the country. The funds will significantly improve the nation’s fragmented and frustrating EV charging landscape.

This latest loan is part of a broader effort by President Joe Biden’s administration to allocate funding for EV projects before January 20th. The move comes as President-elect Donald Trump has vowed to reverse or cancel significant portions of the spending on EVs, including the $7,500 tax credit for new EV purchases and the Inflation Reduction Act (IRA) spending on EV charging infrastructure.

Stellantis and Samsung recently received preliminary approval for a massive $7.54 billion battery factory in Indiana, while Rivian is set to receive $6.6 billion for an EV plant in Georgia. These large-scale investments are expected to drive the development of EVs and create significant job opportunities.

The loan will support the creation of 180 external construction jobs and over 550 maintenance and support jobs, according to EVgo. The company is working closely with General Motors to install thousands of EV chargers across the country. Their recent milestone – activating their 2,000th charging stall – underscores the progress being made in this critical area.

The current state of EV charging infrastructure is a major barrier to widespread adoption. Owners frequently experience unreliable charging or broken equipment, making it a significant frustration for those driving electric vehicles. President Biden’s goal of building 500,000 chargers by 2030 as part of the Bipartisan Infrastructure Bill has led to a noticeable increase in funding and infrastructure development.

According to the Department of Energy, there are currently over 204,000 publicly available charging ports, with nearly 38,000 new public chargers added this year alone. The recent surge in charging port installations can be attributed to a combination of direct federal funding, federal tax incentives, state and local funding, and private investment. With the Department of Energy’s loan, EVgo is poised to further expand its network, providing more convenient and reliable charging options for drivers.

The timing of this announcement could not be more critical as President Biden works to finalize his spending on EV projects before leaving office. As the nation gears up for a significant shift towards electric vehicles, it remains to be seen how much of the current funding will remain intact under the Trump administration’s plans.