Backed by a $1.05 billion loan guarantee from the U.S. Department of Energy (DOE), EVgo (EVGO, Financial) announced intentions to grow its fast-charging network at Meijer grocery shops all over the Midwest.
Building on its current 24 stalls at six Meijer stores in Michigan and Ohio, the business will add 480 new public fast-charging stations at Meijer sites in Michigan, Illinois, Wisconsin, Indiana, Ohio, and Kentucky. "Electric vehicle adoption is growing in the Midwest, and by adding hundreds of new fast charging stations with the region's leading supercenter, EVgo's partnership with Meijer shows our companies's shared commitment to delivering an elevated charging experience," said Dennis Kish, EVgo's president in a statement.
Part of the Biden Administration's Investing in America effort, the DOE loan guarantee seeks to increase EVgo's competitive edge over Tesla's (TSLA) extensive charging network, which includes all 50 states and Puerto Rico. Apart from its growth in the Midwest, EVgo intends to install around 7,500 public charging stations at 1,101 stations all over using DOE funding. The fact that EVgo's stations fit all big automakers highlights the company's approach to help increase EV acceptance in many different regions.
