04:53 PM EST, 12/12/2024 (MT Newswires) -- EVgo ( EVGO ) said Thursday that it closed a $1.25 billion guaranteed loan facility from the US Department of Energy's Loan Programs Office.

The loan facility is under the department's Title 17 clean energy financing program that will support the company's efforts to build 7,500 new fast-charging stalls nationwide, according to EVgo ( EVGO ).

The facility includes a $1.05 billion principal amount with up to $193 million capitalized interest and the possible first drawdown of $75 million is expected in January, subject to satisfaction of all conditions.

EVgo ( EVGO ) shares were up 11% in recent after-hours activity.