#53: EVgo closes $225M bank loan

EVgo’s landmark financing, Senate pushes for NEVI guidance, Wallbox enters VPP market

Author

Steve Taylor
August 02, 2025

The Business and Policy of Charging Infrastructure

The 3 big stories

  • EVgo raises $225M

  • Senate appropriators push for updated EV charging program guidance

  • Wallbox partners with Leap for California and New York VPP launch

Plus, featured jobs and news.

Enjoy,
Steve

Industry News

On Monday, July 28, EVgo announced a $225M senior secured credit facility from a syndicate of project finance banks, with an option to expand to $300M.

The five-year deal is the first commercial bank financing package specifically structured for EV charging infrastructure in the US.

The oversubscribed facility will fund more than 1,500 additional high-power fast-charging stalls across EVgo's network, including dedicated hubs for autonomous vehicles and fleet operations.

Unlike previous financing tied to specific projects, this money can fund any new charging stations EVgo wants to build.

The deal signals a fundamental shift in how institutional lenders view charging infrastructure, moving from speculative venture to bankable asset class.

Steve’s take

This financing milestone matters more for what it represents than the dollar amount.

Commercial banks traditionally avoid early-stage infrastructure plays, but EVgo's ability to secure non-recourse project financing suggests the sector has crossed a credibility threshold.

The structure is smart because if projects fail, EVgo's main business stays protected, letting the company grow without selling ownership stakes or putting other assets at risk

More importantly, this creates a replicable financing template for the industry.

If EVgo proves this model works, expect other charging companies to try to copy it.

The distinction between operators who can access this type of institutional capital and those stuck with expensive equity or corporate debt will become a competitive moat.

I believe this funding gap will accelerate market consolidation as capital-efficient players pull away from the field.

Power and Policy

A week ago Thursday, the Senate Appropriations Committee voted to approve its FY 2026 DOT and HUD spending bill. The panel approved the legislation 27-1 and proposes that DOT would receive $110 billion total. That’s an increase of some $3 billion compared to FY 2025. 

Of note, the bill contains language that would direct DOT to issue updated draft guidance for the National Electric Vehicle Infrastructure Formula Program (NEVI) for public comment no later than 30 days after the legislation is enacted. DOT must then publish final guidance no more than four months after the bill becomes law.

As background, the FHWA in early February told states that it was moving to halt NEVI and rescinding prior guidance for the program. In order to access funds, states must have an approved plan that follows existing guidance — as a result, the plans that states had previously submitted were suspended. FHWA said no new obligations would occur under the program until updated guidance was issued and states crafted revised plans. At the time, FHWA said it aimed to publish draft guidance for public comment this past spring. But that didn’t happen, and the timeline moving forward has been unclear.

Rob’s Take

The Senate is clearly attempting to force the Trump Administration’s hand when it comes to stalling on its statement earlier this year that it would issue updated NEVI guidance. That guidance is said to be with the White House and its Office of Information and Regulatory Affairs (OIRA) for final review but has been delayed.  The full Senate must still approve the appropriations bill and the timing of that vote will likely not come until after the Congressional recess in August.  As we discussed in our last newsletter, House GOP appropriators want to repurpose a fifth of the NEVI program money from 2021 in their 2026 spending package.  So a lot of competing interests are pushing and pulling at the NEVI program right now; not to mention the multi-state lawsuit where a federal judge has ordered–at least temporarily–NEVI funding to be unfrozen for 14 states.

Emerging Tech

Wallbox has launched virtual power plants (VPPs) in California and New York through a partnership with Leap, expanding the company's core offering from charging infrastructure into grid services.

The program aggregates residential EV chargers into a coordinated network that can shift charging patterns to support grid stability during peak demand periods.

Users enrolled in the "Wallbox Rewards" program allow their chargers to automatically adjust charging times based on grid conditions. These users receive financial incentives and charging insights through the app.

Leap's platform connects thousands of home chargers to energy markets in real-time, turning distributed charging infrastructure into a controllable grid resource.

Expansion to additional markets including Texas is planned for later in 2025.

Steve’s Take

This partnership shows how chargers are evolving from simple plug‑and‑charge devices into active players in the power grid.

Instead of just drawing electricity, Wallbox chargers can now send it back to the grid when demand is high, turning EVs into mini power plants that earn their owners extra income.

By teaming up with Leap, Wallbox can focus on making great hardware and improving the user experience, while Leap handles the complex job of connecting to energy markets.

The success of this model will depend on whether the financial incentives prove meaningful enough to sustain user participation without compromising charging convenience.

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⚡️Steve and Rob

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