Some key developments took place last month at two local electric vehicle charging companies.
First, Sawtelle-based EV charging infrastructure company EVgo Inc. announced it had closed a $1.25 billion guaranteed loan facility from the U.S. Department of Energy. The aim is to provide financing for EVgo to deploy 7,500 fast-charging stalls nationwide.
Then, Santa Monica-based EV charging infrastructure company EVPassport announced a leadership change last month. Out is co-founder and original chief executive Hooman Shahidi and taking his place is Robert Rene, who holds the title “executive operating chairman.”
EVgo in its Dec. 12 announcement said the $1.25 billion loan guarantee facility was part of the Department of Energy’s Title 17 clean energy financing program.
Roughly $1.05 billion of the loan guarantee facility is principal; the remainder is capitalized interest. The first drawdown from the loan guarantee facility is $75 million and is scheduled to take place this month, subject to loan conditions being met. Under terms of the loan guarantee facility, EVgo has 17 years to repay the loan.
EVgo in the announcement said the loan will finance the deployment of 7,500 fast-charging charging stalls over the next five years. (A charging pump can have either one or two charging stalls, depending on the number of pump hose connectors. A charging station or depot has multiple charging pumps.)
The length of time it takes to reach 80% battery capacity at a fast-charging station varies by make and model of electric vehicle, though it generally ranges between 20 minutes and one hour.
Buildout of these charging stations would create more than 1,000 jobs, about 700 of those with third-party contractors, EVgo said.
“This public-private partnership will help us continue to scale our operations to serve the influx of vehicle options that will be available to American consumers in the coming years,” Badar Khan, EVgo’s chief executive, said in the announcement.
Meanwhile, at EVPassport, the leadership change announced Dec. 18 comes just over a year after Toronto-based private equity firm Northleaf Capital Partners agreed to invest $200 million – and acquire a controlling stake in – the company. Four of the company board’s seven directors are held by Northleaf Capital Partners.
EVPassport, which was founded in 2020, has developed a software platform to operate electric vehicle charging stations. The company also installs and operates charging stations and hubs for commercial and multifamily customers.
According to the announcement, Shahidi, who led the company from its founding in 2020 through its initial growth phase, is no longer with the company. No further details on the circumstances surrounding his departure were released.
Rene, the new executive operating chairman, has a background as a financial and operations executive with a variety of companies, including a stint of nearly nine years as chief operating officer at Calabasas-based Harbor Freight Tools. He does not have extensive experience in the electric vehicle charging industry.
“I am delighted to join the only EV charging platform laser-focused on the unique needs of the hospitality and multi-family industries, and look forward to helping lead the organization,” Rene said in the announcement.
“At a time when our business customers demand the gold standard in EV charging while optimizing how they deploy their capital, we are committed to providing the highest quality EV infrastructure along with complete financial flexibility,” he added.
EVPassport also announced it had hired Michael Heines as chief operating officer.
