EVgo Services LLC (EVGO)

[sharky]

Yesterday, the Biden administration announced $2.5 billion in new grants to speed up the creation of EV charging stations and alternative fueling infrastructure in underserved neighborhoods and communities. Dubbed as the Charging and Fueling Infrastructure (CFI) grant program, the funding will spur Biden’s goal of establishing a network of 500,000 public EV charging stations across the country by 2030 in an attempt to cut greenhouse gas emissions by at least 50% by the decade end.The $2.5 billion fresh funding will be doled out over a period of five years and will be split evenly into two parts. It comprises a $1.25 billion Community Program, which aims at building chargers for underserved locations in cities and communities. The other $1.25 billion Corridor Program would seek to establishing alternative fuel corridors for gasoline-free cross-country travel and long-haul trucking.
The $2.5 billion funding builds on $5 billion already earmarked for the National Electric Vehicle Infrastructure program to establish a nationwide network of EV chargers specifically along highways.Per the Department of Transportation, the fresh grants seek to “fill gaps in the national charging and alternative-fueling network.” Transportation secretary Pete Buttigie views this $2.5 billion funding as “another big step forward in creating an EV future that is convenient, affordable, reliable, and accessible to all Americans.” Quoting energy secretary Jennifer Granholm, "Extending EV charging infrastructure into traditionally underserved areas will ensure that equitable and widespread EV adoption takes hold.”

https://www.google.com/amp/s/www.zacks.com/amp/stock/news/2066134/3-stocks-in-focus-on-bidens-25b-grant-for-us-ev-chargers


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