JPMorgan says EVgo (EVGO) “delivered an early holiday gift to investors” by closing its guaranteed loan facility with the Department of Energy. The loan will cover 80% of project costs, with the remaining 20% to be covered by EVgo’s project cash flows over the duration of the loan, meaning the company will not need to raise additional equity just as management had previously discussed, the analyst tells investors in a research note. The firm sees minimal risk of claw-back of funds after loan close. JPMorgan likes EVgo’s path to improving operating leverage as its network grows and keeps an Overweight rating on the shares.
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