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Investing.com -- Shares of EVgo Inc EVGO) soared 24% on Wednesday, driven by a bullish upgrade from JPMorgan (NYSE:JPM) and news of a $1 billion loan guarantee from the U.S. Department of Energy (DOE).

The stock initially rose 9% following the JPMorgan upgrade and rallied further after reports confirmed the DOE's conditional commitment for the loan.

EVgo, one of the largest public fast-charging networks in the U.S., announced it had secured a conditional commitment for up to $1.05 billion in debt financing from the DOE's Loan Programs Office.

The funding will support the expansion of EVgo's charging infrastructure, with plans to deploy approximately 7,500 additional fast-charging stalls across the country by 2030.

The initiative is said to be part of the Biden-Harris administration's efforts to increase EV charging access, especially in underserved communities.

The DOE loan guarantee is expected to accelerate the company's growth, with a particular focus on states such as California, Texas, Florida, and New York.

According to the company's press release, over 40% of the new charging stalls will be located in marginalized areas, aligning with the administration's Justice40 initiative to invest in communities impacted by environmental challenges.

“EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most,” said Badar Khan, CEO at EVgo. “This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”

Earlier in the morning, JPMorgan analysts upgraded EVgo to Overweight from Neutral, citing the company's owner-operator model and strong network utilization in the current EV market.

The investment bank reinstated a price target of $7 for December 2025, highlighting

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