(Bloomberg) -- Shares of EVgo Inc. jumped as much as 37% in pre-market trading after the electric vehicle charging company received a loan guarantee of up to $1.05 billion from the US Department of Energy.

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The financing would allow the Los Angeles-based company to build out about 7,500 additional fast charging stalls across the US in states including Arizona, California, Florida, Georgia and Illinois, EVgo said in a statement Thursday.

The funding comes amid a broader Biden administration goal of building a 500,000 strong national electric vehicle charging network by 2030.

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