Note payable, related party |
9 Months Ended |
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Sep. 30, 2021 | |
Note payable, related party | |
Note payable, related party | Note 8 – Note payable, related party On January 16, 2020, EVgo Services entered into the Secured Demand Grid Promissory Note (“Demand Note”) with EVgo Holdings whereby EVgo Services funds the operations of EVgo Holdco with loans upon request at an interest rate of the Federal Reserve discount rate plus 7.25% (compounded annually) with a maturity date of January 16, 2027. The Demand Note was secured by the assets of EVgo Holdco and did not have a stated credit limit. There was a de minimis amount of interest incurred for the three months ended September 30, 2021 and the period from January 1, 2020 through January 15, 2020. Interest expense incurred was $1.9 million, $0.4 million, and $0.8 million during the nine months ended September 30, 2021, the three months ended September 30, 2020 and the period from January 16, 2020 through September 30, 2020. On July 1, 2021, the outstanding balance of the note, including accrued interest, was converted to equity of EVgo Services, which was contributed by EVgo Holdings to EVgo Holdco immediately thereafter (see Note 3). |