LS Power, a U.S. power and energy infrastructure owner, has signed a definitive agreement to acquire EVgo from Vision Ridge Partners. EVgo is public fast charging network for electric vehicles (“EVs”) based in US and will continue to operate as a stand-alone entity under the LS Power umbrella of companies. The transaction is expected to close in early 2020 and financial terms were not disclosed.
Founded in 2010, EVgo is involved in developing, building, owning and operating the electric vehicle fast charging network in the United States. Its industry-leading footprint of more than 750 sites includes over 1,250 fast chargers and extends across 34 states.
In 2018, EVgo’s public fast charging network powered more than 75 million electric miles and offset an estimated 17,000 metric tons of carbon emissions. It is powered by 100% renewable energy and working on decarbonizing the transportation sector, which has been identified by the Energy Information Administration as the leading source of greenhouse gas emissions.
“EVgo is a well-established leader in EV charging, with an exceptional team dedicated to building, owning and operating the most extensive public fast charging network in the United States,” said David Nanus, Co-Head of Private Equity at LS Power. “This acquisition provides LS Power the opportunity to support the continued expansion of EVgo’s unmatched charging infrastructure platform, already present in 66 metropolitan markets, and invest further in the company’s growth as the market for EVs continues to expand.”
As a result of this transaction, EVgo will be positioned to increase its growth while maintaining its industry leadership position and best-in-class reliability and customer service, enabling the rising number of EVs to charge quickly where and when they choose.
Source: Press Release