LS Power, a U.S. power and energy infrastructure owner, has signed a definitive agreement to acquire EVgo from Vision Ridge Partners. EVgo is one of the nation’s largest public fast-charging networks for electric vehicles (EVs) 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’s footprint of more than 750 sites includes more than 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. In 2019, the company became the first EV charging network in the U.S. to be powered by 100% renewable energy.
LS Power says this announcement underscores its commitment to investments that leverage its considerable power market expertise in leading edge energy infrastructure businesses. “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.
“EVgo has been leading the way to make going electric a reality for more American drivers by siting reliable fast charging where people want and need to be,” said Cathy Zoi, CEO of EVgo. “We have enabled 80% of Californians and more than 100 million Americans to live within a 15-minute drive of an EVgo fast-charger, numbers that will increase as we continue to build across the country. Today’s news means that we can accelerate access to fast charging as we grow our network as part of the LS Power platform.”