EVgo Services LLC, the U.S.’ largest electric vehicle (EV) public fast-charging network, and Climate Change Crisis Real Impact I Acquisition Corp. (CRIS) have entered into a definitive agreement for a business combination that would result in EVgo becoming a publicly listed company.
EVgo meets CRIS’ investment criteria, which focus on investments in disruptive energy infrastructure opportunities that are strongly aligned with environmental, social and governance principles. Upon closing of the transaction, the combined company will be named EVgo Inc. and publicly listed under the symbol “EVGO.” EVgo says the transaction will further elevate the company’s position as a builder, owner and operator of public EV fast-charging in the U.S. by funding and accelerating the company’s growth strategy.
“Just a few years ago, EVs were considered niche,” says Cathy Zoi, CEO of EVgo. “Improved technology, lower costs, greater selection and a better appreciation for the performance of EVs is increasingly making them the vehicle technology of choice. A public fast-charging option with an expanding footprint is essential to meet the rapidly growing needs of EV drivers of all types.”
As EV adoption increases, fast-charging demand is expected to outpace the growth in EVs in operation, as a result of the proliferation of larger, heavier vehicles, the electrification of fleet and commercial applications, and the changing demographics of EV owners. Fast-charging’s share of EV charging is expected to increase to greater than 40% by 2040. However, even at that point, EVs are expected to account for less than a third of all vehicles on U.S. roads, providing a significant pathway for further, multi-decade growth.
With more than 800 locations in 67 major metropolitan markets across 34 states, EVgo’s network serves a customer base that currently exceeds 220,000 customers.
Photo: EVgo’s landing page