EVgo, the largest electric vehicle (EV) public fast charging network in the U.S., is to list on the NYSE via a business combination with CRIS – Climate Change Crisis Real Impact I Acquisition Corporation (NYSE: CLII).
The deal values EVgo at $2.6 billion. Proceeds will be used to fuel EVgo’s growth strategy, including the build-out of its charging infrastructure network.
Upon closing of the transaction, the combined company will be named EVgo Inc. and publicly listed under the symbol ‘EVGO’.
Cathy Zoi, Chief Executive Officer of EVgo, says: “Just a few years ago, electric vehicles were considered niche. Today, improved technology, lower costs, greater selection, and a better appreciation for the performance of EVs is increasingly making them the vehicle technology of choice. With that, the need for fast charging is on the rise.”
She adds: “An estimated 30% of Americans do not have access to at-home charging, and EVs will be increasingly deployed by fleets to transport goods and people in an environmentally-friendly way. Time is precious for all of us, so a public fast charging option with an expanding footprint like EVgo is essential to meet the rapidly growing needs of EV drivers of all types.”
David Crane, Chief Executive Officer of CRIS, comments: “We spent a substantial amount of time conducting extensive due diligence on EVgo, affirming our belief of its enduring first-mover advantage. It has a distinct and highly advantageous owner-operator business model, supported by strategic partnerships with key industry players singularly focused on an essential and growing factor necessary for supporting widespread EV adoption. EVgo’s comprehensive national DC fast charging network capable of charging every type of electric vehicle is unparalleled, and we are proud to be a part of its ongoing success.”
Fuonded in 2010, EVgo has more than 800 fast charging locations in 67 major metropolitan markets across 34 states. It owns and operates the most public fast charging locations in the U.S. and serves more than 220,000 customers.