LS Power announced that it has signed a definitive agreement to acquire EVgo from Vision Ridge Partners. EVgo is the nation's largest and most reliable public fast-charging network 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 is a market leader in developing, building, owning and operating the largest 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. In 2019, EVgo became the first EV charging network in the U.S. to be powered by 100% renewable energy. Additional network capacity expansion underway will further accelerate EVgo's contribution to decarbonizing the transportation sector, which has been identified by the Energy Information Administration as the leading source of greenhouse gas emissions.