EVgo, one of the biggest fast-charging networks in the U.S., was acquired by LS Power "a U.S. power and energy infrastructure owner" from Vision Ridge Partners.
***UPDATE: (January 16, 2020)
"LS Power, a U.S. power and energy infrastructure owner, today announced that it has completed its previously announced acquisition of EVgo, the nation’s largest and most reliable public fast charging network for electric vehicles (“EVs”)."
The company was originally founded in 2010 by energy company NRG and after several years sold to Vision Ridge Partners in 2016, staying an independent charging infrastructure operator.
Since then, EVgo expanded and now describes itself as the "largest and most reliable public fast-charging network". The word "public" means accessible to all EVs, compatible with CCS or CHAdeMO DC standards (Tesla Supercharging network is bigger but not accessible to non-Tesla cars).
EVgo network stats:
- more than 750 locations (more than 300 in California)
- and more than 1,250 DC fast chargers
- 66 metropolitan markets in 34 states
- more than 180,000 customers
EVgo
After a definitive agreement (signed in December), the transaction is expected to close in early 2020, although the financial terms were not disclosed.
Changes of ownership of electric vehicle charging operators or consolidations are not an uncommon thing, as the business requires a lot of capital investment and a huge dose of patience as it's hard to turn a profit on selling electricity for charging cars.
From our perspective, the most important thing is how the acquisition will influence further expansion. According to the press release, the growth will continue:
"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."
David Nanus, Co-Head of Private Equity at LS Power said:
“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. 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.”
Cathy Zoi, CEO of EVgo said:
“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. 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.”
People are talking about EVgo – here's what they're saying!
December 20, 2019
LS Power to Acquire EVgo — Transaction Positions EVgo to Expand Its Leadership Position in the U.S
NEW YORK and LOS ANGELES, December 20, 2019 – LS Power, a U.S. power and energy infrastructure owner, today 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.
Today’s announcement underscores LS Power’s commitment to investments which 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.”
About LS Power:
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has consistently been at the leading edge of the industry’s evolution, often introducing or commercializing new technologies and developing new markets. To date, LS Power has developed, constructed, managed or acquired more than 41,000 MW of competitive power generation and 630 miles of transmission, for which it has raised over $42 billion in debt and equity financing to invest in North American infrastructure. Additionally, LS Power actively invests in businesses and platforms focused on distributed energy res
About EVgo:
EVgo is the nation’s largest and most reliable fast charging public network for electric vehicles. With more than more than 750 fast charging locations in 66 metropolitan markets in 34 states, EVgo serves more than 180,000 customers. EVgo has the best operating record in the industry – more than 98% uptime – and consistently earns the highest consumer scores on PlugShare for U.S. public charging networks. EVgo owns and operates its nationwide network of fast chargers, which are compatible with all fast charge capable EV models and powered by 100% renewable energy. Founded in 2010, EVgo partners with retail hosts, hotels, shopping centers, gas stations parking lot operators, and other stakeholders to make it easier to fast charge your EV close to where you live, work and play. EVgo is also committed to providing a reliable charging experience for customers of partner automakers as well as fleet and rideshare operators.
