Utility holding company LS Power will acquire charging network operator EVgo from Vision Ridge Partners. EVgo operates more than 750 charging sites with over 1,250 fast chargers across 34 states. The transaction is expected to close in early 2020.
David Nanus, Co-Head of Private Equity at LS Power, said, “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, “We have enabled 80 percent 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.”
Source: LS Power