Vision Ridge Partners, a climate action‐oriented investment firm, has announced that it will be making a major investment in fast charging network operator EVgo, which was launched in 2010 by electric utility NRG Energy.
EVgo currently operates 665 fast chargers in more than 50 US metro markets. Vision Ridge’s new capital, together with funds from a 2012 settlement between NRG and the California Public Utilities Commission, gives EVgo over $100 million of infrastructure funding to expand its network.
“EVgo has the infrastructure and vision to make electric vehicles a mainstream form of transportation,” said Reuben Munger, Managing Director of Vision Ridge. “Under our partnership, we will work to build a comprehensive, consistent, and dependable national charging network, so that EVgo can accelerate the deployment of electric vehicles in the US.”
“NRG is proud of the leadership that EVgo has established under our guidance,” said Arun Banskota, President of EVgo. “As NRG looked at potential partners and investors for EVgo, it was important for us to align our business with a firm that is focused on building and investing in a sustainable energy future.”
Source: Vision Ridge Partners