EVgo to go public via SPAC in bid to power EV charging expansion

EVgo, the wholly owned subsidiary of LS Power that owns and operates public fast chargers for electric vehicles, has reached a deal to become a publicly traded company through a merger with special-purpose acquisition company Climate Change Crisis Real Impact I Acquisition Corporation.
The combined company, which will be listed under the new ticker symbol “EVGO” will have a market valuation of $2.6 billion. LS Power and EVgo management, which today own 100% of the company will be rolling all of its equity into the transaction. Once the transaction closes in the second quarter, LS Power will hold a 74% stake in the newly combined company.
EVgo has raised about $575 million in proceeds through the business combination, including a $400 million in private investment in public equity, or PIPE. Investors include Pacific Investment Management Company LLC (PIMCO), funds and accounts managed by BlackRock, Wellington Management, Neuberger Berman Funds and Van Eck Associates Corporation, according to the announcement.