US-based power and energy infrastructure owner, LS Power has announced the completion of the acquisition of EVgo.
The acquisition follows a definitive agreement signed in December last year by LS Power to acquire EVgo from Vision Ridge Partners.
EVgo is a developer, builder, owner and operator of the electric vehicle (EVs) fast-charging network, with a footprint in over 750 sites that include more than 1,250 fast chargers and across 34 states in the US.
In 2018, EVgo’s public fast-charging network powered over 75 million electric miles while offsetting approximately 17,000 metric tonnes of CO2 emissions.
EVgo charging network powered by 100% renewable energy
Last year, EVgo became the first EV charging network in the US to be powered by 100% renewable energy.
Furthermore, the expansion of the network capacity, which is in progress, is expected to accelerate EVgo’s contribution to decarbonising the transportation sector.
With over 750 fast-charging locations in 66 metropolitan markets in 34 states, EVgo serves over 180,000 customers.
Under the terms of the acquisition agreement, it will continue to operate as a stand-alone entity under the LS Power umbrella of companies.
LS Power stated: “Today’s announcement underscores LS Power’s commitment to investments which leverage its considerable power market expertise in leading edge energy infrastructure businesses.
“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.”
Focused on the North American power and energy infrastructure sector, LS Power is a development, investment and operating company.
To date, the company has developed, constructed, managed or acquired more than 41GW of power generation, including utility scale solar, wind, hydro, natural gas-fired and battery storage projects, and 630 miles (1,013km) of transmission.
The company invests in businesses and platforms focused on distributed energy resources and energy efficiency.
