The US fast-charging network EVgo is now listed on Wall Street. The IPO was made possible via a merger with the stock market shell Climate Change Crisis Real Impact. EVgo is now trading on the Nasdaq under the symbols “EVGO” and “EVGOW,” respectively.
EVgo says it will use the proceeds of the transaction to fuel its growth strategy, including the buildout of its charging infrastructure network while “enhancing its position as the market leader in the transition to clean mobility”. The company says it is the largest public fast-charging network for electric vehicles in the USA and the to be first powered by 100% renewable electricity.
“EVs are here, the time has come,” said EVgo CEO Cathy Zoi ahead of the opening bell Friday. “The question is no longer if transportation will electrify, but how quickly. EVgo is here to do our part to ensure access to charging infrastructure is not an inhibitor of that market transformation but rather an enabler.”
EVgo was founded in 2010 and acquired by New York-based LS Power in 2019. For the IPO, LS Power and EVgo management have rolled 100% of their equity, and own approximately 74% of the combined company.
EVgo says it operates more than 800 DC fast-chargers across the USA, in 34 states and with more than 250,000 customers. EVgo cooperates with Tesla, Nissan and General Motors. In August 2019, Electrify America and EVgo concluded an interoperability agreement so that customers can access each other’s charging stations across the country without having to register for the other service or pay more fees.