Friday, January 22, 2021

EVgo Goes Public Via SPAC

Los Angeles-based electric vehicle charging network operator EVgo said early on Friday morning that it will be going public, via an acquisition by a special-purpose acquisition company (SPAC). According to EVgo, it has entered into a definitive business combination agreement with Climate Change Crisis Real Impact I Acquisition Corporation, with the combined entity expected to trade under the new ticker symbol EVGO. EVgo said that it expects to receive $575M in net proceeds, which it will use to fund and accelerate its growth strategy and network buildout. The transaction is being funded by a private placement of common stock into EVgo (PIPE), with investments from acific Investment Management Company LLC (PIMCO), funds and accounts managed by BlackRock, Wellington Management, Neuberger Berman Funds and Van Eck Associates Corporation. EVgo operates more than 800 fast charge locations for electric vehicles, including more than 800 fast charging locations.