Transaction Positions EVgo to Expand Its Leadership Position in the U.S.
NEW YORK and LOS ANGELES, Jan. 16, 2020 /PRNewswire/ -- LS Power, a U.S. power and energy infrastructure owner, today announced that it has completed its previously announced acquisition of EVgo, the nation's largest and most reliable public fast charging network for electric vehicles ("EVs").
Founded in 2010, EVgo is a market leader in developing, building, owning and operating the largest electric vehicle fast charging network in the United States. Its industry-leading footprint of more than 750 sites includes over 1,250 fast chargers and extends across 34 states.
In 2018, EVgo's public fast charging network powered more than 75 million electric miles and offset an estimated 17,000 metric tons of carbon emissions. In 2019, EVgo became the first EV charging network in the U.S. to be powered by 100% renewable energy. Additional network capacity expansion underway will further accelerate EVgo's contribution to decarbonizing the transportation sector, which has been identified by the Energy Information Administration as the leading source of greenhouse gas emissions.
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.
About LS Power:
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has consistently been at the leading edge of the industry's evolution, often introducing or commercializing new technologies and developing new markets. To date, LS Power has developed, constructed, managed or acquired more than 41,000 MW of power generation, including utility scale solar, wind, hydro, natural gas-fired and battery storage projects, and 630 miles of transmission, for which it has raised over $42 billion in debt and equity financing. Additionally, LS Power actively invests in businesses and platforms focused on distributed energy resources and energy efficiency. For more information, please visit www.LSPower.com.
EVgo is the nation's largest and most reliable fast charging public network for electric vehicles, powered 100% by renewable energy. With more than 750 fast charging locations in 66 metropolitan markets in 34 states, EVgo serves more than 180,000 customers. EVgo has the best operating record in the industry – more than 98% uptime – and consistently earns the highest consumer scores on PlugShare for U.S. public charging networks. EVgo owns and operates its nationwide network of fast chargers, which are compatible with all fast charge capable EV models. Founded in 2010, EVgo partners with retail hosts, hotels, shopping centers, gas stations, parking lot operators, and other stakeholders to make it easier to fast charge your EV close to where you live, work and play. EVgo is also committed to providing a reliable charging experience for customers of partner automakers as well as fleet and rideshare operators. To find out more, or to join the EVgo network, download our app, visit www.EVgo.com and follow EVgo on Facebook, Twitter, LinkedIn, YouTube, Flickr and Instagram.
SOURCE LS Power