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.