Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

EV charging network EVgo to go public via $2.6 billion SPAC deal

01/22/2021 | 07:33am EST

(Reuters) - EVgo Services LLC said on Friday it has agreed to go public through a merger with blank-check firm Climate Change Crisis Real Impact I Acquisition Corp, in a deal that values the electric vehicle charging station provider at $2.6 billion.

The deal is expected to provide EVgo with about $575 million in net cash proceeds, including $400 million from investors such as Pacific Investment Management Co LLC (PIMCO), BlackRock Inc and Wellington Management, among others.

A blank-check firm, also known as a special purpose acquisition company (SPAC), raises funds through an initial public offering to acquire a private company, which then becomes public as a result.

Around 53 SPACs have raised nearly $15 billion so far this year, nearly one-fifth of the total amount raised by SPACs in 2020, according to data from SPAC Research.

The deal is the latest SPAC merger in the U.S. electric-vehicle business, which has seen many high-profile firms such as Nikola Corp and Fisker Inc go public through this route.

Founded in 2010, EVgo was acquired by power and energy infrastructure firm LS Power in December 2019 and currently has more than 800 fast-charging locations across 34 U.S. states, catering to over 220,000 customers.

The company has partnerships with carmakers including General Motors Co, Nissan Motor Co, BMW AG and ride-hailing firms like Uber Technologies Inc.

It is led by Cathy Zoi, who served as Chief of Staff for Environmental Policy in former U.S. President Bill Clinton's administration. (https://prn.to/3qJr87i)

EVgo will be listed on the New York Stock Exchange after the merger and will trade under the ticker symbol "EVGO".

(Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -0.42% 678.41 Delayed Quote.-2.78%
GENERAL MOTORS COMPANY -0.60% 51.365 Delayed Quote.24.47%
NISSAN MOTOR CO., LTD. 2.35% 604.2 End-of-day quote.7.89%
Latest news "Economy & Forex"
03:45pINDIA : Rebooting Tamil Nadu's rural economy during COVID-19
PU
03:45pCROP INNOVATION : Mitigating the impact of the climate crisis in Africa
PU
03:37pBYTEDANCE DEVELOPING CLUBHOUSE-LIKE APP FOR CHINA AMID COPYCAT RUSH : sources
RE
03:28pGOLDMAN POISED TO MAKE $200 MILLION PROFIT OFF TEXAS DEEP FREEZE : Bloomberg News
RE
03:26pS&P 500 rises after solid jobs report
RE
03:25pAGRICULTURAL MARKETING SERVICE  : National Retail Report - Dairy (DYBRETAIL)
PU
03:25pCanada's Ivey PMI climbs to six-month high as employment improves
RE
03:22pBank of England should push back against growth risks - Haskel
RE
03:12pU.S. job growth blows past expectations as recovery gets back on track
RE
03:09p5 MAR 2021 : Gender Advisory Services for Coffee Public Private Task Force
PU
Latest news "Economy & Forex"