EVgo, a company that operates a network of fast charges for electric vehicles in the US, has sealed a deal to go public through a merger with the special-purpose acquisition company (SPAC) Climate Change Crisis Real Impact I Acquisition Corporation. The merger will hand over $575 million in cash to EVgo for its operations and value the company at $2.6 billion.

EVgo is the latest company from the electric vehicle industry to seal a deal to hit the public markets. The company is itself a subsidiary of LS Power, an employee-owned and independent power and energy company in the US.

For its merger, EVgo will get $230 million in cash held in trust by the SPAC it’s merging with plus an additional $400 million committed by private investors including PIMCO, BlackRock, and Wellington Management. The merger will see EVgo start trading on the New York Stock Exchange (NYSE).

EVgo is a major electric vehicle charging network in the US, with more than 800 locations across 34 states. The company says it serves 220,000 customers.

EVgo has commercial partnerships with electric vehicle manufacturers like Nissan, GM, and Tesla, as well as major property owners such as the retail chains Kroger and Albertsons. These partnerships help the company to operate electric vehicle charging infrastructure in strategic locations and strengthen its business.

EVgo bears much resemblance to another electric vehicle charging company that recently also reached a deal to go public through a merger with a SPAC; ChargePoint. ChargePoint sealed a SPAC merger deal in September 2020 and is set to begin trading on the NYSE next month.

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