LS Power Completes EVgo Acquisition
Jan. 17, 2020—LS Power, a U.S. power and energy infrastructure owner, announced it has completed its previously announced acquisition of EVgo, the nation's largest and most reliable public fast charging network for electric vehicles.
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 percent 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 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.