Charging company EVgo is going public via SPAC merger
Another company in the electric vehicle industry is going public by merging with a so-called SPAC, or special purpose acquisition company. This time, it’s EVgo, one of the leading providers of electric vehicle charging stations in the US.
The deal is expected to bring in $575 million for EVgo. When it closes, EVgo will become a publicly-traded company on the New York Stock Exchange.
In something of a poetic twist, the investment fund that’s merging with EVgo to take it public is one started by climate investor David Crane. Crane was once the CEO of energy company NRG, which helped start EVgo a decade ago. Roughly $175 million of the proceeds will come from Crane’s SPAC (called Climate Change Crisis Real Impact I Acquisition...
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