Charging Network EVgo Near Merger With Climate Change SPAC

EVgo Services LLC, a charging network for electric vehicles that’s entirely powered by renewable energy, is nearing a deal to go public through a merger withClimate Change Crisis Real Impact I Acquisition Corp., according to people with knowledge of the matter.

A transaction is set to value the combined entity at more than $2 billion, said one of the people, who asked not to be identified as the information is private. An announcement could come as soon as Friday, the people said.

$69.​9B Renewable power investment worldwide in Q2 2020 0 6 5 4 3 2 0 3 2 1 0 9 0 8 7 6 5 4 .0 9 8 7 6 5 0 1 0 9 8 7 0 7 6 5 4 3 0 2 1 0 9 8 0 2 1 0 9 8 0 5 4 3 2 1 Parts per million CO₂ in the atmosphere 69% Carbon-free net power in Germany, most recent data +0.​78° C Dec. 2020 increase in global temperature vs. 1900s average -6.​14% Today’s arctic ice area vs. historic average

50,​820 Million metric tons of greenhouse emissions, most recent annual data

Bishkek, KyrgyzstanMost polluted air today, in sensor range

As with any deal that isn’t yet finalized, it could still be delayed or talks could collapse. A representative for EVgo didn’t immediately respond to a request for comment and a spokesman for the special purpose acquisition company, Climate Change Crisis, declined to comment.

Read more:An EV Charging Station CEO Plans to Electrify the Roads

EVgo, founded in 2010, has more than 800 fast charging locations in over 600 cities across 34 U.S. states, serving a customer base in excess of 200,000, itswebsite shows. Its partners include automakers like BMW AG, General Motors Co., Nissan Motor Co. and rideshare operators such as Uber Technologies Inc.

The SPAC, led by Chief Executive Officer David Crane and Chief Financial Officer John Cavalier, in September raised $230 million to pursue a target in the climate sector.

Another electric vehicle charging specialist, EVBox, in Decemberagreed to go public through a merger with blank-check firm TPG Pace Beneficial Finance Corp., which has seen its shares more than double since that announcement.

Read more:Biden’s Charging Plan Could Sell 25 Million EVs

— With assistance by Scott Deveau

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