Charging Network EVgo Near Merger With Climate Change SPAC

(Bloomberg) -- 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 with Climate 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.

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.

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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, its website 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 December agreed 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.

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