EVgo Services LLC, an electric vehicle charging network that is fully powered by renewable energy, is approaching an agreement to go public through a merger with Climate change crisis The real impact I Acquisition Corp., according to people with knowledge about this issue.
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 because the information is private. An announcement could appear immediately on Friday, people said.
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Shares of the Climate Change Crisis, which is a special purpose procurement company, rose up 117% in pre-market transactions on Friday. They rose 65 percent to $ 22 at 4:36 in New York.
As with any agreement that has not yet been finalized, it could be delayed or talks could collapse. A representative for EVgo did not immediately respond to a request for comment, and a spokesman for the climate change crisis SPAC declined to comment.
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EVgo, founded in 2010, has more than 800 high-speed charging locations in more than 600 cities in 34 US states, serving a customer base of more than 200,000, shows the website. Its partners include automakers such as BMW AG, General Motors Co., Nissan Motor Co. and rideshare operators such as Uber Technologies Inc.
SPAC, led by chief executive David Crane and chief financial officer John Cavalier, raised $ 230 million in September to pursue a climate target.
Another specialist in charging electric vehicles, EVBox, in December agreed to go public through a merger with 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 electric vehicles
– With the assistance of Scott Deveau
(Updates with sharing reaction in the third paragraph)