EVgo Services LLC, an electric vehicle charging network powered entirely by renewable energy, is nearing a deal to make public through a merger with Climate Change Crisis Real Impact I Acquisition Corp., according to knowledgeable people.
A transaction will value the combined entity at more than $ 2 billion, said one, who asked not to be identified because the information is private. An announcement could come as early as Friday, people said.
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Shares of Climate Change Crisis, a special purpose takeover company, were up a whopping 117% in pre-market trading Friday. They were up 65% to $ 22 at 4:36 a.m. in New York.
As with any deal that has not yet been finalized, it could still be delayed or talks could fail. A representative from EVgo did not immediately respond to a request for comment, and a spokesman for the climate crisis SPAC declined to comment.
Read more: The CEO of an EV charging station plans to electrify the roads
Founded in 2010, EVgo has more than 800 fast charging locations in more than 600 cities in 34 US states and serves a customer base of more than 200,000. website shows. The partners include car manufacturers such as BMW AG, General Motors Co., Nissan Motor Co. and car pool companies such as Uber Technologies Inc.
The SPAC, led by Chief Executive Officer David Crane and Chief Financial Officer John Cavalier, raised $ 230 million in September to pursue a target in the climate sector.
Another specialist in electric vehicle charging, EVBox, in December agreed to go public through a merger with blank check firm TPG Pace Beneficial Finance Corp., which has more than doubled its stock since that announcement.
Read more: Biden’s charging plan can sell 25 million electric vehicles
– With help from Scott Deveau
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