Vision Ridge Partners has acquired EVgo, a fast-charging network for electric cars. No financial terms were disclosed.
BOULDER, Colo., June 20, 2016 /PRNewswire/ — Vision Ridge Partners, a climate action-oriented investment firm, announced today that it has closed on its major investment in EVgo, the nation’s leading public fast-charging network for electric vehicles. EVgo will now launch as an independent company, focused on expanding its charging network and leading more drivers to purchase and use electric vehicles nationwide.
“As the nation’s leading charging network, EVgo is uniquely positioned to build the transportation infrastructure of the future,” said Reuben Munger, Managing Director of Vision Ridge. “With new guidance and resources from Vision Ridge, and in close partnership with cities and automakers across the country, EVgo will expand its charging network even further-eliminating range concerns while reshaping the way people travel.”
Today’s closing marks the beginning of a new strategic expansion of EVgo’s fast-charging network. Since its development, EVgo has worked closely with automakers like Nissan, BMW, and Ford to develop a vehicle-centric customer experience. These partnerships have brought customers faster charging speeds and more charging locations, allowing EVgo to operate 665 fast chargers in more than 50 top metro markets across the country. In 2015, EVgo’s public high-speed charging network delivered more than 21 million electric vehicle miles, saving nearly 900,000 gallons of gas and offsetting nearly 10 million pounds of carbon dioxide.
As an independent company, EVgo will strengthen and expand industry partnerships to give drivers even greater access to EVgo’s dependable fast chargers, which can deliver a nearly full charge to nearly any vehicle on the road today in less than 30 minutes. NRG Energy, Inc. will also remain a significant partner in EVgo, supporting the ongoing growth of the electric vehicle charging industry, and continue its commitments under the California settlement.
Vision Ridge’s investment in EVgo will provide the company with the additional resources and expertise needed to take the company to the next level in sustainable transportation. This includes positioning EVgo with more than $100 million of infrastructure funding to expand its nation-leading charging network. Today’s announcement strengthens Vision Ridge’s leadership in building the future of transportation, advancing electric vehicle adoption, and demonstrating that sustainable projects can deliver impressive financial returns while preventing further impacts from climate change.
About Vision Ridge Partners: Launched in 2008 to invest in transformative growth companies within the sustainable energy sector, Vision Ridge Partners is an investment firm focused on the future. Our vision is to unleash capital markets to solve our generation’s greatest challenge: the threat posed to our planet by climate change.