EVgo Services merges with Climate Change Crisis Real Impact I Acquisition Corporation
for $2.6bn

EVgo Services, a portfolio company of LS Power, has agreed to merge with Climate Change Crisis Real Impact I Acquisition Corporation in a transaction valued at $2.6 billion.

The deal will see EVgo acquire a public fast charging network for electric vehicles (EVs), positioning the company as a leader in U.S. EV infrastructure. The combined entity will become publicly listed after the merger closes, providing a platform to accelerate growth and investment in EV charging solutions.

Deal Mechanics

The transaction includes strategic and financial advisors on both sides to navigate the complexities of a SPAC merger. Credit Suisse and Evercore are advising EVgo, while BofA Securities represents Climate Change Crisis Real Impact I Acquisition Corporation.

Strategic Rationale

EVgo aims to leverage the public listing to enhance its ability to finance expansion plans in the rapidly growing market for EV charging infrastructure. The deal underscores a broader trend of traditional energy companies and SPACs combining to drive sustainable transportation solutions forward.

The merger also aligns with global efforts to decarbonize transportation sectors, making EVgo's network critical as more consumers switch to electric vehicles.

Financial Context

EVgo's move follows similar trends in the energy sector where capital-intensive companies are turning to public markets for expansion. With a valuation of $2.6 billion, the deal highlights the significant opportunities and challenges in scaling EV charging infrastructure across the U.S.

Advisors

Buy-side advisors include Credit Suisse and Evercore, while BofA Securities advises Climate Change Crisis Real Impact I Acquisition Corporation. Legal representation on the buy side is provided by Vinson & Elkins.