EVgo Services LLC, an electric vehicle recharging network that runs entirely on renewable energy, is nearing an agreement to make itself public through a merger with Climate change crisis Real Impact I Acquisition Corp., according to people with knowledge of the subject.
A transaction is planned 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 arrive as soon as Friday, according to people.
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Shares of the climate change crisis, which is a special-purpose acquisition company, jumped up 117% in pre-market trading on Friday. They rose 65 percent to $ 22 at 4.36 in New York.
As with any agreement that has not yet been finalized, the talks could still be delayed or the talks could collapse. An EVgo representative did not immediately respond to a request for comment and a SPAC Climate Change Crisis spokesman declined to comment.
Read more: A general manager of the EV charging station plans to electrify the roads
EVgo, founded in 2010, has more than 800 fast-charging locations in more than 600 cities in 34 U.S. states, with a customer base of more than 200,000. sample websites. Its partners include car manufacturers such as BMW AG, General Motors Co., Nissan Motor Co. and carpool operators like Uber Technologies Inc.
The SPAC, led by CEO David Crane and Chief Financial Officer John Cavalier, raised $ 230 million in September to achieve a goal in the climate sector.
Another specialist in electric vehicle charging, EVBox, in December agreed to go public through a merger with blank verification firm 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 the reaction of sharing in the third paragraph)