EVgo Services LLC, a charging network for electric vehicles powered entirely by renewable energy, is approaching an agreement to go public through a merger with Climate Change Crisis Real Impact I Acquisition Corp., according to people with knowledge of the subject.
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 be made on Friday, people said.
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The shares of Climate Change Crisis, which is a special-purpose acquisition company, rose up to 117% in Friday’s pre-market. They rose 65% to $ 22 at 4:36 am in New York.
As with any deal that has not yet been finalized, it may still be postponed or negotiations may collapse. An EVgo representative did not immediately respond to a request for comment, and a SPAC Climate Change Crisis spokesman declined to comment.
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EVgo, founded in 2010, has more than 800 fast-charging locations in more than 600 cities in 34 U.S. states, serving a customer base of more than 200,000, its site shows. Its partners include automakers such as BMW AG, General Motors Co., Nissan Motor Co. and shared travel operators such as Uber Technologies Inc.
SPAC, led by CEO David Crane and CFO John Cavalier, raised $ 230 million in September to pursue a goal in the climate sector.
Another electric vehicle charging specialist, EVBox, in December agreed to go public through a merger with the blank check firm TPG Pace Beneficial Finance Corp., which has seen its shares more than double since the announcement.
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– With the help of Scott Deveau
(Updates with shared reaction in the third paragraph)