Evgo Inc is a leading provider of a public electric vehicle (EV) fast charging network in the United States
The company focuses on developing and operating charging stations that enable convenient and accessible charging for electric vehicle owners. Through its extensive network, Evgo aims to support the transition to sustainable transportation by providing reliable fast charging options that cater to both individual and fleet EV users. The company collaborates with various automakers, businesses, and municipalities to expand its charging infrastructure and enhance the overall EV experience.
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EVgo Inc. (NASDAQEVGO) (“EVgo” or the “Company”) today announced it has received its first drawdown of $75 million from its $1.25 billion guaranteed loan from the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) under its Title 17 Clean Energy Financing Program, which reached financial close in December 2024 after a thorough 18-month process. This and subsequent drawdowns over the 5-year deployment period will support the Company’s ongoing buildout efforts to deploy nationwide charging infrastructure. EVgo has already built the first new stalls financed by the loan and will continue to prioritize installations in amenity-rich locations offering retail, dining, shopping and service options across the United States.
What a fantastic six months it’s been for EVgo. Shares of the company have skyrocketed 69.7%, hitting $4.31. This was partly thanks to its solid quarterly results, and the performance may have investors wondering how to approach the situation.
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Shares of electric vehicle charging company EVgo (NASDAQEVGO)
fell 27.9% in the morning session after it announced a secondary offering of nearly 23 million of its common stock by EVgo Holdings, an affiliate of LS Power Equity Partners. The company itself is not selling any shares in this offering and will not receive any proceeds from the sale.
EVgo Inc. (NASDAQEVGO) (“EVgo” or the “Company”) announced today the pricing of the previously announced underwritten public secondary offering by EVgo Holdings, LLC, an affiliate of LS Power Equity Partners IV, L.P. (“LS Power”), of 23,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A Shares”), of the Company, at a public offering price of $5.00 per share. LS Power has granted the underwriters a 30-day option to purchase up to an additional 3,450,000 Class A Shares at the public offering price, less the underwriting discounts and commissions. No Class A Shares are being sold by the Company. LS Power will receive all of the proceeds from this offering, and the Company will not receive any proceeds from this offering. The offering is expected to close on December 18, 2024, subject to the satisfaction of standard closing conditions.
EVgo Inc. (NASDAQEVGO) (“EVgo” or the “Company”) announced today that EVgo Holdings, LLC, an affiliate of LS Power Equity Partners IV, L.P. (“LS Power”), intends to offer for sale in an underwritten public secondary offering 23,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A Shares”) of the Company. LS Power expects to grant the underwriters a 30-day option to purchase up to an additional 3,450,000 Class A Shares at the public offering price, less the underwriting discounts and commissions. No Class A Shares are being sold by the Company. LS Power will receive all of the proceeds from the sale of Class A Shares in the offering, and the Company will not receive any proceeds from this offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
