January 17 (Renewables Now) - New York-based energy company LS Power on Thursday announced the closure of its purchase of EVgo, the owner of a large network of electric vehicle (EV) fast chargers in 34 states.
LS Power announced the acquisition of EVgo from Vision Ridge Partners for an undisclosed amount last month. The EV charging company will operate as a stand-alone entity under LS.
EVgo's public charging network in the US includes more than 1,250 fast chargers, all of which use 100% renewable energy.
The acquisition enables EVgo to step up its expansion while keeping its position as an industry leader and its reliability and customer service, according to the statement.
The deal is in line with LS Power's strategy of investing in the most advanced energy infrastructure businesses that can benefit from its power market expertise, the company stated. LS Power develops, acquires and manages natural gas, coal, wind, hydro, solar and battery storage projects in the US.