Despite the devastating effects of the coronavirus pandemic, 2020 turned out to be a great year for electric vehicles (“EVs”). By the end of the year, global EV sales had reached 3.24 million units, with electric vehicles accounting for 4.2% of the global market share. An increasing number of people are aware of the benefits of switching to EVs and are willing to deal with the costs of going green.
However, for such a mass move to electric vehicles to be successful, the current number of EV charging stations will have to multiply by a large factor to support an increased number of battery-powered electric vehicles. EVgo, a company that claims to run America’s largest publicly accessible, fast-charging network for EVs, is looking to help fulfill the demand for charging stations. The 11-year-old EV charging company is a subsidiary of LS Power and plans to become a publicly traded company by merging with a special-purpose acquisition company (“SPAC”).
EVgo intends to merge with Climate Change Crisis Real Impact I Acquisition Corporation (“CRIS”), a SPAC that mainly targets businesses that focus on carbon reduction. The initial public offering (“IPO”) could generate up to $575 million in capital, with $400 million coming from a private stock placement. The new company born out of the merger would be worth an estimated $2.6 billion, EVgo says, and it will mainly focus on extending the charging company’s existing network of public chargers.
According to EVgo CEO Cathy Zoi, there were roughly 1 million electric vehicles on American roads in 2019 and 2020, and the company expects that number to grow to 7 million by 2027. With electric vehicles projected to cost the same or even less than internal-combustion-powered vehicles by 2025, a massive number of charging stations will need to be installed to keep up with the demand for fast and reliable charging.
The shifting political landscape may work in the young EV industry’s favor. During his presidential campaign, President Joe Biden discussed adding at least 50,000 public chargers across America to help reduce range anxiety and boost EV adoption. Zoi, a former Assistant Secretary for Energy Efficiency and Renewable Energy (“EERE”) at the U.S. Department of Energy, suggests tax incentives and public-private partnerships as potential ways the Biden administration may achieve this ambitious goal.
CRIS CEO David Crane says EVgo’s unparalleled network of DC fast-charging stations capable of charging every type of EV is what attracted the SPAC. He estimates that the new company’s shares will start trading as EVGO in April.
Meanwhile, Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF), which has interests in various industries, has recently invested in a company that is on course to establish a nationwide network of hydrogen fuel stations.
NOTE TO INVESTORS: The latest news and updates relating to Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are available in the company’s newsroom at https://ibn.fm/MOTNF
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