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EV Charging Network EVgo To Go Public Through Merger With CRIS

EVgo Services agreed to go public through a merger with Climate Change Crisis Real Impact I Acquisition Corp or CRIS, in a deal that values the electric vehicle charging station provider at $2.6 billion. The combined company will be named EVgo Inc. and publicly listed under the symbol "EVGO", EVgo said in a statement.

The transaction is expected to close in the second quarter of 2021.

Evgo Services expects net cash proceeds to be about $575 million, comprised of $400 million from the PIPE and about $230 million of cash held in trust by CRIS.

EVgo said it will use proceeds to fuel its growth strategy, including the buildout of its charging infrastructure network, and will enhance the company's position as the market leader in the transition to clean mobility.

LS Power, an investment firm focused on power, energy infrastructure and energy innovation, along with EVgo management, who together own 100% of EVgo today, will be rolling 100% of their equity in the transaction and are expected to own approximately 74% of the company upon transaction close.

EVgo's leadership will remain intact, with Cathy Zoi continuing as Chief Executive Officer of the combined company.

The Board of Directors of the combined company will include representation from EVgo, LS Power and CRIS, as well as independent directors. David Nanus of LS Power will serve as Chairman and will be joined by Cathy Zoi of EVgo and Beth Comstock, Chief Commercial Officer of CRIS; other Board appointments will be made prior to closing.

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