Investment firm Vision Ridge Partners says it will be making a significant investment in EVgo, a public fast-charging network for electric vehicles (EVs), to expand its charging network further and accelerate the widespread deployment of EVs.
“EVgo has the infrastructure and vision to make electric vehicles a mainstream form of transportation,” says Reuben Munger, managing director of Vision Ridge. “More and more consumers recognize that electric vehicles are not only better for the environment, but also fun to drive, reliable and better for their wallets. Under our partnership, we will work to build a comprehensive, consistent and dependable national charging network, so that EVgo can accelerate the deployment of electric vehicles in the U.S.”
According to Vision Ridge, EVgo currently operates 665 fast chargers in more than 50 metro markets across the country. Vision Ridge’s new capital, in conjunction with NRG’s continued commitments under the California settlement, positions EVgo with more than $100 million of infrastructure funding to expand beyond its metro area fast-charging solutions.
Vision Ridge says the expanded EVgo network will use the latest technology to give drivers fast-charging options across the nation, eliminating any range concerns. EVgo stations are equipped to charge any EV on the road today and can deliver a nearly full charge to most vehicles in less than 30 minutes.
Vision Ridge is investing in EVgo through its Sustainable Asset Fund, one of the largest private portfolios focused on late-stage sustainable technology in the industry.