Vision Ridge Partners, a climate action-oriented investment firm, has closed on its major investment in EVgo, a public fast-charging network for electric vehicles (EVs).
According to the firm, EVgo will now launch as an independent company, focused on expanding its charging network and leading more drivers to purchase and use EVs nationwide.
“With new guidance and resources from Vision Ridge, and in close partnership with cities and automakers across the country, EVgo will expand its charging network even further – eliminating range concerns while reshaping the way people travel,” says Reuben Munger, managing director of Vision Ridge.
Since its development, EVgo has worked closely with automakers including Nissan, BMW, and Ford to bring customers faster charging speeds and more charging locations, allowing EVgo to operate 665 fast chargers – which can deliver a full charge in less than 30 minutes – in more than 50 top metro markets across the country. In 2015, EVgo’s public high-speed charging network delivered more than 21 million EV miles.
The company adds that NRG Energy Inc. will remain a significant partner in EVgo.
Vision Ridge’s investment in EVgo will provide the company with additional resources and expertise and will allocate more than $100 million in infrastructure funding to expand its nationwide network.