EVgo Services LLC, a charging network for electric vehicles powered entirely by renewable energy, is approaching an agreement to merge with Climate change crisis Real Impact I Acquisition Corp., according to people familiar with the matter.
One of the people, who asked not to be identified as the information is private, said the joint entity would value more than $ 2 billion. An announcement could take place as early as Friday, people said.
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Shares of the climate change crisis, which is a special-purpose company, rose to 117% in trading in front of the market on Friday. They rose 65% to $ 22 at 4:36 a.m. in New York.
As with any agreement that has not yet been finalized, it may still be delayed or talks may collapse. A representative of EVgo did not immediately respond to a request for comment, and a spokesman for the SPAC on Climate Change Crisis declined to comment.
Read more: EV charging station chief plans to electrify roads
Founded in 2010, EVgo has more than 800 fast-charging locations in more than 600 cities in 34 U.S. states, serving a customer base of more than 200,000. website shows. Its partners include car manufacturers such as BMW AG, General Motors Co., Nissan Motor Co. and stock companies such as Uber Technologies Inc.
The SPAC, led by CEO David Crane and John Cavalier, raised $ 230 million in September to reach a climate target.
Another specialist for charging electric vehicles, EVBox, in December has agreed to a public merger with the TPG Pace Beneficial Finance Corp. which has more than doubled since that announcement.
Read more: Biden’s charging plan could sell 25 million EVs
– Assisted by Scott Deveau
(Updates with stock response in third paragraph)