LOS ANGELES, Feb. 11, 2021 /PRNewswire/ -- EVgo, the nation's
largest public fast charging network for electric vehicles (EVs),
is expanding its offering for Tesla drivers to charge at more EVgo
stations across the country, upgrading hundreds of its stations
with integrated Tesla connectors. This will further EVgo's reach as
the only EV charging platform that is both 100% renewable
electricity powered and capable of charging all three fast charging
standards (CHAdeMO, SAE Combo or CCS, and Tesla) without the need
of a separate adaptor. This, combined with EVgo's industry leading
uptime of 98%, will further extend the benefits of EVs to more U.S.
drivers and reduce greenhouse gas emissions from the transportation
sector.
EVgo will deploy more than 400 integrated Tesla connectors at
existing EVgo stations, with an additional 200 connectors reserved
for new stations planned for 2021 in key cities including
San Francisco, Los Angeles, San
Diego, Seattle,
Denver, Dallas, Austin, Washington
D.C., Salt Lake City, and
Miami. EVgo first launched the
integrated Tesla connectors at its locations in San Francisco and Los Angeles in December
2019, positioning itself as the first multi-standard fast
charging platform to offer Tesla connectors in the U.S., and
remains the only third-party fast charging network to be
incorporated in the Tesla navigation system in the U.S.
Today, Tesla represents as much as 80% of the U.S. market for
EVs and its drivers, like all EV drivers, need convenient,
reliable options to charge. EVgo's strategic and convenient
locations in grocery stores and retail outlets across the country
meet that need. And now, EVgo's increased footprint with hundreds
of additional integrated Tesla connectors mean Tesla drivers can
charge without the need for an adaptor.
"EVgo's expansion of integrated Tesla connectors underscores our
commitment to delivering convenient and reliable fast charging to
all EV drivers," said Cathy Zoi, CEO of EVgo. "EV drivers seek
efficiency and convenience in how they charge their vehicles,
including the ability to shop while they charge. Today's exciting
announcement will make it even easier for Tesla drivers to top up
while they grocery shop and run other errands, while driving
greater utilization across our growing charging network."
EVgo's integrated Tesla connectors are capable of providing 100
miles of charge in 30 minutes, which is aligned with the
requirements of customers who charge at retail locations. EVgo's
site host partners, including The Save Mart Companies, Sheetz, and
shopping malls across the country, see significant value in
offering easy access to fast charging right outside their stores.
And with the pool of EV drivers and vehicles expected to
dramatically increase to more than 7 million by 2027, the appeal of
onsite charging and the value offered by EVgo's network will
continue to expand as well.
Business Combination Update
EVgo remains on track to complete its previously announced
business combination with Climate Change Crisis Real Impact I
Acquisition Corporation ("CRIS") (NYSE: CLII), a publicly traded
special purpose acquisition company, in the second quarter of 2021.
Upon closing, the combined company will be named EVgo Inc. and
trade under the symbol "EVGO" on the Nasdaq. For additional
information related to the business combination, please visit
www.evgo.com/investors.
About EVgo
EVgo is the nation's largest public fast charging network
for electric vehicles, and the first to be powered by 100%
renewable energy. With more than 800 fast charging locations in
more than 67 metropolitan areas across 34 states, EVgo owns and
operates the most public fast charging locations in the US. and
serves more than 220,000 customers. Founded in 2010, EVgo leads the
way on transportation electrification, partnering with automakers;
fleet and rideshare operators; retail hosts such as hotels,
shopping centers, gas stations and parking lot operators; and other
stakeholders to deploy advanced charging technology to expand
network availability and make it easier for all drivers to take
advantage of the benefits of driving an EV. As a charging
technology first mover, EVgo works closely with business and
government leaders to accelerate the ubiquitous adoption of EVs by
providing a reliable and convenient charging experience close to
where drivers live, work and play, whether for a daily commute or a
commercial fleet. EVgo's parent company is owned by LS Power, a
New York-headquartered
development, investment and operating company focused on leading
edge solutions for the North American power and energy
infrastructure sector. For more information, visit evgo.com and
lspower.com.
About LS Power
LS Power is a development, investment and operating company
focused on the North American power and energy infrastructure
sector. Since its inception in 1990, LS Power has developed,
constructed, managed or acquired more than 45,000 MW of power
generation, including utility-scale solar, wind, hydro, natural
gas-fired and battery energy storage projects, and has developed
more than 660 miles of high voltage electric transmission.
Additionally, LS Power actively invests in businesses focused on
renewable energy and renewable fuels, as well as distributed energy
resource platforms, such as CPower Energy Management and EVgo.
Across its efforts, LS Power has raised in excess of $46 billion in debt and equity capital to support
North American infrastructure. For more information, please visit
lspower.com.
About CRIS
CRIS is a special-purpose acquisition company (SPAC) formed to
identify and acquire a scalable company making significant
contributions to the fight against the climate crisis. CRIS is
co-sponsored by private funds affiliated with Pacific Investment
Management Company LLC (PIMCO), which has more than $640 billion in sustainability investments across
its portfolios. CRIS is led by a seasoned operations and leadership
team that has decades of experience at the intersection of climate
change and capitalism, and includes veterans from NRG, Credit
Suisse, General Electric and Green Mountain Power. For more
information, please visit climaterealimpactsolutions.com.
Important Information About the Business Combination and
Where to Find It
In connection with the proposed business combination, CRIS
intends to file a preliminary proxy statement and definitive proxy
statement with the Securities and Exchange Commission ("SEC"). The
preliminary and definitive proxy statements and other relevant
documents will be sent or given to the stockholders of CRIS as of
the record date established for voting on the proposed business
combination and will contain important information about the
proposed business combination and related matters. Stockholders of
CRIS and other interested persons are advised to read the
preliminary proxy statement and any amendments thereto and, once
available, the definitive proxy statement, in connection with
CRIS's solicitation of proxies for the meeting of stockholders to
be held to approve, among other things, the proposed business
combination because the proxy statement will contain important
information about CRIS, EVgo and the proposed business combination.
When available, the definitive proxy statement will be mailed to
CRIS's stockholders as of a record date to be established for
voting on the proposed business combination. Stockholders will also
be able to obtain copies of the proxy statement, without charge,
once available, at the SEC's website at www.sec.gov/ or by
directing a request to: Climate Change Crisis Real Impact I
Acquisition Corporation, 300 Carnegie Center, Suite 150
Princeton, NJ 08540, Attention:
Secretary, telephone: (212) 847-0360. The information contained on,
or that may be accessed through, the websites referenced in this
press release is not incorporated by reference into, and is not a
part of, this press release.
Participants in the Solicitation
CRIS, EVgo and their respective directors and executive officers
may be deemed participants in the solicitation of proxies from
CRIS's stockholders in connection with the business combination.
CRIS's stockholders and other interested persons may obtain,
without charge, more detailed information regarding the directors
and officers of CRIS in CRIS's final prospectus filed with the SEC
on September 30, 2020 in connection
with CRIS's initial public offering. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of proxies to CRIS's stockholders in connection with
the proposed business combination is set forth in the preliminary
proxy statement for the proposed business combination. Additional
information regarding the interests of participants in the
solicitation of proxies in connection with the proposed business
combination is also included in the preliminary proxy statement
that CRIS has filed with the SEC.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. All statements, other than
statements of present or historical fact included in this press
release, regarding CRIS's proposed business combination with EVgo,
CRIS's ability to consummate the transaction, the benefits of the
transaction and the combined company's future financial
performance, as well as Evgo's and the combined company's strategy,
future operations, estimated financial position, estimated revenues
and losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of the respective
management of CRIS and EVgo and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on as, a guarantee, an assurance, a prediction
or a definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of CRIS or EVgo. Potential risks and
uncertainties that could cause the actual results to differ
materially from those expressed or implied by forward-looking
statements include, but are not limited to, changes in domestic and
foreign business, market, financial, political and legal
conditions; the inability of the parties to successfully or timely
consummate the business combination, including the risk that any
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the business
combination or that the approval of the stockholders of CRIS or
EVgo is not obtained; failure to realize the anticipated benefits
of business combination; risk relating to the uncertainty of the
projected financial information with respect to EVgo; the amount of
redemption requests made by CRIS's stockholders; the overall level
of consumer demand for EVgo's products; general economic conditions
and other factors affecting consumer confidence, preferences, and
behavior; disruption and volatility in the global currency,
capital, and credit markets; the financial strength of EVgo's
customers; EVgo's ability to implement its business strategy;
changes in governmental regulation, EVgo's exposure to litigation
claims and other loss contingencies; disruptions and other impacts
to EVgo's business, as a result of the COVID-19 pandemic and
government actions and restrictive measures implemented in
response; stability of EVgo's suppliers, as well as consumer demand
for its products, in light of disease epidemics and health-related
concerns such as the COVID-19 pandemic; the impact that global
climate change trends may have on EVgo and its suppliers and
customers; EVgo's ability to protect patents, trademarks and other
intellectual property rights; any breaches of, or interruptions in,
CRIS's information systems; fluctuations in the price, availability
and quality of electricity and other raw materials and contracted
products as well as foreign currency fluctuations; changes in tax
laws and liabilities, tariffs, legal, regulatory, political and
economic risks. More information on potential factors that could
affect CRIS's or EVgo's financial results is included from time to
time in CRIS's public reports filed with the SEC, including its
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K as well as the preliminary and the
definitive proxy statements that CRIS intends to file with the SEC
in connection with CRIS's solicitation of proxies for the meeting
of stockholders to be held to approve, among other things, the
proposed business combination. If any of these risks materialize or
CRIS's or EVgo's assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements. There may be additional risks that neither CRIS nor
EVgo presently know, or that CRIS and EVgo currently believe are
immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect CRIS's and EVgo's expectations,
plans or forecasts of future events and views as of the date of
this press release. CRIS and EVgo anticipate that subsequent events
and developments will cause their assessments to change. However,
while CRIS and EVgo may elect to update these forward-looking
statements at some point in the future, CRIS and EVgo specifically
disclaim any obligation to do so, except as required by law. These
forward-looking statements should not be relied upon as
representing CRIS's or EVgo's assessments as of any date subsequent
to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
Contacts:
EVgo
For Investors:
EVgoIR@icrinc.com
For Media:
EVgoPR@icrinc.com
Climate Real Impact Solutions
For Investors:
Daniel Gross
dan.gross@climaterealimpactsolutions.com
For Media:
Isaac Steinmetz
Director of Media Relations
cris@antennagroup.com
646-883-3655
LS Power
Steven Arabia
Director, Government Affairs & Media Relations
sarabia@lspower.com
609-212-3857
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SOURCE EVgo