LOS ANGELES | August 13, 2021 EVgo Inc. (Nasdaq:EVGO), USA’s largest public fast charging network for electric vehicles and first powered by 100% renewable electricity, announced that it has acquired Recargo, a leading e-mobility software company and one of the industry’s most utilized sources of driver-contributed EV industry data, for $25 million.
Drake Star Partners were advisors to E.ON and Recargo.
Founded in 2009, Recargo is the creator of Plugshare, a mapping app that helps people locate electric vehicle charging stations through crowdsourcing location data. The app covers more than 440,000 charging stations and has nearly 3 million driver reviews. Recargo has established itself as the technology leader and EV first mover
EVgo has more than 800 fast charging locations across 34 states and around 220,000 customers in 67 metropolitan areas, according to the company.
This transaction combines two trusted EV experts with deep technical expertise and large customer bases, merging EVgo’s nationwide public fast charging infrastructure with Recargo’s leadership in EV innovation on app development, market research, data licencing, reporting, and advertising.
Recargo, Inc. is a sustainable energy data and infrastructure company founded in 2009, 100% focused on the electric vehicle (EV) category. Recargo’s mission is to accelerate adoption and advancement of plug-in car technology.
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, EVgo’s owned and operated charging network serves over 65 metropolitan areas across 34 states and more than 250,000 customers.
*Drake Star Partners were advisors to E.ON and Recargo, with Improved Corporate Finance managing the transaction.
Drake Star Partners is a global investment banking firm serving the technology, media and communications sectors (TMC) with offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Geneva, Singapore* and Dubai*. The firm focuses on M&A and corporate finance for its clients worldwide. Drake Star Partners completed over 400 transactions since 2004, 70% of which are cross-border.
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