Published on June 29th, 2016 | by James Ayre5
NRG Offloads EVgo Network Of Fast-Charging Stations To Vision Ridge Partners
June 29th, 2016 by James Ayre
While the pricing of the acquisition hasn’t been publicly disclosed, one would assume that it’s substantial — considering that the network consists of 665 EV fast chargers, spread across 50 different US metropolitan areas.
Considering the extremely convoluted history behind the formation of NRG, the move is particularly interesting. Some of those reading this may not remember, but following the Enron scandal back in the early 2000s, NRG (the precursor of the company, actually, with a different name) was actually required by the $120 million settlement reached with the California Public Utilities Commission to allocate $100 million towards the creation of an electric vehicle (EV) charging station network.
Autoblog continues, noting that, with EVgo sold, “the charging network of CHAdeMO and SAE Combo stations will further be expanded nationwide.” Going on: “Aside from its affiliation with NRG, EVgo has also worked with automakers at developing charging stations across the US. Late last year, it was announced that EVgo and BMW would collaborate on adding fast combo charging to 24 cities within the ensuing two years. EVgo has also worked with Nissan on its ‘No Charge to Charge’ program that offers free fast charging for those who take out leases on the Leaf electric vehicle. That program, which was introduced at 2014’s New York Auto Show, offered those free charges for as long as two years and included EVgo among a group of networks that also included ChargePoint, Blink and AeroVironment.”
With the change in ownership it’ll be interesting to see what the network’s expansion plans look like for the next few years.