NRG EVgo has become EVgo, an independent charging network, now that NRG Energy has settled legal commitments in California.
Investment firm Vision Ridge Partners has acquired EVgo from NRG, with EVgo’s 665 fast chargers in more than 50 metro markets. NRG is turning over ownership of EVgo as the utility company settles with California over a legal battle going back 15 years.
Parent company NRG Energy had been part of the fight over skyrocketing electricity costs in California during the state’s 2001 power crisis. Power company Dynegy had sold its California subsidiary to NRG Energy, which was pulled into the scandal along with the controversial Enron Corp. In 2012, Governor Jerry Brown and the California Public Utilities Commission reached a $120 million settlement with NRG; part of that settlement was for NRG to allocate $100 million to set up an extensive charging network in the state. NRG EVgo was created after the settlement.
The settlement included $50.5 million to fund 200 Freedom Stations sites with each to have at least one DC fast charging location and a Level 2 charger unit; $40 million to fund 10,000 “make-ready” electrical installations, with at least a 30 amp service for L2 or L1 equipment; and a $9 million investment into advanced charging technology and all-electric car sharing programs.
With NRG EVgo meeting its legal commitments, Vision Ridge Partners announced that it has closed its acquisition of EVgo. EVgo will now become an independent charging infrastructure operator with ambitions to be nation’s leading fast multi-standard (CHAdeMO/Combo) charging network, Vision Ridge Partners says.
Since its inception, EVgo has developed charging network programs with BMW, Ford, and Nissan. NRG Energy will aremain a significant partner in EVgo, supporting the ongoing growth of the electric vehicle charging industry, and continue its commitments under the California settlement, according to the Vision Ridge Partners press release.