EV Stocks: EVgo (Nasdaq:EVGO) and Recargo Join Forces to Accelerate EV Market Growth | By Green Stock News

Summary: EV Stocks: EVgo (Nasdaq:EVGO) and Recargo Join Forces to Accelerate EV Market Growth EVgo Inc. (Nasdaq:EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today 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 in an all-cash transaction (including $3mm loan repayment). The transaction brings together two trusted EV leaders and first movers with deep technical expertise and broad customer bases, combining EVgo’s national public fast charging infrastructure and Recargo’s leadership in EV innovation on app development, market research, data licensing, reporting, and advertising. “At EVgo, we have a relentless commitment to growing the EV driver base and enhancing the customer experience,” said Cathy Zoi, CEO of EVgo. “The Recargo team shares that same commitment, developing innovative software to improve the charging experience. Recargo’s PlugShare platform has become the go-to mobile app for EV drivers. EVgo and Recargo’s combined software expertise will make driving an EV and charging it even easier — and more delightful. Together, we will extend and accelerate the reach of our business while continuing to shape the future of EV charging.” Founded in 2009, Recargo has established itself as the technology leader and EV first mover, including: * Building PlugShare, the world’s largest EV community, with an estimated 3 million unique driver app downloads worldwide1. PlugShare has become the go-to source for finding and choosing public EV charging, sharing experiences with other drivers, rating charging experiences via the proprietary PlugScore feature, planning EV trips, and paying for charging. * Developing Pay with PlugShare (PWPS), a mobile payment platform enabling seamless and reliable payment for multiple charging networks through a single app. * Deploying PlugShare API to integrate PlugShare’s rich network data into global automaker dashboards and custom mobile and web applications. * Integrating relevant advertisements into the PlugShare mobile application and website. * Launching PlugInsights, the world’s largest EV driver panel (approximately 72,000 drivers) for use with survey and qualitative research. Recargo and EVgo – Elevating the E-Mobility Transition Recargo’s PlugShare has been an essential part of the EV driver experience, capturing nearly 3 million driver reviews and expanding community adoption, with 7 unique PlugShare app installs for every 10 EVs in operation in the U.S., as of April 20212. By crowdsourcing powerful data and insights, PlugShare has created a comprehensive census of public charging through over 52,000 public charging locations and over 133,000 chargers covered in the U.S. alone. The Recargo team brings breadth and depth of technology leadership in app development, mapping, API integration, and analytics as well as strong commercial relationships with automakers, charging networks, and other market stakeholders. Nick Wild, CEO of Recargo, will continue to serve as President and CEO of the wholly-owned subsidiary under EVgo. “EVgo and Recargo have a long history of partnering to enhance the driver experience. The entire Recargo team is excited to have the opportunity to further accelerate our growth as part of the EVgo family,” said Nick Wild, President and CEO of Recargo. “PlugShare has been the first and most trusted choice for EV drivers looking for information on public charging, and we are thrilled that the EVgo team is committed to the continued independence of our PlugScore™ system, increasing transparency and supporting broad interoperability and neutrality.” 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, EVgo’s owned and...