EVgo and Recargo Join Forces to Accelerate EV Market Growth
July 14 2021 - 6:30AM
Business Wire
EVgo’s Acquisition of Recargo is a Win-Win for
EV Drivers, Automakers, and Charging Networks
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.
Over the past two years, EVgo has rolled out a suite of its own
proprietary system innovations, including power sharing
architecture for chargers, EVgo Access™ (to enable public charging
in parking garages); EVgo Advantage™ (a B2B coupon tool for
partners to reach drivers); and EVgo Reservations™.
“This acquisition brings a great technical team into the fold
and EVgo and Recargo can accelerate our collective growth,
capitalizing on a shared focus of software innovation, commitment
to open standards and interoperability, and a history of strong
partnerships with automakers and other charging providers,” said
Ivo Steklac, CTO/COO of EVgo. “To enhance transparency, EVgo and
Recargo intend to publish PlugScore calculations and methodologies,
enhance algorithms and further integrate customer and network
feedback to improve the utility of the score while preserving its
neutrality. Additionally, we expect to swiftly move to accept Pay
with PlugShare (PWPS) on the EVgo network, opening the platform to
other charging providers, giving drivers a simple way to use
multiple networks and pay for charging in-app using PlugShare’s
platform.”
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.”
1 Source: Appfigures.com, July, 2021 2 Source: IHS Markit data
and internal analysis
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 operated charging network serves over 65 metropolitan areas
across 34 states and more than 250,000 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
drivers across the U.S. to enjoy 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.
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EVgo For Investors: Ted Brooks, VP of Investor Relations
investors@evgo.com
For Media: Ed Harrison, Inkhouse for EVgo evgo@inkhouse.com
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