NRG sells EVgo network of fast-chargers to investment firm

EVgo charging network had been borne out of California's power crisis.

Utility company NRG has sold its EVgo charging network to Colorado-based sustainable-energy investment firm Vision Ridge Partners, according to Inside EVs. EVgo has 665 fast chargers throughout 50 US metropolitan markets. No acquisition price was disclosed.

The buyout is quite a bit more straightforward than the process that led to the creation of EVgo in the first place. The state of California had sued what was previously known as Dynergy for the utility company's role in the state's power crisis in 2001 (yes, the same crisis that involved Enron and was profiled in the fine documentary "Enron: The Smartest Guys in the Room"). As part of a $120 million settlement the California Public Utilities Commission reached with what became NRG, the utility company was tasked with allocating $100 million towards setting up a charging network. Now that EVgo has been sold, the charging network of CHAdeMO and SAE Combo stations will further be expanded nationwide.

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.

Additionally, in late 2014, EVgo took over a stalled fast-charging network in Chicago in a partnership with JNS Holdings Corp.

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