EVgo Confirms Receipt Of $2/Share Cash Buyout Proposal From Majority Shareholder Ls Power; Board Launches Review

EVgo Inc. ("EVgo") (NASDAQ:EVGO), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles, today announced that its Board of Directors ("Board") received an unsolicited and non-binding proposal ("Proposal") from LS Power Equity Advisors, LLC and certain of its affiliates (collectively, "LS Power") to acquire all of the outstanding shares of EVgo’s Class A common stock not currently owned by LS Power for cash consideration of $2.00 per share. LS Power currently holds approximately 56% of the combined voting power of EVgo’s outstanding common stock. A copy of the Proposal is available as an exhibit to EVgo’s Current Report on Form 8-K, which will be filed today with the Securities and Exchange Commission.

The Board has established a special committee composed of independent and disinterested directors to review and evaluate the Proposal. The special committee is authorized to retain independent advisors, including independent legal and financial advisors, to assist it in its work. No decisions have been made with respect to EVgo’s response to the Proposal. There can be no assurance that any definitive agreement relating to any proposed transaction will be executed or as to the terms thereof, or that any transaction will be approved or consummated. EVgo does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. EVgo’s shareholders do not need to take any action at this time.