EVgo receives unsolicited buyout offer from LS Power

LS Power Equity Advisors has submitted an unsolicited offer to acquire the remaining shares of EVgo Inc., an electric vehicle charging network developer. The proposal offers $2 per share, representing a nearly 60% premium over the company’s recent closing price of $1.26. LS Power currently owns approximately 57% of the company.

EVgo has formed a committee to evaluate the proposal. The company continues to expand its infrastructure, recently opening its first supercharger site near downtown Chicago. To increase its addressable market, EVgo is deploying North American Charging Standard (NACS) connectors, which allow for faster charging and compatibility with Tesla vehicles without adapters.

In recent financial communications, EVgo management outlined strategies to reach sustainable profitability, including reducing capital expenditure for 2026 by focusing on high-demand locations and implementing cost controls to reduce administrative overhead.