EVgo (EVGO) Stock Surges By 19% Amid Acquiring Recargo To Boost EV Market Growth

Since July 2, when EVgo went public, the stock was declining badly from the initial market price of $16.05. Nevertheless, today it is resurrecting as stock is currently at $12.5, resulting in a 19.5% growth. The company announced that it has purchased Recargo, a leader in an 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.
The transaction unites two trusted EV leaders and pioneers 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, and reporting.

Recargo’s PlugShare has been an integral part of the EV driver project, capturing nearly 3 million driver reviews and expanding community adoption, with seven unique PlugShare app installs for every 10 EVs in operation in the U.S., as of April 2021. By crowdsourcing valuable data and insights, it has created a comprehensive analysis of public charging through over 52,000 public charging locations and over 133,000 chargers covered in the U.S.

Richard McEntire

Finance and Entertainment Reporter Richard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.

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