Under terms of the deal, Recargo will be a wholly owned subsidiary of EVgo, which will retain Nick Wild as president and chief executive at Recargo.
“EVgo and Recargo have a long history of partnering to enhance the driver experience,” Wild said in a statement. “The entire Recargo team is excited to have the opportunity to further accelerate our growth as part of the EVgo family.”
Recargo and its 18 employees will continue to operate from its El Segundo headquarters, a company representative said in an email.
Founded in 2009, Recargo is the creator of Plugshare, a mapping app that helps people locate electric vehicle charging stations through crowdsourcing location data. The app covers more than 440,000 charging stations and has nearly 3 million driver reviews.
EVgo said the acquisition of Recargo will bring a “depth of technology leadership” in app development, mapping, API integration, and analytics to the company.
“EVgo and Recargo’s combined software expertise will make driving an EV and charging it even easier — and more delightful,” Cathy Zoi, chief executive of EVgo, said in a statement. “Together, we will extend and accelerate the reach of our business while continuing to shape the future of EV charging.”
The acquisition follows EVgo’s stock market debut on July 2, in which the company offered its stock for $15 per share. Share prices have steadily decreased throughout the week, but rose from roughly $11.50 to $11.78 following the announcement. Shares hovered at $10.90 during mid-day trading.
Founded in 2010, EVgo has more than 800 charging stations across 34 states, serving around 220,000 customers in 67 metropolitan areas, according to the company. The only companies with more charging stations are ChargePoint and Tesla Inc.