LS Power Proposes $2.00-a-Share Cash Take-Private of EVgo

The Tip Desk · November 3, 2026 · 3 min read

The 56% holder would pay $2.00 a share in cash for the remaining Class A shares, a 62% premium to the 30-day VWAP as of October 30, 2026.

EVgo Inc. (EVGO) said its board received an unsolicited, non-binding proposal from LS Power Equity Advisors, LLC and certain of its affiliates to acquire all outstanding shares of the company’s Class A common stock not currently owned by LS Power for $2.00 a share in cash.

LS Power currently holds approximately 56% of the combined voting power of EVgo’s outstanding common stock, the company said. The proposal letter said LS Power owns an aggregate of approximately 178 million shares of Class A and Class B common stock.

The price represented a 62% premium to the 30-day volume-weighted average price of EVgo’s Class A common stock as of October 30, 2026, and a 59% premium to the closing price on that date, the company said.

LS Power said it anticipates utilizing a long-form merger structure rather than a tender offer followed by a short-form merger, and that it is only interested in acquiring shares it does not currently own. The firm said it will not move forward unless a fully empowered special committee of independent and disinterested directors, advised by independent legal and financial advisors, recommends the proposal to the board. The proposal is a non-binding expression of interest; LS Power reserved the right to withdraw or modify it.

EVgo’s board established a special committee of independent and disinterested directors to review and evaluate the proposal. No decisions have been made with respect to EVgo’s response. The company said there can be no assurance that any definitive agreement will be executed or that any transaction will be approved or consummated.

EVgo, one of the nation’s largest providers of public fast charging infrastructure, had 140,390,001 shares of Class A common stock issued and outstanding as of June 30, 2026, excluding 718,750 shares subject to possible forfeiture, alongside 172,800,000 shares of Class B common stock. The company also carried $330,048 thousand of redeemable noncontrolling interest at that date.

For the three months ended June 30, 2026, EVgo reported total revenue of $82,648 thousand, down from $98,030 thousand a year earlier. Charging-network revenue was $61,421 thousand. Non-charging network revenue, including eXtend and AV and ancillary, was $21,227 thousand. Gross profit was $7,342 thousand. The company posted an operating loss of $40,148 thousand and a net loss of $46,342 thousand, or $0.15 a share attributable to Class A common stockholders.

For the six months ended June 30, 2026, total revenue was $192,179 thousand. Net loss attributable to Class A common stockholders was $37,194 thousand, or $0.27 a share. Interest expense for the six-month period was $11,123 thousand.

On the June 30, 2026 balance sheet, cash and cash equivalents were $121,822 thousand. Long-term debt, noncurrent, was $293,670 thousand, and long-term debt, current, was $3,580 thousand. Property, equipment and software, net, stood at $469,281 thousand. Stockholders’ deficit was $20,450 thousand.

EVgo said it does not intend to comment further or disclose any developments regarding the proposal unless and until it deems further disclosure appropriate or required, and that shareholders do not need to take any action at this time.