CLII - February 16, 2021
CLII is set to acquire EVgo in Q2 of 2021 which has the largest fast charging network in the US. Fast charging networks will become evermore important to accelerate the widespread adaptation of EVs. EV charging is already a high growth industry and fast charging is expected to grow within this industry from 5% to 40% of total chargers by 2040. Charging time is currently the bottleneck in efficiency of EVs for commercial use which fast charging helps solve making the switch over to EVs more feasible for companies. EVgo has several notable customers including GM, Nissan, Uber, and Lyft and are also the only charging company to have integrated Tesla chargers. Revenue is expected to grow at a CAGR of 150% from now until 2024 with a margin of 36.6%, well above industry average.
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