IMPROVED advises E.ON on the Sale of Recargo to EVgo
- Date July 14th, 2021
- Transaction type M&A
- Sector Mobility
- Sub Sector Electric Vehicle Data Platform
innogy e-Mobility US, a division ultimately owned by E.ON, has sold Recargo, a leader in electric vehicle (EV) cloud-based data solutions, to EVgo, the US largest public fast charging network operator for EVs. Recargo, headquartered in Los Angeles, is the operator of the PlugShare EV charging platform, which has +400K connected charging stations and +1.4mn app users globally.
IMPROVED acted as the exclusive corporate finance advisor to E.ON, a Germany-based energy company, in this EU-US intercontinental M&A transaction. With the completion of this transaction, IMPROVED solidifies its leading position and track record in cross-border M&A advisory services in the global energy and mobility ecosystem. The successful completion of this transaction also highlights IMPROVED’s deep reach into the US ecosystem of reputable buyers and investors.
IMPROVED has advised a variety of international technology companies throughout the e-mobility ecosystem, ranging from charge point operators to software providers and from hardware manufacturers to pure data players. This provides IMPROVED with a thorough understanding of the market dynamics, business models, valuation, and strategic + financial investor interest within EV charging and e-mobility.
This transaction represents IMPROVED’s 13th successful transaction in the EV charging domain and the 15th consecutive deal in its overall e-mobility vertical. In H1 2021, IMPROVED has completed six landmark deals in the e-mobility domain. This includes the following M&A transactions: the sale of ServiceHouse to Coolblue and the sale Ubitricity to Shell. We also have completed three private placements: fundraising of The Mobility House from Mercuria, the Freewire USD 50mn fundraising from US private equity Riverstone, and the private placement for the EV charging platform provider Last Mile Solutions by Eurowag.
In addition, IMPROVED is glad to have advised Spanish smart charging & energy management solutions provider Wallbox on the NYSE listing via the merger with Kensington Capital Acquisition Corp II announced in June.
“With the new strategic owner, Recargo will be able to continue its global expansion of providing e-mobility solutions to EV drivers
anywhere, based on data and intelligence. We believe that companies like Recargo are essential in
the adoption of EV charging. We are glad to have supported the team of Recargo and E.ON in this
journey. IMPROVED has again managed a global M&A transaction with a German seller, US target,
and US buyer. We increasingly see cross-border transactions in this space, given the international
Managing Partner, IMPROVED