Vision Ridge Partners has made a major investment in EVgo, a public electric vehicle charging solutions provider.
The investment will allow EVgo to expand its charging network and will accelerate and support widespread deployment of electric vehicles in the near future.
Vision Ridge Partners managing director Reuben Munger said: "EVgo has the infrastructure and vision to make electric vehicles a mainstream form of transportation.
"More and more consumers recognize that electric vehicles are not only better for the environment, but also fun to drive, reliable, and better for their wallets.
"Under our partnership, we will work to build a comprehensive, consistent, and dependable national charging network, so that EVgo can accelerate the deployment of electric vehicles in the U.S."
At present, EVgo has about 665 fast chargers across 50 top metro markets in US. The chargers can nearly fully charge an electric vehicle in less than 30 minutes.
The investment from Vision Ridge Partners will used for infrastructure funding and will help in deploying further fast charging solutions.
It will give drivers access to fast charging options across US and will eliminate the issue of electric vehicle range.
EVgo president Arun Banskota said: "NRG is proud of the leadership that EVgo has established under our guidance.
"As NRG looked at potential partners and investors for EVgo, it was important for us to align our business with a firm that is focused on building and investing in a sustainable energy future.
"We are confident that Vision Ridge will provide the added resources and specific expertise to take EVgo to the next level in sustainable transportation."
EVgo has already worked with automakers such as Nissan, BMW and Ford in the development of vehicle-centric customer experience.
With this investment, EVgo is confident that it will deploy many more electric vehicle charging stations across the country and will play a pivotal role in increased demand for electric vehicles in the coming years.
