Benzinga | Jul 14, 2021 08:34AM EDT

EVgo Acquires e-Mobility Software Company Recargo For $25M

* Fast charging provider for electric vehicles EVgo Inc (NASDAQ:EVGO) has acquired Recargo, an e-mobility software company, in an all-cash deal for $25 million.

* The transaction will combine EVgo's national public fast-charging infrastructure and Recargo's leadership in EV innovation on app development, market research, data licensing, reporting, and advertising.

* "Recargo's PlugShare platform has become the go-to mobile app for EV drivers. EVgo and Recargo's combined software expertise will make driving an EV and charging it even easier and more delightful," said CEO Cathy Zoi.

* Price action: EVGO shares are trading higher by 2.73% at $11.68 premarket on the last check Wednesday.