EVgo's largest shareholder wants to take the company private. On Nov. 2, 2026, EVgo announced that its board had received an unsolicited, non-binding proposal from LS Power Equity Advisors, with a Form 8-K filing with the Securities and Exchange Commission to follow the same day. LS Power would buy every Class A share it does not already own for $2.00 per share in cash.

LS Power is not an outside bidder. According to its proposal letter, filed as an exhibit to the 8-K, it owns about 178 million Class A and Class B shares, which is roughly 56% of EVgo's outstanding voting securities. Its offer covers the minority stake that trades publicly on Nasdaq.

Nothing has been agreed. EVgo says its board has established a special committee of independent and disinterested directors to review the proposal, that no decisions have been made, and that there is no assurance a definitive agreement will follow.

The numbers in the letter

The letter is signed by David Nanus, President of LS Power Equity Advisors. It sets out the offer in terms of two reference prices, both as of Oct. 30, 2026:

  • 59% premium to EVgo's closing share price on Oct. 30, 2026.
  • 62% premium to the 30-day volume-weighted average price (VWAP) as of that date.

The market moved quickly. Benzinga's report, relayed by KuCoin News, said EVgo shares rose 46.96% to $1.85 at the time of publication on Monday, Nov. 2, according to Benzinga Pro data. Trading volume was about 58.56 million shares, against a 100-day average of roughly 3.67 million. That price was still below the $2.00 offer. The same report said LS Power disclosed the proposal in a Schedule 13D filing.

How the deal would work, according to the proposal

The LS Power letter lays out a few structural points:

  • Long-form merger. LS Power says it anticipates a long-form merger structure rather than a tender offer followed by a short-form merger, which it says gives public shareholders the ability to exercise appraisal rights.
  • No sale of its own stake. LS Power says it has no interest in a disposition or sale of its holdings and no interest in participating in an alternative change-of-control transaction involving the company.
  • Special committee gate. LS Power says it will not move forward unless the special committee, advised by independent legal and financial advisors, recommends the proposal.
  • Non-binding. The letter calls the proposal a non-binding expression of interest and says LS Power reserves the right to withdraw or modify it at any time. No legal obligation arises until definitive documentation is executed.

If a deal closes, the Benzinga report relayed by KuCoin News says the transaction could result in EVgo removing its Class A shares from the Nasdaq Global Select Market. The report describes the proposal as one that could make the company private.

What is decided, and what is not

The filings support a short list of facts and a longer list of open questions.

Decided or confirmed as of Nov. 2, 2026: the board received the proposal; a special committee of independent and disinterested directors exists to evaluate it; the proposed price is $2.00 per Class A share in cash; and LS Power holds approximately 56% of EVgo's combined voting power, according to EVgo's release.

Not decided: whether the committee will recommend the proposal, reject it, or negotiate different terms; whether a definitive merger agreement will be signed; and the timing of any closing. EVgo's release says the company does not intend to comment further or disclose developments unless and until it deems further disclosure appropriate or required. It also says shareholders do not need to take any action at this time.

The proposal also creates no new capital program. It concerns who owns the public float, and it is not an announced or funded expansion of the charging network. The release and the letter contain no new site counts, build targets, or capital commitments tied to the offer.

The network at stake

In the Nov. 2 release, EVgo describes itself as having more than 1,200 fast charging locations across 47 states. That is the company's own description of its footprint as of the release date. The release does not split that number into open, under construction, or planned sites, and it does not give a stall or charger count. Readers should take the 1,200-plus figure as EVgo's own statement, not as an independently audited tally.

What It Means for Drivers

For now, nothing changes at the plug. The proposal is non-binding and no definitive agreement exists. Neither EVgo's release nor LS Power's letter says anything about changes to charging locations, pricing, membership plans, or app access. Based on the sources, drivers can keep using EVgo's network as they did before Nov. 2.

If the transaction is eventually completed, the clearest stated change is in ownership and listing status. LS Power would acquire the Class A shares it does not own, and the Benzinga report says the Class A shares could be removed from the Nasdaq Global Select Market. LS Power, which holds about 56% of the voting power today, would own the whole company. The sources do not describe any plans for the network under that structure, so any claim about future prices or buildout pace would be speculation.

Fleet operators and site hosts with EVgo contracts would also find nothing in the filings that changes existing agreements. Anyone with questions about a specific contract should go to EVgo directly.

Nothing in this article is investment advice. Shareholders weighing the proposal should read the SEC filings in full and talk to their own financial or legal advisers.

What to watch next

  • Whether the special committee retains advisers and responds to the $2.00 price, and whether it recommends the deal, rejects it, or counters.
  • Any definitive merger agreement filed with the SEC, which would set out the final price, conditions, and expected closing timeline.
  • Any amendments to LS Power's Schedule 13D. LS Power has said it may modify or withdraw the proposal.

Sources