Why This EV SPAC's Stock Soared Today

Shares of Climate Change Crisis Real Impact I Acquisition (NYSE: CLII) soared Friday morning after the company announced plans to merge with electric-vehicle (EV) charging network provider EVgo. As of 10 a.m. EST, shares of the special purpose acquisition company (SPAC) were 65% higher.

The combination with the SPAC will provide EVgo with $575 million in proceeds to be used to facilitate the growth of its network. The resulting valuation of the newly combined company is expected to be $2.6 billion, based on the SPAC's initial price.

EVgo is a leading owner and operator of fast charging stations in the U.S. EVgo has partnerships with automakers including General Motors (NYSE: GM) and Tesla (NASDAQ: TSLA), and it focuses on fast charging stations in commercial settings like grocery stores and shopping centers. Property partners include Kroger, Albertsons, and convenience store chain Wawa.

Source Fool.com