EVgo Stock Surges 50%: Majority Owner LS Power Offers $2 a Share to Take It Private

EVgo stock surged about 50% on Monday after LS Power Equity Advisors, its majority shareholder, proposed buying the rest of the EV charging company for $2.00 a share in cash. Shares of the fast-charging network operator jumped as much as 53.9% in the morning session, trading near $1.88-$1.95 after closing Friday at just $1.26.

What happened

LS Power submitted a buyout proposal to acquire all of EVgo's outstanding Class A common stock that it does not already own, at $2.00 per share in cash. The proposal was delivered directly to EVgo's board of directors and disclosed in a filing with the U.S. Securities and Exchange Commission. LS Power is not an outside bidder: affiliated entities already own roughly 178 million EVgo shares, representing about 56% of the company's voting securities, according to the filing coverage.

The $2.00 offer is a premium of roughly 59% to Friday's $1.26 close. That gap explains the speed of Monday's move: the stock opened at $1.82, ran to an intraday high of $1.95, and held most of its gains through the morning, putting it on track for its largest single-day increase since October 2024.

Why it is blowing up

Cash take-private offers from an existing majority holder tend to move a stock fast, because they put a hard number on what a knowledgeable insider thinks the business is worth. LS Power knows EVgo's charging network, utilisation and cash burn from the inside, and it is offering cash rather than stock. For traders, that sets an immediate valuation benchmark at $2.00 and raises the obvious follow-up question: will the board accept, negotiate for more, or will another bidder appear?

The size of the jump also reflects how beaten down the shares were. EVgo had fallen sharply during 2026 and was trading more than 50% below its 52-week high before Monday, even after climbing from around $1.02 in late October to $1.26 by Friday. A stock priced for distress does not need much good news to reprice violently, and a cash bid from the majority owner is about as concrete as good news gets for a small-cap name.

Key facts

• The offer: $2.00 per share in cash for the Class A shares LS Power does not already own.
• The bidder: LS Power Equity Advisors and affiliates, already holding about 178 million shares and roughly 56% of the voting power.
• The move: EVgo rose about 49-54% on Monday, from a $1.26 Friday close to around $1.88-$1.95, on heavy interest.
• The context: the shares had lost more than half their value from their 52-week high during a difficult 2026 for EV charging stocks.
• The status: this is a proposal, not a signed merger agreement. It remains subject to the board's process, and no deal has been announced.

What to watch next

The next step sits with EVgo's board, which has to evaluate an offer from the shareholder that already controls the company. Investors will watch for a formal board response, any sign of a higher or competing bid, and how close the stock holds to the $2.00 offer price: a price below the bid usually signals the market sees risk the deal slips or drags, while a move through it would signal expectations of a sweetened offer. EVgo's third-quarter results, due November 9, will also land in the middle of the process and give both sides fresh numbers to argue over.

Nothing here is a recommendation to buy, sell or hold any security. A proposal can be raised, rejected or withdrawn, and until a definitive agreement exists, the $2.00 figure is an opening offer rather than a guaranteed outcome.

Sources

StockStory — Why is EVgo stock rocketing higher today
Grafa — EVgo jumps after LS Power offers $2 per share
The Cryptonomist — EVgo stock analysis, November 2

FAQ

Why did EVgo stock surge 50% today?

EVgo jumped after majority shareholder LS Power proposed buying the shares it does not already own for $2.00 each in cash, a premium of roughly 59% to Friday's $1.26 close, disclosed in an SEC filing.

Who is LS Power and how much of EVgo does it own?

LS Power Equity Advisors is an energy infrastructure investor whose affiliates own about 178 million EVgo shares, representing roughly 56% of the company's voting securities.

Is the EVgo buyout a done deal?

No. Monday's news is a proposal delivered to EVgo's board, not a signed agreement. The board still has to respond, and the offer could be raised, rejected or withdrawn.

What happens next for EVgo shareholders?

Investors are watching for the board's response, any competing or improved bid, and EVgo's third-quarter results due November 9, which arrive while the proposal is under consideration.