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Photo: Smith Collection/Gado/Getty Images

EVgo, a big player in electric vehicle charging, said this morning that it's going public via a reverse merger with a special purpose acquisition company (SPAC).

Driving the news: The Los Angeles-based company, which has charging stations in 34 states, expects the deal will bring in $575 million that will "be used to fully fund and accelerate EVgo’s growth strategy and network buildout."

Why it matters: It's the latest of a suite of companies in the electric vehicle and charging space to go public as investors pour money into the sector. ChargePoint, another major charging company, announced a SPAC deal in September.

Quick take: The incoming Biden administration wants to spur a major nationwide EV charging buildout, which could increase investor interest in the company and other charging players.

How it works: EVgo is merging with a recently formed SPAC called the Climate Change Crisis Real Impact I Acquisition Corp., whose co-founders include former NRG Energy CEO David Crane and former senior GE exec Beth Comstock.

Go deeper

Ben Geman, author of Generate
Jan 26, 2021 - Politics & Policy

Schumer suggests Biden could use emergency powers for climate policy

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer wants President Biden to explore use of emergency executive powers to fight climate change, he told MSNBC's Rachel Maddow last night.

Driving the news: Schumer said it "might be a good idea for President Biden to call a climate emergency," and noted, "Then he can do many, many things under the emergency powers of the president ... that he could do without legislation."

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

5 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.