Charge Enterprises Announces Acquisition of Greenspeed Energy Solutions, a Leader in Providing EV Infrastructure Solutions
- Charge's acquisition of Greenspeed increases its infrastructure backlog by approximately $12 million, bringing the total backlog to $138 million. The combined EV charging infrastructure installations will now total approximately 600 charging stations. The transaction is expected to be accretive to both EBITDA and free cash flow in the first full year of ownership.
- None.
Select Financial Highlights
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Increases Infrastructure Backlog of approximately
as of June 30, 2023, by approximately$138 million , with EV infrastructure projects now representing$12 million 34% - The transaction is expected to be accretive to both EBITDA and free cash flow in the first full year of ownership
Strategic Highlights
- Broadens customer footprint and recurring revenue capabilities
- Expands Charge’s in-house capability to self-perform work in 25 states
- Further solidifies EV infrastructure experience with visionary team, customers and technology
- Enhances auto dealership network and increases combined EV charging installation experience to over 600 chargers installed
Founded in 2006, Greenspeed has established itself as a leading provider in the sustainable energy space, providing customers across
Greenspeed is also an installer for Georgia Power, a utility company and electricity generator. Furthermore, Greenspeed has forged a strategic alliance with the city of
The integration of Greenspeed into Charge’s organization is anticipated to have a strategic impact on Charge’s Infrastructure segment, providing expertise and capacity to efficiently execute and deliver upon existing backlog projects. By acquiring Greenspeed, Charge obtained approximately
Management Commentary
“We are thrilled to announce the acquisition of Greenspeed,” stated Andrew Fox, Founder, Chairman and Chief Executive Officer of Charge Enterprises. “We have tremendous respect for the talented team and leadership at Greenspeed and we are excited to welcome them to our family. This strategic move marks a significant milestone for Charge. Greenspeed’s strengths align perfectly with our vision and growth objectives, allowing us to extend our reach and deliver even greater value to our customers and our shareholders. We believe this acquisition will further drive growth, innovation, and lasting success for our organization.”
“We are excited to join forces with Charge and become an integral part of their dynamic organization”, said Paul M. Williams, CEO and President of Greenspeed. “With a shared vision and complementary strengths, we will deliver even greater value to our customers and seize new opportunities in the EV charging market.”
Transaction Details
Under the purchase agreement, Charge has acquired Greenspeed for a purchase price of up to
Paul Williams, President & CEO of Greenspeed, and other senior leadership members will be joining Charge Enterprises as a part of the transaction. Mr. Williams will take the lead role in the future of our combined EV charging infrastructure business.
About Greenspeed Energy Solutions, LLC
Founded in 2006, Greenspeed has established itself as a leading provider in sustainable energy space, serving customers across
To learn more about Greenspeed, visit Greenspeed.com.
About Charge Enterprises, Inc.
Charge Enterprises, Inc. is an electrical, broadband and EV charging infrastructure company that provides clients with end-to-end project management services. We operate in two segments: Infrastructure, which has a primary focus on EV charging, broadband and wireless, and electrical contracting services; and Telecommunications, which provides connection of voice calls, Short Message Services (SMS) and data to global carriers. Our vision is to be a leader in enabling the next wave of transportation and connectivity. By building, designing, and operating seamless infrastructure for electric vehicles, we aim to create a future where transportation is clean, efficient, and connected and to empower individuals, communities, and businesses to thrive in a more sustainable world. Our plan is to cultivate repeat customers and recurring revenue by deploying a multi-phased strategy, initially where investment in the EV charging revolution is taking place, the nation’s approximately 18,000 franchised auto dealers.
To learn more about Charge, visit Charge Enterprises, Inc.
Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current expectations or beliefs regarding future events or Charge's future performance. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", “potential”, "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. All forward-looking statements, including those herein, are qualified by this cautionary statement. Although Charge believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include the ability to achieve the expected benefits of the Greenspeed acquisition, including the risks that the Company’s synergy estimates are inaccurate or that the Company faces higher than anticipated integration or other costs in connection with the acquisition, the business plans and strategies of Charge, Charge's future business development, market acceptance of electric vehicles, the success of Charge’s retail dealership initiative and the size, scope and success of the related initial installation projects, Charge's ability to generate profits and positive cash flow, changes in government regulations and government incentives, subsidies, or other favorable government policies, rising interest rates and the impact on investments by our customers, and other risks discussed in Charge's filings with the
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Investors
Christine Cannella (954) 298-6518
ccannella@charge.enterprises
Kevin McGrath (646) 418-7002
kevin@tradigitalir.com
Media
Kristopher Conesa (305) 975-5934
kconesa@csuitepr.com
Source: Charge Enterprises, Inc.
FAQ
What is the impact of the acquisition on Charge's infrastructure backlog?
How many charging stations will the combined company have?