Charge Enterprises Comments on Infrastructure Bill Passage

Rhea-AI Summary

Charge Enterprises Inc. (OTC PINK:CRGE) celebrates the U.S. Congress' passage of the $1 trillion Infrastructure Investment and Jobs Act, which aims to enhance electric vehicle (EV) and broadband infrastructure. The legislation includes $7.5 billion for EV chargers and $65 billion for broadband access, bolstering Charge's strategic focus on providing end-to-end infrastructure solutions. CEO Andrew Fox highlights the act's potential to accelerate intelligent connectivity and electrification, positioning Charge as a leader in 5G networks and EV ecosystems. The bill is expected to significantly impact Charge's operations.

Positive

• The Infrastructure Investment and Jobs Act allocates $7.5 billion for EV charging infrastructure, benefiting Charge's EV initiatives.
• The $65 billion investment in broadband infrastructure supports Charge's Communications Division efforts.
• Legislation enhances Charge's core competencies in intelligent wireless connectivity and electrification.

Negative

• None.

Historic Legislation Charges the Electric & Broadband Future and, Directly Fueling the Company's Core Competencies

NEW YORK, NY / ACCESSWIRE / November 9, 2021 / Charge Enterprises Inc. (OTC PINK:CRGE), ("Charge" or "the Company"), consisting of a portfolio of global businesses with the vision of connecting people through communications and electric vehicle (EV) charging infrastructure, today commented on the U.S. Congress' passage of the "Infrastructure Investment and Jobs Act" (H.R. 3684), the Biden administration's $1 trillion infrastructure bill, that will add substantial public funding to private and enterprise capital investments already at work in several crucial areas of electric transportation, broadband and utility infrastructure.

"This is an historic piece of legislation that, when signed into law, will accelerate the transformation already underway in intelligent wireless connectivity and electrification, supplementing private and enterprise investments in our electric future and directly fueling Charge's core competencies," said Charge's CEO Andrew Fox. "Charge's goal is to be the trusted global infrastructure partner for 5G wireless network and intelligent sites as well as EV Charging, offering a unique, differentiated value proposition through bespoke, hardware and software agnostic solutions encompassing our cross-over industries of mobility and connectivity infrastructures."

Charge develops and deploys infrastructure to move and connect people across the globe, installing 5G, building wireless networks and EV charging ecosystems; delivering the infrastructure clients require today to grow with them as scale is required to meet future demands. There are a number of strong demand drivers in this space, with capital investments coming from the private and enterprise sectors. The Biden administration's legislation adds another significant push to these drivers and benefits the following areas:

• Charge Infrastructure Division - Charge's Infrastructure Divisions provides end-to-end installation solutions, including design and engineering, equipment specification and sourcing, installation, data and software solutions and maintenance and monitoring, that make it simple to go electric. The bill's provisions support Charge's efforts in:
  • EV Infrastructure​ - The bill includes $7.5 billion to build out a national network of EV chargers. This is the first-ever national investment in EV charging infrastructure in the United States and is a critical element to accelerate the adoption of EVs to address the climate crisis and support domestic manufacturing jobs.​
  • Electric Buses ​- American school buses play a critical role in expanding access to education, but they are also a significant source of pollution. The bill invests $2.5 billion in electric buses, expanding access to rural communities, helping school districts across the country buy clean, American-made, zero emission buses, and replace the yellow school bus fleet.
• Charge Communications Division - Charge's Communications Division provides provided termination of both voice and data to Carriers and Mobile Network Operators (MNO's) as well as, through ANS Advanced Network Services (ANS), Enhanced Mobile Broadband (eMBB), Ultra-Reliable Low Latency Communications (URLLC), Massive Machine Type Communications (mMTC), creating and maintaining intelligent networks that are designed for the future. The bill's provisions support Charge's efforts in:
  • High-Speed Internet​ - Broadband internet is necessary for Americans to do their jobs, to participate equally in school learning, health care, and to stay connected. The bill's $65 billion investment would ensure every American has access to reliable high-speed internet with an historic investment in broadband infrastructure deployment.​
  • Power Infrastructure - The bill's $73 billion investment is the single largest investment in clean energy transmission in American history. It upgrades power infrastructure, including building thousands of miles of new, resilient transmission lines to facilitate the expansion of renewable energy. It would create a new Grid Deployment Authority, invest in research and development for advanced transmission and electricity distribution technologies, and promote smart grid technologies that deliver flexibility and resilience.​

Mr. Fox concluded, "Charge optimizes infrastructure engineering and design planning and installation, building an ecosystem critical for the intersection of mobility, communication and wireless data transmission that addresses today's needs and tomorrow's emerging applications. We are very excited about the generational change that this legislation can create for all communities and the potential it offers our customers as they embrace the EV revolution and intelligent sites."

About Charge Enterprises Inc.

Our Telecommunications Division

Our Telecommunications division ("Telecommunications") has provided termination of both voice and data to Carriers and Mobile Network Operators (MNO's) globally for over two decades and we will selectively add profitable products and services to this long-established business.

Our Infrastructure Division

Our Infrastructure division ("Infrastructure") has a primary focus on two fast growing sectors: electric vehicle ("EV") charging, and Telecommunications Network 5G, including cell tower, small cell, and in-building applications. Solutions for these two sectors include: Design and Engineering, Equipment specification and sourcing, Installation, Data & software solutions, and Service and Maintenance.

Our Investment Division

Our Investment division ("Investment") focuses on opportunities related to our global portfolio to expand our vision's impact. We aim to invest in opportunities that would complement our two operating divisions in addition to marketable securities, including money markets funds and other listed securities. Our Investment division provides services aimed at offsetting the overall cost of capital.

We offer our Investment services through our wholly-owned subsidiary, Charge Investments ("CI").

To learn more about Charge, visit Charge Enterprises.

Notice Regarding Forward-Looking Information

This press release contains forward-looking statements, as defined in applicable securities laws. 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", "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 business plans and strategies of Charge, Charge's future business development, market acceptance of electric vehicles, Charge's ability to generate profits and positive cash flow, and changes in government regulations and government incentives, subsidies, or other favorable government policies. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release or as of the date or dates specified in such statements. For more information on Charge, investors are encouraged to review Charge's public filings on OTC Market at https://www.otcmarkets.com/stock/CRGE/overview. Charge disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Media Contacts:

Steve Keyes (248) 952-7022
Steve.keyes@centigrade.com

Investor Relations:

Carolyn Capaccio, CFA (212) 838-3777
Ccapaccio@lhai.com

SOURCE: Charge Enterprises Inc.

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FAQ

What does the Infrastructure Investment and Jobs Act mean for Charge Enterprises (CRGE)?

The Act provides significant funding for EV charging infrastructure and broadband access, aligning with Charge's business strategy.

How much funding is allocated for EV chargers in the Infrastructure Bill for Charge (CRGE)?

The Infrastructure Bill allocates $7.5 billion for building a national network of EV chargers.

What is Charge Enterprises' focus in relation to the new Infrastructure Bill?

Charge focuses on expanding its EV charging and broadband solutions in line with the funding provided by the Infrastructure Bill.

What impact does the Infrastructure Bill have on Charge's operations?

The bill supports Charge's efforts in developing infrastructure for electric transportation and broadband communication.