Charge Enterprises Subsidiary BW Electrical Services Receives Key Certifications From New Jersey Department of Property Management and Construction and New Jersey Schools Development Authority

Rhea-AI Summary

Charge Enterprises (NASDAQ:CRGE) announced that its subsidiary, BW Electrical Services, received significant certification renewals in New Jersey. These certifications enable BW to maintain an open-contract backlog of up to $250 million, facilitating expansion into larger projects. This recognition underscores BW's reputation for quality in electrical installations. Charge focuses on electric vehicle charging infrastructure and telecommunications, aiming to capitalize on growing sectors.

Positive

• BW Electrical Services received certification renewals, enhancing credibility.
• The combined open-contract backlog allowed is up to $250 million.
• New certifications enable bidding on larger projects.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / July 28, 2022 / Charge Enterprises, Inc. (NASDAQ:CRGE) ("Charge" or the "Company"), a global business with the vision of connecting people everywhere with communications and electric vehicle ("EV") charging infrastructure, announced today that one of its wholly owned subsidiaries, BW Electrical Services, LLC ("BW"), received two crucial certification renewals in the state of New Jersey.

BW is one of a select group of pure electrical contractors in the State of New Jersey to receive this two-year certification renewal awarded by the New Jersey Department of Property Management and Construction, the certification allows BW to carry an open-contract backlog totaling up to $125,000,000 in aggregate value. This also empowers BW to bid on larger projects in the state.

The second certification was granted by the New Jersey Schools Development Authority, also allowing BW to carry a $125,000,000 open-contract backlog.

"We are thrilled to secure these highly sought-after certifications," said Michael Wojtowicz, President of BW Electrical Services. "It gives us the flexibility and capacity to build our backlog in a productive manner, with a high combined ceiling of $250 million in aggregate value."

"These certifications demonstrate the trust and confidence the New Jersey Department of Property Management and Construction and the New Jersey Schools Development Authority have in BW", said Andrew Fox, Charge Enterprises Founder, Chairman and CEO. "We celebrate this validation of BW' reputation for being a trusted partner that delivers best-in-class-leading electrical installations across New Jersey communities."

About Charge Enterprises, Inc.

Telecommunications

Our Telecommunications business ("Telecommunications") has provided routing of both voice and data to Carriers and Mobile Network Operators ("MNOs") globally for over two decades and is poised to selectively add profitable products and services to this long-established business.

Infrastructure

Our Infrastructure business ("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 and Software Solutions, and Service and Maintenance.

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", "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, changes in government regulations and government incentives, subsidies, or other favorable government policies, and other risks discussed in Charge's filings with the U.S. Securities and Exchange Commission ("SEC"). 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 us, investors are encouraged to review our public filings with the SEC which are available on the SEC's website at www.sec.gov. 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:
Christine Cannella (954) 298-6518
Ccannella@charge.enterprises

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

SOURCE: Charge Enterprises Inc.

View source version on accesswire.com:
https://www.accesswire.com/710003/Charge-Enterprises-Subsidiary-BW-Electrical-Services-Receives-Key-Certifications-From-New-Jersey-Department-of-Property-Management-and-Construction-and-New-Jersey-Schools-Development-Authority

FAQ

What certifications did Charge Enterprises' subsidiary BW receive?

BW Electrical Services received certification renewals from the New Jersey Department of Property Management and Construction and the New Jersey Schools Development Authority.

How does the certification impact Charge Enterprises' backlog?

The certifications enable BW to maintain a combined open-contract backlog of up to $250 million.

What is the significance of these certifications for BW Electrical Services?

These certifications allow BW to bid on larger projects, enhancing growth opportunities and financial performance.

When was the press release about Charge Enterprises issued?

The press release was issued on July 28, 2022.

What is Charge Enterprises' focus in its business operations?

Charge Enterprises focuses on electric vehicle charging infrastructure and telecommunications, with a commitment to growth in these sectors.