Georgia’s No. 1 Volume and a Top 10 U.S Ford Dealership Commissions Charge Enterprises for EV Charging and Solar Project

Rhea-AI Summary

Charge Enterprises, Inc. (Nasdaq: CRGE) has been selected by Akins Ford for the implementation of 19 electric vehicle charging stations and a 450 kW DC solar photovoltaic system. This partnership aims to advance Akins Ford's electrification objectives and make sustainable transportation more accessible. The project is expected to result in 700,000 kW in total carbon offset.

Charge Implementing Infrastructure to Advance Akins Ford’s Electrification Objectives with 19 EV Charging Stations and Comprehensive Solar System, Resulting in 700,000 kW in Total Carbon Offset

NEW YORK--(BUSINESS WIRE)-- Charge Enterprises, Inc. (Nasdaq: CRGE) ("Charge" or the "Company”), a leading energy, electrical, broadband and EV charging infrastructure company, has been selected by Akins Ford – Georgia’s largest volume Ford dealer and a top ten Ford U.S. dealership – for the turnkey engineering, procurement, and construction of 19 electric vehicle (“EV”) charging stations and a 450 kW DC solar photovoltaic (“PV”) system. Greenspeed Energy Solutions, LLC, a Charge Enterprises company, will start the project in mid-December and will serve to advance Akins Ford’s electrification objectives and larger mission to make sustainable transportation more accessible and convenient to its customers.

The partnership will result in the install of 19 total EV chargers – including two 120kW Level 3 chargers with two charging ports each, one 180kW Level 3 charger with two charging ports, five 19.2kW Level 2 chargers, and 11 NEMA receptacles for mobile 9.6kW Level 2 chargers. Assuming the new infrastructure facilitates 60 hours of charging per week, Akins Ford can expect these chargers to generate 3,000 hours of charging per year, equaling over 1.7 million KWh, enough energy to allow an electric battery vehicle to drive 6 million miles.

“At Charge, our top priority is to create a future where transportation is clean, efficient, and connected,” said Craig Denson, Interim CEO and COO, Charge Enterprises. “We look forward to building out this holistic and scalable electrification and solar solution for the team at Akins Ford to support its ambitious EV integration objectives and better serve its customers.”

In addition to the EV chargers, Greenspeed will also install rooftop solar panels and a solar canopy over the EV charging stations. These sustainable additions are anticipated to offset 455 metric tons of Carbon Dioxide, which is equivalent to the amount of energy needed to fully power nearly 60 homes.

“This move marks a significant advancement for our strategic commitment to energy innovation and decarbonization, including the electrification transition and embrace of solar power,” said Brad Akins, Founder of Akins Ford. “The addition of these EV chargers and solar panels will provide our customers with a crucial service and further the larger sustainability goals of our business.”

To help demonstrate the positive long-term environmental impact of these additions, Charge plans to install an energy dashboard in the dealership’s customer lounge that will display accumulated carbon emission offset data from the EV chargers and solar panels.

“As part of our current green energy initiative, Akins Ford already creates $300,000 in annual savings, and we expect this initiative to drive even more value as we prioritize new ways of thinking about energy production and doing our part to protect the environment,” said Molly Morris, Director of Operations at Akins Ford.

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 ability to satisfy its debt payment obligations or extend the maturity or refinance outstanding debt at or prior to maturity, Charge's future business development, market acceptance of electric vehicles, and continued auto maker investment in 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, macroeconomic and geopolitical conditions, and the ongoing automotive industry labor dispute and the impact on investments by our customers, 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, including the factors described in the section captioned “Risk Factors” of Charge’s Annual Report on Form 10-K filed with the SEC on March 15, 2023, and subsequent reports we file from time to time 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.

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 revenues 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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231205080393/en/

Investors

Alex Thompson

Gateway Group

949-574-3860

CRGE@gateway-grp.com

Source: Charge Enterprises, Inc.

FAQ

What is the partnership between Charge Enterprises, Inc. and Akins Ford about?

Charge Enterprises, Inc. (Nasdaq: CRGE) has been selected by Akins Ford for the implementation of 19 electric vehicle charging stations and a 450 kW DC solar photovoltaic system to advance Akins Ford's electrification objectives.

What are the expected results of this partnership?

The project is expected to result in 700,000 kW in total carbon offset and aims to make sustainable transportation more accessible.

What types of EV chargers will be installed as part of this project?

The install of 19 total EV chargers will include two 120kW Level 3 chargers with two charging ports each, one 180kW Level 3 charger with two charging ports, five 19.2kW Level 2 chargers, and 11 NEMA receptacles for mobile 9.6kW Level 2 chargers.

What environmental benefits are expected from the installation of EV chargers and solar panels?

The installation is anticipated to offset 455 metric tons of Carbon Dioxide and provide enough energy to allow an electric battery vehicle to drive 6 million miles.

What are the broader sustainability goals of Akins Ford related to this initiative?

The addition of these EV chargers and solar panels will provide customers with a crucial service and further the larger sustainability goals of Akins Ford's business.