Hypercharge Expands EV Charging Partnership with Deveraux Group of Companies, Adds Four New Sites in Western Canada

Rhea-AI Summary

Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) has expanded its partnership with Deveraux Group of Companies to install 79 new EV charging stations across four apartment communities in Western Canada. The rollout includes 60 stations in Winnipeg, Manitoba, and 19 in Edmonton, Alberta, with installations scheduled for Q3 2024 and Q2 2025, respectively. This collaboration aims to support Deveraux’s mission to electrify their properties, aligning with their $2.0 billion development pipeline. Hypercharge will offer comprehensive services including design, engineering, installation, and project management to enhance customer experience and drive revenue growth.

Positive

• Expanded partnership adds 79 new EV charging stations, enhancing Hypercharge's market presence.
• Scheduled deliveries in Q3 2024 (Winnipeg) and Q2 2025 (Edmonton) offer predictable future revenue streams.
• Comprehensive service offerings (design, engineering, installation, project management) increase value proposition.
• Supports Deveraux's $2.0 billion development pipeline, aligning with long-term market trends in EV adoption.

Negative

• Long lead times for project completion may delay revenue realization (Q3 2024 and Q2 2025).
• Potential risk if EV adoption rates do not meet expectations, impacting the utilization of the charging stations.

Vancouver, British Columbia--(Newsfile Corp. - June 4, 2024) - Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) (FSE: PB7) (the "Company" or "Hypercharge"), a leading, smart electric vehicle (EV) charging solutions provider and network operator, is pleased to announce it has expanded its partnership with the Deveraux Group of Companies ("Deveraux") and has signed an agreement to install 60 charging stations across three apartment communities in Winnipeg, Manitoba, and 19 charging stations at an apartment community in Edmonton, Alberta, with delivery due in Q3 2024 and Q2 2025, respectively.

Deveraux specializes in multi-family development, construction, and management across Western Canada. With a portfolio and development pipeline exceeding $2.0 billion, Deveraux is dedicated to establishing best-in-class apartment communities. In line with their mission to electrify their properties, Deveraux has set ambitious EV charging operational targets to electrify their parking stalls and to provide sufficient charging options to all residents as EV adoption increases.

Under this expanded partnership, Hypercharge will supply EV charging infrastructure along with networking, design, engineering, installation, and project management services. This service strategy is designed to provide increased value to Hypercharge's customers, improving the end-to-end customer experience, and enhancing revenue as a key growth strategy. The next Deveraux sites to be powered by Hypercharge include Luna at Aurora, The Summit at Seasons, and Latitude 49 at Sage Creek, all located in Winnipeg, MB, with deliveries set for Q3 2024. Griesbach II, in Edmonton, AB, is estimated for delivery by Q2 2025.

"As we build on our strong, existing relationship with Deveraux that's already seen the installation of 110 charging stations at 10 Deveraux communities across Canada to date, Hypercharge is proud to support Deveraux's ambitious goals to electrify their parking stalls," said Chris Koch, Head of Growth & Partnerships at Hypercharge. "We are supporting Deveraux with professional services at every step of the process, developing electrical infrastructure plans, and providing project management solutions that will enable them to reach their goals with ease."

"The Deveraux Group of Companies is committed to environmental sustainability and is proud to partner with Hypercharge to increase the number of EV charging stations available in our rental communities and to our residents," said Jamie McDougald, Chief Operating Officer of Deveraux.

About Hypercharge

Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) (FSE: PB7) is a leading provider of smart electric vehicle (EV) charging solutions for residential and commercial buildings, fleet operations, and other rapidly growing sectors. Driven by its mission to accelerate EV adoption and enable the shift towards a carbon neutral economy, Hypercharge is committed to offering seamless, simple solutions including industry-leading hardware, innovative and integrated software, and comprehensive services, backed by a robust network of public and private charging stations. Learn more: https://hypercharge.com/. 

On behalf of the Company,

Hypercharge Networks Corp.
David Bibby, President & CEO

Contacts

Investor Relations:
Chris Tyson | Executive Vice President | MZ Group
invest@hypercharge.com | (949) 491-8235

Media Contact:
Kyle Kingsnorth | Head of Marketing | Hypercharge
kyle.kingsnorth@hypercharge.com

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements regarding contractual performance and the expected timing and delivery of EV charging stations. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211566

FAQ

What is the recent expansion announced by Hypercharge (HCNWF)?

Hypercharge has expanded its partnership with Deveraux Group to install 79 new EV charging stations in Winnipeg and Edmonton.

When are the installations by Hypercharge (HCNWF) scheduled?

Installations are scheduled for Q3 2024 in Winnipeg and Q2 2025 in Edmonton.

How many charging stations will Hypercharge (HCNWF) install in Winnipeg?

Hypercharge will install 60 EV charging stations in three apartment communities in Winnipeg.

What services will Hypercharge (HCNWF) provide in the new partnership?

Hypercharge will provide design, engineering, installation, and project management services.

Who is partnering with Hypercharge (HCNWF) for the new EV charging stations?

Hypercharge is partnering with the Deveraux Group of Companies for this project.