Charge Enterprises Announces Acquisition of Greenspeed Energy Solutions, a Leader in Providing EV Infrastructure Solutions

Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the “Company”), an electrical, broadband and electric vehicle (“EV”) charging infrastructure company, announced today, the successful acquisition of Greenspeed Energy Solutions, L.L.C. (“Greenspeed”), a leading provider of sustainable energy solutions including EV charging infrastructure, solar, and energy storage. This strategic move reflects Charge’s commitment to expand its capabilities to self-perform all essential client services and expand its geographic footprint. This acquisition provides further vertical integration that creates opportunities for Charge to serve its clients directly rather than through subcontractors, driving higher quality service.

Founded in 2006, Greenspeed has established itself as a leading provider in the sustainable energy space, providing customers across the United States with turnkey solutions for EV charging infrastructure, efficient commercial lighting, solar, and battery storage. With a focus on auto dealerships, Greenspeed has successfully completed over 200 auto dealership EV electrification projects across 14 states, demonstrating its expertise in this sector. Greenspeed’s comprehensive services include white glove support, consultation, equipment procurement, installation, software solutions, maintenance, warranties, and are primarily executed in-house. Greenspeed is also able to provide its customers with a subscription-based consumer payment solution to facilitate charging-as-a-service.

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 Brookhaven, Georgia, a suburb of Atlanta, underscoring its dedication to supporting and collaborating on various aspects pertaining to EVs. This alliance encompasses a diverse array of initiatives and projects aimed at fostering the promotion and advancement of EV adoption within the city.

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 $12 million in project backlog, bringing the combined backlog for the Infrastructure segment to approximately $150 million as of June 30, 2023. The combined EV charging infrastructure installations will now total approximately 600 charging stations, consisting of 410 level 2 charging stations and 190 DCFC (level 3) charging stations. In addition, both Greenspeed and Charge have proactively installed infrastructure to accommodate additional chargers their customers purchase in the future to meet the rising demands of EV charging. The combined skilled workforce is expected to be a customer service differentiator for Charge but is also expected to enable higher margins as more work is performed in-house. Charge looks to capitalize on the combination of Greenspeed with its existing EV charging infrastructure business to drive efficiencies, provide even better and more comprehensive customer solutions, further enhance its nationwide capabilities, and ultimately provide more value to customers and shareholders. The transaction is expected to be accretive to both EBITDA and free cash flow in the first full year of ownership.