Charge Enterprises Announces Acquisition of Greenspeed Energy Solutions, a Leader in Providing EV Infrastructure Solutions - Seite 2

Management Commentary

“We are thrilled to announce the acquisition of Greenspeed,” stated Andrew Fox, Founder, Chairman and Chief Executive Officer of Charge Enterprises. “We have tremendous respect for the talented team and leadership at Greenspeed and we are excited to welcome them to our family. This strategic move marks a significant milestone for Charge. Greenspeed’s strengths align perfectly with our vision and growth objectives, allowing us to extend our reach and deliver even greater value to our customers and our shareholders. We believe this acquisition will further drive growth, innovation, and lasting success for our organization.”

“We are excited to join forces with Charge and become an integral part of their dynamic organization”, said Paul M. Williams, CEO and President of Greenspeed. “With a shared vision and complementary strengths, we will deliver even greater value to our customers and seize new opportunities in the EV charging market.”

Transaction Details

Under the purchase agreement, Charge has acquired Greenspeed for a purchase price of up to $15 million, net of closing adjustments, which includes $6 million in cash and $2 million of Charge common stock at closing, and the potential for an additional earn-out payments of up to $7 million cash in the aggregate contingent upon achieving certain EBITDA milestones for each of the two years following closing of the transaction. The stock consideration is subject to a lock up agreement which provides for restrictions on transfer through December 2025.

Paul Williams, President & CEO of Greenspeed, and other senior leadership members will be joining Charge Enterprises as a part of the transaction. Mr. Williams will take the lead role in the future of our combined EV charging infrastructure business.

About Greenspeed Energy Solutions, LLC

Founded in 2006, Greenspeed has established itself as a leading provider in sustainable energy space, serving customers across the United States with turnkey solutions for EV charging infrastructure, efficient commercial lighting, solar, and battery storage. Greenspeed’s track record, combined with their cutting-edge technologies and comprehensive service offerings, has solidified their position as a trusted and successful provider in the sustainable energy solutions industry.