- Current Infrastructure Backlog of $107MM as of March 31, 2023, Pipeline Momentum and Recent Progress with Automotive OEMs Support CEOs Confidence in Attaining Milestone
Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the “Company”), today provided an update on its progress towards the previously publicly announced target of working with 1,000 retail dealership locations to provide EV charging infrastructure solutions by the end of 2025. Based on current backlog, pipeline data, and current industry pricing, the Company believes the initial installation projects at these 1,000 locations would represent approximately $365MM in potential revenue upon completion of all phases of the projects.
“Our momentum within our EV infrastructure division, Charge Infrastructure (“CI”), has been astounding, and today’s announcement illustrates our confidence in achieving our milestone of 1,000 retail dealerships by the end of 2025,” said Andrew Fox, CEO of Charge. “With extensive automotive leadership experience and our dedicated client centric approach, we continue to gain recognition and build trust throughout our client portfolio as we provide nationwide infrastructure solutions to enable the growth of EV adoption,” added Fox.
"While our initial strategy is heavily focused on the automotive industry with retail dealerships and fleet as first movers, this is a catalyst to drive growth in the entire addressable market to solutionize bespoke seamless EV charging infrastructure implementation,” said Mark LaNeve, President of Charge. “When we started CI, we made sure to focus our strategy around retail dealerships, as we believe their role is essential to the nationwide transition to EVs. This has proven a successful foundation to drive organic growth and organic referrals into commercial, multifamily housing, mixed use and office real estate use cases that CI is also developing as we look to expand our service offerings to a variety of industries,” concluded LaNeve.
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 revenue 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.
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 business plans and strategies of Charge, Charge's future business development, market acceptance of 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 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, as well as 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.