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Charge Enterprises and Eaton Target U.S. Fleets to Accelerate Custom Infrastructure for Electric Vehicle Charging Solutions with a Client-Centric, Turn-Key Ecosystem

Thursday, 23 March 2023 07:05 AM

Charge Enterprises Inc.

  • The collaboration brings together more than 100 years of power management history with deep automotive OEM expertise to simplify deployment of EV charging infrastructure solutions for fleets

NEW YORK, NY / ACCESSWIRE / March 23, 2023 / Charge Enterprises, Inc. (Nasdaq:CRGE) ("Charge" or the "Company"), through its portfolio company, Charge Infrastructure, and Eaton, an intelligent power management company, announced today a strategic collaboration to fast-track electric vehicle (EV) charging infrastructure deployment for fleets and car dealers.

With the U.S. aiming for EVs to make up 50% of all vehicle sales by 2030 and the Inflation Reduction Act (IRA) providing tax credits up to $40,000 for commercial vehicles, access to convenient, reliable and affordable EV fleet charging is essential. Eaton and Charge are providing complete EV charging infrastructure for fleet electrification, including projects incorporating renewables and enabling net zero models.

"Working closely with Eaton, we're offering a premier solution for fleets. Eaton is delivering intelligent and innovative electrical solutions for affordable and sustainable EV charging, while Charge integrates years of vehicle expertise and premium services to develop, plan and create fleet models that support Total Cost of Ownership TCO and maximize EV uptime as well as provide remote maintenance and monitoring" said Mark LaNeve, President of Charge. "Furthermore, our collective focus on safety, reliability and scalability only strengthens the solution delivered to the client," said LaNeve.

"At Eaton, we're all in on electrification, and we're proud to work with Charge to expedite and simplify EV charging projects and enable fleets across the U.S. to rapidly achieve new levels of sustainability and cost savings," said Paul Ryan, Director of Connected Solutions and EV Charging at Eaton.

Together, Charge and Eaton will supply integrated charging infrastructure including the hardware, software, services, training, maintenance, as well as support for onsite renewables and energy storage systems. Charge will offer client-centric, bespoke, infrastructure services, automotive expertise, and custom ancillary software solutions. Eaton will provide EV charging solutions, power distribution equipment and energy storage systems, including its EV chargers and Charging Network Management software. Additionally, Eaton will supply the expert services and innovative products needed to integrate renewables and energy storage into EV charging applications.

About Eaton

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. The company is guided by its commitment to do business right, to operate sustainably and to help customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, Eaton is accelerating the planet's transition to renewable energy, helping to solve the world's most urgent power management challenges, and doing what's best for stakeholders and all of society. Founded in 1911, the company is marking its 100th anniversary of being listed on the New York Stock Exchange. Eaton reported revenues of $20.8 billion in 2022 and serves customers in more than 170 countries.

For more information, visit www.eaton.com

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 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", "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, 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 to be 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. Links to websites and other resources operated by third parties ("Third Party Information") are provided solely as a convenience to the user. We do not control such Third Party Information and are not responsible and disclaim any liability for the content or information offered by any third parties. The inclusion of links to such Third Party Information on the page does not imply endorsement of any content promoted by any third party, or of any company or person.

Media Relations and Investor Contacts:

Charge Enterprises, Inc.

Media Contact

Kristopher Conesa (305) 975-5934
[email protected]

Investors

Christine Cannella (954) 298-6518
[email protected]

Carolyn Capaccio, CFA (212) 838-3777
[email protected]

Eaton

Hilary Spittle (216) 712-2005
[email protected]

Regina Parundik (412) 559-1614
[email protected]

SOURCE: Charge Enterprises Inc.

Topic:
Company Update
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