Charge Infrastructure, a Subsidiary of Charge Enterprises, Delivers EV Charging Infrastructure Solutions to Retail Dealership Locations Representing Over 20 Automotive Brands
NEW YORK, NY / ACCESSWIRE / January 9, 2023 / Charge Enterprises, Inc. (NASDAQ:CRGE) ("Charge" or the "Company"), consisting of a portfolio of global businesses with the vision of connecting people everywhere with communications and electric vehicle ("EV") charging infrastructure, today announced its rapidly growing division, Charge Infrastructure, is servicing retail dealership locations representing more than 20 automotive brands and has expanded its service solutions to have nationwide capability as of the end of December 2022. Charge Infrastructure offers custom end-to-end services for EV charging ecosystems, including project management, design and engineering, construction, installation, software, maintenance, and service.
"From our experience in working with our network of dealers, it is evident that the transition from selling exclusively internal combustion engines ("ICE") vehicles to a majority of EVs over the next decade will be a major shift that requires a comprehensive and thoughtful approach. It is our mission to make it easy to go electric, not only for the nation's nearly 18,000 dealer locations, but for their consumers as well." said Mark LaNeve, President of Charge Enterprises and Charge Infrastructure. "It is also clear that we are only in the early stages of a massive transition to electrifying vehicles throughout the country. As EVs scale, EV charging will be the first of many steps, and we are working with our clients on future solutions that extend to battery buffered charging, power storage, and dynamic energy management software services. As various OEMs have continued to release their EV charging requirements, there will be sizable investments required, and we pride ourselves on our ability to execute efficiently while reducing upfront and on-going operational costs for our clients and partners."
Charge Infrastructure will continue its goal of becoming the premier solution for auto dealerships and fleet operations across the country as the current EV charging requirements are implemented and expanded upon across all major OEM brands through 2030 and beyond. With over 150 years of collective experience in automotive OEM and retail leadership, Charge Infrastructure's team is uniquely positioned to grow in their mission of making the EV transition seamless, cost-effective, and operationally coherent for auto dealers across the country.
2022 was a pivotal year in leading the charge towards the nation's transition to EVs, with many public initiatives announced to support accelerated consumer adoption. New York, Massachusetts and California have implemented a ban on the sale of gas-powered vehicles by 2035. Most automotive brands have committed to going electric by 2035 with over $650B in committed capital to build out their various EV strategies. Many brands have also released requirements for their dealerships to complete charging infrastructure by the end of 2024, which include a variety of EV charging technology solutions that require a wide range of investment, and in some cases can range north of $1 million initially per location.
About Charge Enterprises, Inc.
Charge Enterprises, Inc. (Nasdaq:CRGE) ("Charge" or the "Company"), focuses on connecting people everywhere with communications and electric vehicle ("EV") charging infrastructure.
Our Infrastructure business ("Infrastructure") has a primary focus on two fast growing sectors: broadband, including cell tower, small cell, and in-building applications, and electric vehicle ("EV") charging. Solutions for these two sectors include: design and engineering, equipment specification and sourcing, installation, data and software solutions, and service and maintenance. To learn more about Charge, visit Charge Enterprises, Inc.
Our Telecommunications business ("Telecommunications") has provided routing of both voice, data and short message services ("SMS") to carriers and mobile network operators ("MNOs") globally for over two decades and is poised to selectively add products and services to this long-established business.
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 filed with the SEC on March 29, 2022, 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.
Deborah Mazza (239) 220-6310
Investor Relations Contacts:
Christine Cannella (954) 298-6518
Carolyn Capaccio, CFA (212) 838-3777
SOURCE: Charge Enterprises Inc.
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