Charge Implementing Infrastructure to Advance
Akins Ford’s Electrification Objectives with 19 EV Charging
Stations and Comprehensive Solar System, Resulting in 700,000 kW in
Total Carbon Offset
Charge Enterprises, Inc. (Nasdaq: CRGE) ("Charge" or the
"Company”), a leading energy, electrical, broadband and EV charging
infrastructure company, has been selected by Akins Ford – Georgia’s
largest volume Ford dealer and a top ten Ford U.S. dealership – for
the turnkey engineering, procurement, and construction of 19
electric vehicle (“EV”) charging stations and a 450 kW DC solar
photovoltaic (“PV”) system. Greenspeed Energy Solutions, LLC, a
Charge Enterprises company, will start the project in mid-December
and will serve to advance Akins Ford’s electrification objectives
and larger mission to make sustainable transportation more
accessible and convenient to its customers.
The partnership will result in the install of 19 total EV
chargers – including two 120kW Level 3 chargers with two charging
ports each, one 180kW Level 3 charger with two charging ports, five
19.2kW Level 2 chargers, and 11 NEMA receptacles for mobile 9.6kW
Level 2 chargers. Assuming the new infrastructure facilitates 60
hours of charging per week, Akins Ford can expect these chargers to
generate 3,000 hours of charging per year, equaling over 1.7
million KWh, enough energy to allow an electric battery vehicle to
drive 6 million miles.
“At Charge, our top priority is to create a future where
transportation is clean, efficient, and connected,” said Craig
Denson, Interim CEO and COO, Charge Enterprises. “We look forward
to building out this holistic and scalable electrification and
solar solution for the team at Akins Ford to support its ambitious
EV integration objectives and better serve its customers.”
In addition to the EV chargers, Greenspeed will also install
rooftop solar panels and a solar canopy over the EV charging
stations. These sustainable additions are anticipated to offset 455
metric tons of Carbon Dioxide, which is equivalent to the amount of
energy needed to fully power nearly 60 homes.
“This move marks a significant advancement for our strategic
commitment to energy innovation and decarbonization, including the
electrification transition and embrace of solar power,” said Brad
Akins, Founder of Akins Ford. “The addition of these EV chargers
and solar panels will provide our customers with a crucial service
and further the larger sustainability goals of our business.”
To help demonstrate the positive long-term environmental impact
of these additions, Charge plans to install an energy dashboard in
the dealership’s customer lounge that will display accumulated
carbon emission offset data from the EV chargers and solar
panels.
“As part of our current green energy initiative, Akins Ford
already creates $300,000 in annual savings, and we expect this
initiative to drive even more value as we prioritize new ways of
thinking about energy production and doing our part to protect the
environment,” said Molly Morris, Director of Operations at Akins
Ford.
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 ability to
achieve the expected benefits of the Greenspeed acquisition,
including the risks that the Company’s synergy estimates are
inaccurate or that the Company faces higher than anticipated
integration or other costs in connection with the acquisition, the
business plans and strategies of Charge, Charge’s ability to
satisfy its debt payment obligations or extend the maturity or
refinance outstanding debt at or prior to maturity, Charge's future
business development, market acceptance of electric vehicles, and
continued auto maker investment in 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,
macroeconomic and geopolitical conditions, and the ongoing
automotive industry labor dispute 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, and 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.
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 revenues 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.
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