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  • Writer's pictureEmerging Technology Insider

Charge Enterprises acquires Greenspeed Energy a leader in providing EV infrastructure solutions

Select Financial Highlights

  • Increases Infrastructure Backlog of approximately $138 million as of June 30, 2023, by approximately $12 million, with EV infrastructure projects now representing 34%

  • The transaction is expected to be accretive to both EBITDA and free cash flow in the first full year of ownership

Strategic Highlights

  • Broadens customer footprint and recurring revenue capabilities

  • Expands Charge’s in-house capability to self-perform work in 25 states

  • Further solidifies EV infrastructure experience with visionary team, customers and technology

  • Enhances auto dealership network and increases combined EV charging installation experience to over 600 chargers installed

Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the “Company”), an electrical, broadband and electric vehicle (“EV”) charging infrastructure company, announced today, the successful acquisition of Greenspeed Energy Solutions, L.L.C. (“Greenspeed”), a leading provider of sustainable energy solutions including EV charging infrastructure, solar, and energy storage. This strategic move reflects Charge’s commitment to expand its capabilities to self-perform all essential client services and expand its geographic footprint. This acquisition provides further vertical integration that creates opportunities for Charge to serve its clients directly rather than through subcontractors, driving higher quality service.

“We are thrilled to announce the acquisition of Greenspeed”

Founded in 2006, Greenspeed has established itself as a leading provider in the sustainable energy space, providing customers across the United States with turnkey solutions for EV charging infrastructure, efficient commercial lighting, solar, and battery storage. With a focus on auto dealerships, Greenspeed has successfully completed over 200 auto dealership EV electrification projects across 14 states, demonstrating its expertise in this sector. Greenspeed’s comprehensive services include white glove support, consultation, equipment procurement, installation, software solutions, maintenance, warranties, and are primarily executed in-house. Greenspeed is also able to provide its customers with a subscription-based consumer payment solution to facilitate charging-as-a-service.

Greenspeed is also an installer for Georgia Power, a utility company and electricity generator. Furthermore, Greenspeed has forged a strategic alliance with the city of Brookhaven, Georgia, a suburb of Atlanta, underscoring its dedication to supporting and collaborating on various aspects pertaining to EVs. This alliance encompasses a diverse array of initiatives and projects aimed at fostering the promotion and advancement of EV adoption within the city.

The integration of Greenspeed into Charge’s organization is anticipated to have a strategic impact on Charge’s Infrastructure segment, providing expertise and capacity to efficiently execute and deliver upon existing backlog projects. By acquiring Greenspeed, Charge obtained approximately $12 million in project backlog, bringing the combined backlog for the Infrastructure segment to approximately $150 million as of June 30, 2023. The combined EV charging infrastructure installations will now total approximately 600 charging stations, consisting of 410 level 2 charging stations and 190 DCFC (level 3) charging stations. In addition, both Greenspeed and Charge have proactively installed infrastructure to accommodate additional chargers their customers purchase in the future to meet the rising demands of EV charging. The combined skilled workforce is expected to be a customer service differentiator for Charge but is also expected to enable higher margins as more work is performed in-house. Charge looks to capitalize on the combination of Greenspeed with its existing EV charging infrastructure business to drive efficiencies, provide even better and more comprehensive customer solutions, further enhance its nationwide capabilities, and ultimately provide more value to customers and shareholders. The transaction is expected to be accretive to both EBITDA and free cash flow in the first full year of ownership.

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.

To learn more about Greenspeed, visit

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.

Source: Charge Enterprises


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