- EO’s track record in delivering EV charger hardware design, manufacturing, installation and hardware-agnostic charging management software and services enables its customers to transition to electric vans, trucks, buses and car fleets efficiently and economically
- EO has deployed approximately 50,000 chargers in over 35 countries and serves some of the world’s largest fleet operators including Amazon, DHL, Go-Ahead, Tesco and Uber
- As an early leader in providing comprehensive EV fleet charging solutions across Europe, one of the most advanced electrification markets in the world, EO has significant scope to scale and replicate its home-market success on a global level
- Transaction implies a pro-forma enterprise value of the combined company of $675 million; expected to provide in excess of $150 million in cash to the company assuming no redemptions from FRSG stockholders; current EO management and shareholders to maintain a significant stake in the combined company
- Combination would position EO as the first UK-based EV charging company to list on public markets
- Combined company to trade on Nasdaq under the symbol “EOC”; transaction expected to close in the fourth calendar quarter of 2021
Juuce Limited, which trades as EO Charging (“EO” or “the Company”), a leading provider of technology-enabled turnkey solutions for electric vehicle (“EV”) fleets, and First Reserve Sustainable Growth Corp. (“FRSG”) (NASDAQ: FRSG), today announced a definitive agreement for a business combination that would result in EO becoming a publicly listed company. Upon closing of the transaction, which is expected to occur in the fourth quarter of 2021, the combined company will be named EO Charging and will be listed on the Nasdaq under the symbol “EOC”.
EO – A Leading EV Charging Solutions Provider to Fleet Operators
EO, founded in 2014 and headquartered in the UK, is a provider of technology-enabled turnkey solutions for EV fleets integrating charging infrastructure, software and services solutions specifically focused on vehicle fleets, addressing the complete life cycle needs specific to commercial and governmental fleet operators.
The Company’s customer-centric approach to fleet electrification enables logistics operators to align fleet charging solutions to the unique aspects of their business through a fit-for-purpose turnkey offering. EO’s industry leading EV charging solutions allow fleet managers to monitor their vehicles, manage charging costs and optimize operations, without relying on multiple service providers along the EV charging value chain.
EO currently serves some of the world’s leading corporations in the UK and Europe such as Amazon, DHL, Go-Ahead, Tesco and Uber. EO has deployed approximately 50,000 chargers in more than 35 countries worldwide since inception. The Company ranked number 27 on the Financial Times’ FT1000 list of Europe’s fastest-growing companies in 2021, the highest position of any company operating in the EV sector on the list.
“Our partnership with FRSG is a great step forward in EO’s already successful journey,” said Charlie Jardine, Founder and CEO of EO. “Through this exciting combination, EO is positioned to accelerate our growth timeline, expand our geographic reach, and drive innovation to deliver an ever advancing suite of solutions to our fleet customers. We have developed an EV charging ecosystem that makes EO the ultimate plug-in charging partner for any business. We are proud of our established position across Europe, and are excited at the opportunity to expand our services to the global market. Our outlook has never been stronger, supported by the accelerating pace of EV adoption by fleet operators in our key markets and across the world. EO’s differentiated charging solutions think beyond the plug by providing mission-critical charging hardware, software and services under one roof – taking the friction out of the electrification process for our fleet customers.”
“We are proud to partner with Charlie and the entire EO team to help accelerate the decarbonization and long-term sustainability of the fleet vehicle model,” said Neil Wizel, CEO and Director of FRSG. “EO’s differentiated approach to serving the EV charging market through customized charging solutions spanning hardware, software and services results in a truly unique customer experience which meets the intense reliability and functionality demands of its fleet customers. With the enhanced resources and platform this transaction brings, EO is positioned to expand its reach and advance its mission of delivering smart energy technologies and solutions for the future.”