UK’s leading provider of electric vehicle
charging solutions opens North American division with a dedicated
focus on private and public fleet operators
EO Charging (“EO”), a leading UK-based provider of
technology-enabled turnkey solutions for electric vehicle (“EV”)
fleets, today announced its expansion into the U.S. market and the
initiation of the site selection process for its North American
office, planned to open in early 2022. This new division will
deliver EO’s complete fleet charging ecosystem for businesses and
government fleet operators throughout the Americas, as well as
additional offerings from EO’s charging products and services.
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EO’s experience in delivering EV fleet charging solutions at
scale in the EU and UK for fleets like Amazon, DHL, Uber and Tesco
will prove invaluable for similar global operators on the opposite
side of the Atlantic. EO will initially focus on electrifying car,
van, truck and bus fleets in the U.S., having already secured a
pilot demonstration project in California for a global logistics
leader.
EO’s entry into the U.S. comes as the EV market has experienced
significant support and growth in the region. The $1.2 trillion
infrastructure bill recently passed by the U.S. Congress contains
multiple programs supporting electrification of vehicles and
busses, including $7.5B for charging infrastructure alone. Analysts
have projected that total U.S. sales of EVs could reach 24% of all
new vehicle sales by 2030, creating a $28 billion EV charging
market with a CAGR of 39% along the way.
“It’s no longer a question of whether fleets should electrify,
but rather a question of how and when,” said Charlie Jardine, EO
CEO and Founder. “We have tested the U.S. market’s appetite for
our charging solutions, following discussions with our current and
potential fleet customers, and listened to their needs within the
U.S. market and beyond. By bringing on board two new industry
experts, Tim Weaver and Austin Hausmann, our global team is now
primed to deliver EO’s EV fleet charging proposition at pace and
scale.”
Active in e-mobility since 2009, Tim Weaver has global executive
experience working with private & municipal fleets, OEMs,
governments, and utilities. Through his work with multiple electric
vehicle manufacturers and suppliers, he has supported the
deployment of thousands of zero-emission vehicles worldwide along
with significant EV infrastructure projects. Active in public
policy, Weaver has secured over $300 million in incentive funds for
EV companies, vehicles, and charging in the last decade.
Austin Hausmann brings over 12 years of dedicated commercial
electric vehicle OEM leadership to EO. He has developed and
commercialized over 15 EV platforms for the U.S. market and
overseen the design and development of the hardware and software
solutions required for adoption, including various on-and-off
vehicle charging programs. Hausmann has been responsible for global
engineering teams, projects with the US Departments of Defense and
Energy, and oversight of operational strategies, supply chain,
after sales services, finance, and corporate growth.
“Expansion into the U.S. is a significant step for EO, laying
the foundation for our extensive growth plans in this region and
beyond. We look forward to building on our new U.S. team’s deep
experience with many of the world’s largest fleets, as well as key
infrastructure partners, in deploying electric vehicles and
charging solutions,” said Jardine.
The creation of a new U.S. division comes on the back of
considerable growth for EO, which, despite the pandemic, saw its
revenues triple and headcount double in 2020. Earlier this year, EO
was ranked number 27 on the FT’s list of Europe’s fastest growing
companies, the highest-ranked business in the EV sector. With a
bolstered international team and blue-chip customers such as
Amazon, DHL, Go-Ahead, Tesco and Uber, EO forecasts significant
growth in 2022.
EO Charging previously announced an agreement for a business
combination with First Reserve Sustainable Growth Corp. (NASDAQ:
FRSG), which is expected to result in EO Charging becoming a public
company listed on the NASDAQ exchange.
About EO
EO Charging (EO) is a leading technology solutions provider in
the EV sector. EO deploys EV charging stations, hardware-agnostic
cloud-based software, electrical installation, grid upgrades and
ongoing service and maintenance for fleets. EO also provides this
end-to-end solution for fleets that require mission critical
infrastructure.
Founded in 2014, EO’s technology is used by a number of the
world’s largest businesses and fleet operators and it now
distributes to over 35 countries around the world. It aims to
become the global leader in charging electric van, truck, bus and
car fleets.
EO Charging previously announced an agreement for a business
combination with First Reserve Sustainable Growth Corp. (NASDAQ:
FRSG), which is expected to result in EO Charging becoming a public
company listed on the NASDAQ exchange.
EO was ranked number 27 on the Financial Times’ FT1000 list of
Europe’s fastest-growing companies. To learn more, please visit
www.EOcharging.com and follow us @EOCharging on Twitter and
LinkedIn.
Forward Looking Statements
The information in this press release includes "forward-looking
statements". All statements, other than statements of present or
historical fact included in this press release, regarding the
proposed business combination between First Reserve Sustainable
Growth Corp. (“FRSG”), Juuce Limited (the “Company”) and EO
Charging (“EO”), each of such parties’ ability to consummate the
transaction, the benefits of the transaction and the combined
company's future financial performance, as well as the combined
company's strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words "could,"
"should," "will," "may," "believe," "anticipate," "intend,"
"estimate," "expect," "project," the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management's current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, FRSG, the Company and EO disclaim any duty to
update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this press release. FRSG, the
Company and EO caution you that these forward-looking statements
are subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
any of FRSG, the Company or EO. In addition, FRSG, the Company and
EO caution you that the forward-looking statements contained in
this press release are subject to the following factors: (i) the
occurrence of any event, change or other circumstances that could
delay the business combination or give rise to the termination of
the Business Combination Agreement and Plan of Reorganization,
dated as of August 12, 2021, by and among FRSG, FRSG Merger Sub
Inc., EO and the Company, and the other agreements related to the
business combination (including catastrophic events, acts of
terrorism, the outbreak of war, COVID-19 and other public health
events), as well as management’s response to any of the foregoing;
(ii) the outcome of any legal proceedings that may be instituted
against FRSG, the Company, EO, their affiliates or their respective
directors and officers following announcement of the transactions;
(iii) the inability to complete the business combination due to the
failure to obtain approval of the stockholders of FRSG, regulatory
approvals, or other conditions to closing in the transaction
agreement; (iv) the risk that the proposed business combination
disrupts FRSG's or the Company's current plans and operations as a
result of the announcement of the transactions; (v) the Company's
and EO’s ability to realize the anticipated benefits of the
business combination, which may be affected by, among other things,
competition, the pace and depth of EV adoption generally, and the
ability of the Company to accurately estimate supply and demand for
its EV charging products and services, and to grow and manage
growth profitably following the business combination; (vi) risks
relating to the uncertainty of the projected financial information
with respect to the Company, including the conversion of pre-orders
into binding orders; (vii) costs related to the business
combination; (viii) changes in applicable laws or regulations,
governmental incentives and fuel and energy prices; (ix) the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; (x) the amount of
redemption requests by FRSG’s public stockholders; and (xi) such
other factors affecting FRSG that are detailed from time to time in
FRSG’s filings with the Securities and Exchange Commission (the
"SEC"). Should one or more of the risks or uncertainties described
in this press release, or should underlying assumptions prove
incorrect, actual results and plans could differ materially from
those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in FRSG's
final prospectus for its initial public offering, which was filed
with the SEC on March 5, 2021, and its periodic filings with the
SEC, including its Quarterly Report on Form 10-Q for quarterly
period ended June 30, 2021. FRSG's SEC filings are available
publicly on the SEC's website at www.sec.gov.
Important Information for Investors and Stockholders
In connection with the proposed business combination, a
registration statement on Form F-4 that includes a preliminary
proxy statement/prospectus has been filed by EO with the SEC. After
the registration statement is declared effective, the definitive
proxy statement will be distributed to FRSG’s stockholders in
connection with FRSG’s solicitation for proxies for the vote by
FRSG’s stockholders in connection with the proposed business
combination and other matters as described in the Form F-4, as well
as a definitive prospectus of EO relating to the offer of the
securities to be issued in connection with the completion of the
business combination. Copies of the Form F-4 may be obtained free
of charge at the SEC's website at www.sec.gov. FRSG’s stockholders
are urged to read the preliminary proxy statement/prospectus and
the other relevant materials (including, when available, the
definitive proxy statement/prospectus) when they become available
before making any voting decision with respect to the proposed
business combination because they will contain important
information about the business combination and the parties to the
business combination. The information contained on, or that may be
accessed through, the websites referenced in this press release is
not incorporated by reference into, and is not a part of, this
press release.
No Offer or Solicitation
This communication is not a proxy statement or solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
the securities of FRSG, EO or Juuce, nor shall there be any sale of
any such securities in any state or jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act, as amended, or exemptions therefrom.
Participants in the Solicitation
FRSG, the Company and EO and their respective directors and
officers may be deemed participants in the solicitation of proxies
of FRSG's stockholders in connection with the proposed business
combination. Security holders may obtain more detailed information
regarding the names, affiliations and interests of certain of
FRSG's executive officers and directors in the solicitation by
reading FRSG's final prospectus for its initial public offering,
which was filed with the SEC on March 5, 2021, and the proxy
statement/prospectus and other relevant materials filed with the
SEC in connection with the business combination when they become
available. Information concerning the interests of FRSG's, the
Company’s and EO’s participants in the solicitation, which may, in
some cases, be different than those of their stockholders
generally, will be set forth in the proxy statement/prospectus
relating to the business combination when it becomes available.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211111005484/en/
EO Contacts: SEC Newgate UK Ian Morris / Sophie Morello /
Jessica Hodson Walker / Tim Le Couilliard
EOCharging@secnewgate.co.uk For Investors: ICR, Inc.
eoIR@icrinc.com For US Media: ICR, Inc. eoPR@icrinc.com
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