Let’s move this thing above $1,00! The company has enough potential! Let’s gooo!
Out Fox'd- Charge Enterprises Announces Leadership Change
Craig Denson appointed Interim Chief Executive Officer; draws on seasoned internal talent to propel long-term strategic vision and guide Company through leadership transition
Company Founder, Andrew Fox resigns as Chief Executive Officer; stays on as board member
Company announces new fundamental objectives, including development of strategic plan
NEW YORK, August 29, 2023--(BUSINESS WIRE)--Charge Enterprises, Inc. (Nasdaq: CRGE) ("Charge" or the "Company"), today announced that the Board of Directors of the Company (the "Board") has appointed Craig Denson, Charge’s current Chief Operating and Compliance Officer, as Interim Chief Executive Officer, effective August 31, 2023. This appointment follows Andrew Fox’s decision, made with the Board’s agreement, to resign from his role as CEO and Chairman of the Board. In conjunction with this strategic decision, Amy Hanson, current Chair of the Audit Committee and Lead Independent Director, will assume the responsibilities of Chairperson. Mr. Fox will continue to serve as a director on the Board and will also serve as a strategic advisor to the Board, drawing upon his history with the Company and experience in the industry.
"On behalf of the entire Board, we extend our gratitude to Mr. Fox for his pivotal role in setting the groundwork that forms the foundation of our Company. We look forward to continuing to benefit from his entrepreneurial vision and passion in the electric vehicle charging infrastructure space," said Amy Hanson.
"Leading Charge Enterprises has been a privilege, and I am proud of everything we have built. The Company’s forward momentum is paramount to me, and I believe Craig, given his operational and public company management experience, is exactly the type of executive to lead Charge during this interim period as we look to capitalize on the tremendous opportunities that lie ahead," said Andrew Fox.
Mr. Denson has cultivated an impressive 35-year career predominantly within the technology and telecommunications sectors. He has assumed diverse leadership roles at a range of global companies, including serving as Chief Operating Officer and as a board member at Charge. During his tenure with Charge, he has also held the roles of Chief Compliance Officer, Interim Chief Financial Officer, and Secretary. Prior to its acquisition by Charge Enterprise, Mr. Denson served as the President and CEO of PTGi International Carrier Services, Inc. Previously, he served as President and COO of Sigma Software Solutions, Vice President and General Manager of ACS Canada and held various roles with PepsiCo.
"I am honored by the Board’s trust in me during this critical time for Charge. We believe there are significant opportunities for Charge within the energy and broadband infrastructure industries. Our recent acquisition of Greenspeed furthers our goal of competing on a national scale within EV charging infrastructure and provides Charge with a geographic footprint and capabilities within a variety of customer and product verticals, such as monitoring and maintenance, and solar and energy storage. With a firm commitment to improved financial performance, we reaffirm our expectation of positive adjusted EBITDA in the first quarter of 2024. Our focus on expanding revenue streams underscores our dedication to diversification, growth, and innovation to increase shareholder value," said Craig Denson. "Against a backdrop of industry-wide challenges and opportunities, the entire management team is dedicated to aligning on and sharing a coordinated, cross-business strategic plan, ensuring transparency, and driving accountability."
Alongside this leadership transition, Charge is also committing to three fundamental objectives to steer the Company’s future growth and set the foundation to deliver shareholder value through profitability along with the growth of Charge’s monthly recurring revenue base of business:
Comprehensive Strategic Plan: The assessment and development of our plan will include a thorough evaluation of our business segments, competitive analysis of the external environment, alignment of our organic growth and M&A strategy, and effective allocation of capital. As part of this plan, management and the Board will evaluate our talent, succession planning, and corporate governance, making the appropriate enhancements and implementing a framework for accountability.
Robust Communication Framework: We are resolute in our commitment to instituting a robust framework for external communication, fostering transparency and disseminating updates on our progress towards strategic milestones.
Synergistic Subsidiary Integration: In conjunction with the recent acquisition of Greenspeed, we will deploy initiatives that are geared towards integrating our products and services across our Infrastructure operating subsidiaries while driving cost synergies across the organization. This strategic objective is aimed at nurturing cross-functional collaboration and facilitating full utilization of our existing internal capabilities, propelling us towards scalability and profitability.
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 22, 2023, Charge Enterprises, Inc. (sometimes referred to herein as “Company”, “we,” “us,” “our” or similar terms) received a notice from The Nasdaq Stock Market (“Nasdaq”) that the closing bid price for our common stock had been below $1.00 per share for the previous 30 consecutive business days, and that we are therefore not in compliance with the minimum bid price requirement for continued inclusion on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1) (“Rule 5450(a)(1)”). Nasdaq’s notice has no immediate effect on the listing or trading of our common stock on the Nasdaq Global Market.
The notice indicates that we will have 180 calendar days, until February 19, 2024, to regain compliance with this requirement. We can regain compliance with the $1.00 minimum bid listing requirement if the closing bid price of our common stock is at least $1.00 per share for a minimum of ten (10) consecutive business days during the 180-day compliance period.
If the Company does not regain compliance during the initial compliance period, we may be eligible for an additional 180 day period to regain compliance. To qualify, we would be required to meet the continued listing requirement for market value of our publicly held shares and all other Nasdaq initial listing standards, with the exception of the minimum bid price requirement under Rule 5450(a)(1), and we would need to provide written notice to Nasdaq of our intention to cure the deficiency during the second compliance period. If it appears to Nasdaq that we will not be able to cure the deficiency, or if we are otherwise not eligible, we expect that Nasdaq will notify us that our common stock will be subject to delisting. We will have the right to appeal a determination to delist our common stock, and our common stock would remain listed on The Nasdaq Global Market until the completion of the appeal process.
We intend to actively monitor the minimum bid price of our common stock and may, as appropriate, consider available options to regain compliance with Rule 5450(a)(1). However, there can be no assurance that the Company will be able to regain compliance with Rule 5450(a)(1).
Stellantis Selects Charge Enterprises as Infrastructure Provider for US Dealership Network
Stellantis has selected Charge Enterprises to help dealers in their electrification effort and all aspects required to build out electric vehicle supply equipment (EVSE) for charging
Charge will offer white-glove, custom, end-to-end services to the 2,600-plus Stellantis dealers nationwide
Move is additional step to help Stellantis fulfill its Dare Forward strategy and achieve 50% battery-electric vehicle sales rate by the end of this decade
Stellantis is one of seven of the world's leading automakers creating a joint venture to accelerate the transition to electric vehicles in North America by making EV charging more convenient, accessible and reliable
Stellantis announced its partnership with Charge Enterprises, Inc. today, in which Charge has become an EV charging installation partner for Stellantis' 2,600+ U.S. dealer network. Charge becomes the fourth recommended partner for dealer EV readiness for Stellantis dealers across the United States, joining Future Energy, Vehya and AGI.
In another key step to ready its 2,600-plus dealerships for the automotive industry's electrification plans, Stellantis is partnering with Charge Enterprises to support implementation of its required timeline. Charge differentiates itself with more than 150 years of automotive OEM leadership expertise to enhance the dealers' experience and support the requirements to provide safe, reliable, scalable and flexible infrastructure implementation.
"As our partners in the automotive industry transition to electric-vehicle sales and service, our goal is to provide our 2,600-plus U.S. dealers with high quality options that meet their individual EV integration needs within every area of the dealership business," said U.S. Head of Sales Jeff Kommor. "Charge is equipped with the automotive experience, client-centric approach and technical expertise needed to help support our dealers and make this implementation safe, reliable, scalable and flexible for future demands."
As an experienced infrastructure partner, Charge's client education, project management, design, engineering and installation will provide a full-service solution for dealers.
"All of the dealers we work with value our dedicated approach and our thoughtful mindset to delivering solutions today while preparing our clients for the EV infrastructure demands of tomorrow," said Mark LaNeve, president of Charge. "We remain committed to helping as many auto dealers throughout the country execute on much needed EV charging infrastructure as we remain focused on meeting the needs of the Stellantis dealer body, who are doing a great job meeting the needs of their customers."
As part its Dare Forward 2030 plan, Stellantis is setting the course for 50% of sales in the United States to be battery-electric vehicles by the end of this decade. The company plans to offer more than 25 battery-electric vehicles in the U.S. by 2030.
Stellantis is one of seven world's leading automakers, including BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz Group, creating a joint venture to accelerate the transition to electric vehicles in North America, by making EV charging more convenient, accessible and reliable
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Arena Investors LP Acquires Significant Stake in Charge
Mon, August 21, 2023 at 5:02 PM EDT
On August 21, 2023, Arena Investors LP, a New York-based investment firm, significantly increased its stake in Charge Enterprises Inc (NASDAQ:CRGE), a leading provider of electrical, broadband, and electric vehicle (EV) charging infrastructure services. This article provides an in-depth analysis of the transaction, the profiles of both Arena Investors LP and Charge Enterprises Inc, and an evaluation of CRGE's stock performance.
Details of the Transaction
The transaction took place on August 21, 2023, with Arena Investors LP adding 9,971,811 shares of Charge Enterprises Inc to its portfolio at a trade price of $0.6348 per share. This move had a 6.71% impact on the firm's portfolio, increasing its total holdings in CRGE to 21,574,039 shares. As a result, CRGE now represents 14.52% of Arena Investors LP's portfolio, making the firm a significant stakeholder with a 9.99% holding in the company.
Profile of Arena Investors LP
Arena Investors LP is an investment firm located at 405 Lexington Avenue, New York. The firm manages a portfolio of 58 stocks, with a total equity of $88 million. Its top holdings include Horizon Therapeutics PLC(NASDAQ:HZNP), Charge Enterprises Inc(NASDAQ:CRGE), Apollo Strategic Growth Capital II(NYSE:APGB), DP Cap Acquisition Corp I(NASDAQ:DPCS), and Capitalworks Emerging Markets Acquisition Corp(NASDAQ:CMCA). The firm's investment philosophy is primarily focused on the Financial Services and Communication Services sectors...........
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Arena Investors Sends Letter to BofD of Charge Enterprises
Large shareholder urges Charge to take immediate action to address significant underperformance
Believes enhanced strategic direction, leadership and governance will position Charge for substantial value creation to benefit all stakeholders
Charge stands to benefit from immense need for EV charging infrastructure, but change is needed to capitalize on this opportunity
NEW YORK, Aug. 21, 2023 /PRNewswire/ -- Arena Investors, LP (and its affiliates, collectively, "Arena"), an institutional asset manager that, together with investment funds managed by it, is one of the largest beneficial owners of Charge Enterprises, Inc. (NASDAQ:CRGE) ("Charge"), today sent a letter to the Board of Directors of Charge. The purpose of the letter is to urge the Board of Directors of Charge to take clear steps towards improving Charge's current corporate management and operations, with the goal of remedying Charge's dramatic underperformance, including an approximately 78% decline in Charge's stock price in the past year.
Arena is confident that, with better strategic direction and significantly improved leadership and corporate governance, the company can deliver strong profitability and growth while driving much needed expansion in electric vehicle charging infrastructure, delivering value for shareholders and benefits for customers, drivers and the environment.
However, the current Board of Directors and management of Charge have failed to take immediate actions to address these issues despite Arena's multiple attempts to engage on these matters constructively and privately over the past six months. Disappointingly, they appear to be a roadblock to the much needed changes that are required for Charge to reverse its disturbing trend of poor operational execution and stock performance
Arena and/or investment funds managed by it are the beneficial owners of approximately 9.99% of the outstanding common stock of Charge and the beneficial owner of other securities, which, upon 61 days' notice, are convertible into an additional 10% of the outstanding common stock of Charge. Certain of Arena's shares were recently included in a resale registration statement filed by Charge to fulfill Charge's contractual obligation. However, Arena remains a committed long term investor in Charge.
August 21, 2023
Board of Directors
Charge Enterprises, Inc.
125 Park Avenue, 25th Floor
New York, NY 10017
Dear Members of the Board of Directors,
As conveyed to you in our letter, dated February 28, 2023 (the "February 28th Letter"), we are again writing to you on behalf of Arena Investors, LP and its affiliates ("Arena" or "we") to reiterate the urgent need for Charge Enterprises, Inc. ("Charge" or the "Company") to take decisive actions in addressing the significant underperformance of Charge's stock.
Arena is a global institutional asset manager that provides creative solutions for those seeking capital who cannot be served by conventional institutions, and we and/or investment funds managed by us are the beneficial owners of approximately 9.99% of the outstanding common stock of Charge and the beneficial owners of other securities, which, upon 61 days' notice, are convertible into an additional 10% of the outstanding common stock of Charge. As noted in the February 28th Letter and recent discussions with certain members of your corporate executive management team ("Management") and board of directors (the "Board"), this is a significant investment for us, and we, as one of Charge's most enthusiastic shareholders, would like to see the Company significantly enhance value for the benefit of all shareholders through strong leadership, a well-balanced board, a sound financial basis, a clear strategy and efficient execution. We are extremely disappointed that our recent discussions with Management have not led to any meaningful actions on your part to advance these objectives. Given your failure to take the time-sensitive and critical steps necessary to reverse the current trend of poor performance and establish Charge as a leader among its peers in the market, we are compelled to disclose this letter to your other shareholders.
As noted, despite the quality of Charge's business and the magnitude of its growth opportunity, Charge's shares have declined approximately 78% in the past year. We believe the significant underperformance of Charge's stock reflects shareholder frustration with the lack of accountability of both certain members of Management and the Board with respect to their failure to leverage the Company's potential for profitable growth. Management and the Board appear unwilling or unable to take necessary actions to achieve that growth, and instead continue to oversee a declining share price.
In our view, the Company's underperformance can be attributed to multiple factors, many of which we have discussed, such as the lack of leadership and public company experience of Management, failure to fully integrate and support separate and discrete business units, the inability to deliver a clear and concise go to market strategy, and failure to achieve profitability.
We reiterate our belief that clear steps can and should be taken to ameliorate such underperformance. However, in order to take those steps, the Company needs better strategic direction and significantly improved leadership and corporate governance. We are deeply concerned that both Management and the Board are unable to deliver on the Company's potential for profitable growth in light of the clear gaps in skillset, including the lack of sufficient expertise in certain core areas such as corporate governance, finance, operations, marketing, and capital markets. We believe the recent delay in reporting quarterly earnings underscores these skillset gaps.
In addition, we believe that Charge's inability to recruit additional top talent to enhance the members of its executive business unit leadership teams is one of the key issues that Charge faces today. From our experiences with other companies, we know that poor recruitment and retention can become a significant bottleneck to future growth if it is not addressed quickly. It is essential that Management and the Board do not create obstacles to future growth. To that end, we request, among other items, that the Board carefully consider the skillset of Management and its directors and potential ways to improve its talent acquisition strategy.
We are also deeply concerned that the Company has joined the ever-decreasing number of companies that have staggered their boards, which is inconsistent with modern trends in corporate governance. We believe that the Board should be fully accountable to the shareholders of the Company, which accountability is best served by annual elections of the entire Board. To that end, we request that the Board take the requisite steps to eliminate the "staggered board" feature provided for in the Company's charter and to require that all directors be elected annually. We strongly urge the Board to take such steps promptly.
We believe that addressing our concerns will send Charge on a far stronger trajectory than the status quo and now is the time to act. We have helped companies improve their capital allocation, operating efficiency, and ultimately shareholder returns while working behind the scenes across various industries. The fact that this is the first public letter we have ever been compelled to write should be cause for serious reflection and concern on the part of the entire Board.
Certain of our shares were recently included in a resale registration statement filed by Charge to fulfill Charge's contractual obligation. However, as you may have learned from our extensive engagement with you, we remain a committed long-term investor in the Company. Our strong preference is to work with Charge collaboratively regarding our ideas and we request a meeting with Board representatives in that regard.
We urge you to consider our suggestions. We look forward to hearing from you and seeing you take necessary actions promptly.
Arena Investors, LP
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time to unload for some
goes any lower might be good for a scoop of 10
then after that it goes back to $5~8 cha ching
Nice to dream, but after all these years still holding
whats a decade more?
Laser-Focused Strategy To Capitalize On The Growing Need
For Infrastructure To Support Dealerships As They Transition To EVs
Sales of electric vehicles (EVs) continue to rise and are anticipated to pass 1 million for the first time in 2023. However, managing the transition from internal combustion engines (ICE) to electric cars is complex and involves boosting consumer confidence and the infrastructure to support the transition.
Major car manufacturers like Ford Motor Company (NYSE: F) and General Motors (NYSE: GM) are dependent on their franchised dealerships to assist in the adoption of EVs. GM is investing $35 billion between 2020 and 2025 to support the EV transition and has enrolled nearly 1,000 dealerships in its Community Charging Program.
Meanwhile, Ford will spend $50 billion on EV investments by 2026, in an effort to increase its EV adoption rates. 65% of its dealerships have already joined Ford’s EV certification program, which requires each dealership to spend up to $1.2 million on the switch. The majority of this spending goes towards installing EV infrastructure.
Overall, original equipment manufacturer (OEM) dealerships are predicted to spend $5.5 billion on EV infrastructure, with an estimated cost of $100,000 to $1 million per store.
Charge Enterprises Is Working With Dealerships In Transition
As dealerships continue to grow their share of EV sales, they are reportedly frequently the face of the EV transition and the main point of contact for consumers. In places like Detroit, Michigan, which will be part of a major new binational EV corridor, dealerships could be essential for giving car buyers the confidence that the EV network is scaling.
The importance of having public, properly functioning charging stations was underscored in a 2022 survey of customer sentiment that revealed widespread frustration with malfunctioning EV charging stations. If EV sales continue to increase, the supporting infrastructure appears to be straining, as charging points can underperform and issues can go unaddressed as they arise.
This problem, combined with the continued push for public stations from OEMs and dealerships, could positively impact companies like Charge Enterprises Inc. (NASDAQ: CRGE). Charge specializes in broadband, wireless and EV charging infrastructure.
Charge plans to deploy a multi-phased strategy, initially where investment in the EV charging revolution is taking place, the nation’s approximately 18,000 franchised auto dealers. Starting with the largest automotive OEMs, their dealers, and their fleets, the company’s goal is to capture a significant portion of these retail dealerships - creating a dealer ecosystem that will lead to repeat customers and recurring revenue. Charge plans to execute this strategy while remaining agnostic to the hardware it installs. This means it isn’t competing directly in the crowded, charging hardware market.
As the charging infrastructure market is so large, Charge has set its sights on the dealership sector, and it is keeping its strategy laser-focused on fulfillment in this sector. The company set the goal to collaborate with 1,000 dealerships by the end of 2025, and it has already made significant gains toward this goal, reaching 15% of its target by the end of the first quarter of 2023. Based on the current backlog, pipeline data, and current industry pricing, the company believes the initial installation projects at these 1,000 locations could represent approximately $365 million in potential revenue upon completion of all phases of the projects.
The company was featured in a recent Forbes article that highlighted the upward trajectory of Charge as it deepens its position in the EV market. As of March 31, 2023, its EV division made up 20% of the $107 million of reported backlog within the company’s infrastructure segment, and the company worked with 20 different brands in the last quarter alone.
It has also already collaborated with leading power and EV development companies, while maintaining its flexible, capital-lite approach to the market.
Right! Please welcome Mr. Jacky Wu to the company! Great addition to the board!
Today's news appears to be going un-noticed, but I deem it significant, if one reads this fellow's history. People with this sort of experience don't come on board ( or on Board ) to be an "empty suit". This person ticks all the boxes : automotive, cell tower, and digital infrastructure.
$CRGE EVs Are Coming: Here’s What You Need To Know About The Market And One Company That May Be At Its Center
NEW YORK, NY / ACCESSWIRE / May 18, 2023 / Charge Enterprises Inc. (NASDAQ:CRGE), a broadband, telecommunications and electric engineering and infrastructure company, and Autel Energy, a leading electric vehicle supply equipment (EVSE) developer, are partnering to deliver comprehensive, white-glove EV charging infrastructure solutions. Charge and Autel will be providing their turnkey Charging-as-a-Service (CaaS) solutions to automotive original equipment manufacturers (OEM), as well as retail, commercial and fleet EV companies.
As a hardware provider, Autel has a diverse EV product portfolio established in over 500,000 locations and 70 countries. Charge already works with multiple hardware leaders to provide its end-to-end infrastructure services, and it will facilitate the installation, maintenance and monitoring of infrastructure for Autel's customers.
"Together, Charge and Autel will develop and provide custom solutions for software, maintenance, and monitoring, including "Charging as a Service" (CaaS) for commercial clients and fleets. Our mission is to be the trusted advisor for the auto industry and their customers," said Mark LaNeve, President of Charge.
Three Causes Of Roaring Market Growth
The global EV market was worth $193.5 billion in 2022 and is predicted to see strong growth in the coming years. It is forecast to reach $693.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.3% during the forecast period. The market boom is reportedly being driven by three distinct trends: rapid EV adoption by consumers; targeted government spending; and a shift in manufacturers' policies.
Sales have been steadily rising for a decade, as consumers see EVs as more environmentally friendly than gas-powered cars. In 2021, EV sales passed seven million, compared with 55,000 in 2011. In the U.S. alone, EV sales increased by 65% from 2021 to 2022, and records were broken again in the first quarter of 2023 when EV sales passed 250,000.
Government funding for the EV market's development has increased, to facilitate the goal that 50% of all car sales should be electric by 2030. In support of this development, the government passed the Bipartisan Infrastructure Law, investing $10 billion in clean transportation and over $7 billion in EV battery components and materials. It is already rolling out $2.5 billion of a total $7.5 billion investment in EV charging stations to fund a nationwide EV charging network.
Manufacturers' EV-first policies are the third driver of the EV market. Though Tesla still leads the EV global market, other car manufacturers are looking to close the gap. General Motors is investing $35 billion in EVs and autonomous vehicles (AVs) between 2020 and 2025. It plans to install 40,000 charging stations at its dealers across America and already has 1,000 dealers signed up to receive charging stations. Ford Motor Company has more than doubled its planned investment since 2021, with $50 billion slated for EV production by 2026. Ford has also promised that half its new vehicles will be electric by 2030.
Infrastructure Growth To Support EV Market?
To keep pace with this rapid shift in the market, the current EV charging infrastructure market is expected to reach $121.09 billion by 2030, growing at a compound annual growth rate (CAGR) of 25.5% during the forecast period.
Charge looks to be establishing itself as the leading infrastructure provider as the market expands. It already works with multiple leading hardware providers, and it is looking to make itself a sticky solution for the EV market, comparable to global infrastructure companies like MasTech, Inc. and EMCOR Group, Inc.
As it works towards this goal, Charge reports keeping itself laser-focused on the dealership segment of the market, while its capital-lite approach to the market lowers its exposure risk. The company's goal is to work with at least 1,000 dealerships by the end of 2025 and it has already made significant headway toward this target - 15% at the end of the first quarter of 2023. It will eventually advance into other commercial and private segments of the EV charging market, but for now, it is keeping its core development tightly focused on supporting dealerships.
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Let's hope this keeps going for the rest of the week. Needs to move up $.25 at a time.
Nice move up today though..!
$CRGE Reports Record Infrastructure Backlog Surpassing $100 Million and Reaffirms Growth Strategy
* $107 Million Signed Infrastructure Project Backlog as of March 31, 2023
* Backlog Driven by Significant Growth in EV Infrastructure Division
* EV Charging Infrastructure Backlog Currently Represents over 20% of Total Backlog; Reaffirming Strategy to Invest in the EV Charging Infrastructure Sector
April 19, 2023 07:05 AM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the “Company”), today reported record backlog after the close of the first quarter 2023 and reaffirmed its commitment to pursuing growth within the EV charging infrastructure sector.
"We have demonstrated through our record backlog that we continue to provide essential infrastructure services in the EV charging, broadband infrastructure and electrical infrastructure markets. The growth of our backlog is a testament to the leadership of our infrastructure divisions, the processes that we are implementing, and the teams that we are building,” said Andrew Fox, CEO of Charge.
"The growth of our EV charging infrastructure division, Charge Infrastructure (CI), reinforces our strategy to focus on the EV transition as a pillar of our company’s future. CI’s backlog growth, now representing over 20% of the total, supports that our unique and specialized offering is valued by our clients. Our 150 years of automotive OEM expertise, investment in educating our customers while we remain focused on white-glove service, and our commitment to deliver client-centric solutions throughout the project differentiates Charge. We continue to focus on our mission to be the trusted advisor for EV charging infrastructure ecosystems, and we are grateful to play a role in the transition from gas to electric powered vehicles,” Fox concluded.
Blah blah blah ... pretty close to delisting territory Andy
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$CRGE Reporting Fourth Quarter and Full Year 2022 Financial Results
Reported Revenues increased 41% for the quarter and 46% for the full year, compared with the prior year periods
Reported Gross Profit more than doubled from a year ago
Positioned to further expand best-in-class service for long-term growth
NEW YORK, NY / ACCESSWIRE / March 15, 2023 / Charge Enterprises, Inc. (NASDAQ:CRGE) ("Charge" or the "Company"), today reported fourth quarter and full year 2022 results. For the quarter, revenues were $168.0 million, compared with $119.3 million in the fourth quarter of 2021. For the full year, revenues were $697.8 million, compared with $477.0 million in the prior year period. Gross profit for the fourth quarter of 2022 increased to $8.5 million, compared with $3.9 million in the fourth quarter of 2021. For the full year, gross profit increased to $28.2 million, compared with $11.5 million in the prior year period.
"Charge's 2022 revenue of $697.8 million and gross profit of $28.2 million, allowed us to further expand our Electric Vehicle ("EV") charging infrastructure business and other key strategic initiatives," said Andrew Fox, Founder, Chairman and CEO. "We continue to execute on strategic initiatives with the goal of leveraging the talent of our business leaders to deliver operational excellence, seamless solutions for our clients, and consistent profitable growth for our stakeholders. Charge is positioned to capitalize on the next generation of the energy transition. Our initiatives within EV charging infrastructure and broadband continue to grow, and our white-glove, seamless solutions are designed to support and further enable the transition within these rapidly growing industry segments."
"Our EV charging infrastructure business, Charge Infrastructure ("CI"), which offers customized end-to-end services for EV charging ecosystems, is continually expanding its relationships with automotive dealerships, growing organically through current client referrals and working with multiple franchise operators across automotive OEM brands. We believe CI is well positioned to continue the Company's growth into 2023 and beyond and is currently servicing retail dealership locations across the nation representing more than 20 automotive OEM brands."
Mr. Fox concluded, "Everyone at Charge has a commitment to excellence, from our dedicated customer relationship teams, client service and retention, to the safety of our employees. We are dedicated to enhancing our strategic approach, focused on driving long-term value for both our clients and our shareholders. We expect 2023 to be a pivotal year as we execute our strategy to expand within the auto vertical, creating a business model with a seamless end-to-end solution to support the transition to EVs, and guiding clients to meet timing and infrastructure requirements while establishing a scalable plan for the future. At Charge, we make it simple to go electric. Our long term, scalable relationships are expected to support our growth strategy as we innovate infrastructure services and enable software solutions for our clients and their customers."
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$CRGE - Correction to previous post
(CORRECTED FROM SOURCE) Charge Enterprises and Autel Energy Power-Up to Deliver White Glove, Custom Infrastructure Solutions to Retail, Fleet and Commercial Clients, Positioning National Dealerships for Seamless Electrification
· Charge and Autel sign agreement to offer seamless turnkey solutions for EV charging infrastructure
· Charge will offer end-to-end infrastructure solutions for Autel charging equipment
· Charge and Autel will offer “Charging as a Service” (CaaS) as a custom solution for clients in all industry segments
New York – March 13, 2023 – Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the “Company”), today announced that its portfolio company, Charge Infrastructure, and Autel Energy (Autel), a leading developer of residential and commercial electric vehicle supply equipment (EVSE), signed an agreement to provide seamless turnkey solutions for automotive original equipment manufacturers (OEM), retail, commercial and fleet electric vehicle (EV) charging infrastructure solutions. Charge will provide the infrastructure services with a white glove, seamless approach to facilitate and guide Autel’s clients through implementation and execution of electrification.
"As Charge continues to provide seamless EV charging infrastructure strategy, planning and engineering solutions, this agreement demonstrates Charge's commitment to service the auto industry as it charges forward on the front lines of enabling the transition of vehicles from Internal Combustion Engines (ICE) to Battery Electric Vehicles (BEV) supporting the global initiative towards a zero-carbon footprint and driving sustainability efforts," said Mark LaNeve, President of Charge.
"Autel’s expertise in energy, diagnostic technology, and the automotive industry provides a value with an EVSE product portfolio that enables the client to position for flexible and scalable solutions in a cost-effective manner; therefore, facilitating a collaborative approach with our teams to support the delivery for ‘best-in-class’ services to the client. Together, Charge and Autel will develop and provide custom solutions for software, maintenance, and monitoring, including “Charging as a Service” (CaaS) for commercial clients and fleets. Our mission is to be the trusted advisor for the auto industry and their customers," LaNeve concluded.
Autel will provide technical expertise in EVSE and Charge will offer a comprehensive value proposition for a seamless, turnkey charging infrastructure solution that is bespoke and thorough, from the EVSE specifications integrated into the design to engineering, permitting, utility coordination, installation, after sales service and custom software solutions. Charge and Autel will work together to help the auto industry and others manage the transition to EVs.
“We believe Autel is disrupting the charging market by having a full line of high-quality automotive grade charging solutions for every market segment, including home charging, commercial vehicles, and DC fast chargers,” said John Thomas, COO of Autel, Americas. “Autel can power vehicles of various sizes. With over eighteen years of experience manufacturing vehicle diagnostic equipment, the 500,000 locations and 70 countries that we service are a testament to our quality and dedication to the automotive industry. This alliance with Charge and their 150 years of OEM leadership expertise provides tremendous value to the automotive retailer network, OEMs, and fleets. Moreover, our combined expertise with Autel’s product portfolio enables the alliance to deliver custom, seamless solutions for EV charging infrastructure across all industry segments.”
“Over the past two decades, Autel – a name born by combining ‘Automotive’ and ‘Intelligence’ – has revolutionized the automotive service and repair business, and now we’re doing it with EV charging technologies and a premier trusted services provider with Charge Infrastructure,” Thomas added.
About Autel Energy
Autel Energy’s vision is to create a seamless customer experience that enables the deployment of technology and smart infrastructure that accelerates the adoption of electric vehicles and energy management solutions worldwide. Autel Energy makes the most advanced products accessible and convenient for residential and commercial users offering hardware, software, apps, and cloud-based solutions to cover almost every use case and application. This includes world-class charging hardware for AC (Level 2) home and commercial, DC Bi-directional V2X power management, and DC (Level 3) fast charging from 40kW to 480kW with innovative configurability and modularity.
For more information about Autel visit https://autelenergy.us/