Charge Enterprises Signs Definitive Agreement to Acquire BW Electrical Services LLC to Expand its Infrastructure Division
NEW YORK, NY/ACCESSWIRE/December 23, 2021/ Charge Enterprises Inc. (OTC PINK: CRGE), (“Charge”), comprised of a portfolio of global companies with a vision to connect people everywhere with communications and electric vehicle (“EV”) charging infrastructure ), announced today that it has signed a definitive agreement to acquire BW Electrical Services LLC (“BWES”), an electrical contracting services company specializing in commercial projects focused on building from the ground up.
The acquisition agreement provides that Charge will acquire all of the interests in BWES for $18 million in cash and common stock of Charge.
Founded in 2006, BWES is an industry leader in the State of New Jersey for the design-build of electrical installations. BWES has captured a niche market, providing electrical and telecommunications contracting services to the New Jersey commercial and industrial construction market to support communities and complete construction projects from the ground up. Due to their renowned process-oriented expertise in electrical installations, BWES has been awarded large-scale projects such as the restoration of the New Jersey State House and renowned academic institutions including Rutgers University and the System school New Jersey K-12.
This acquisition is expected to expand Charge’s infrastructure offering by utilizing BWES’ master electricians, proven standardized processes and established business expertise in electric vehicle charging infrastructure. The combination exemplifies Charge’s strategy to make electric vehicle charging more accessible to a wider population, reducing perceived range anxiety as passenger transport shifts towards lower carbon emissions harmful.
“This is an exciting time for Charge Enterprises. The acquisition of BWES adds scale to Charge’s electric vehicle charging infrastructure deployment by increasing our number of qualified master electricians and adding greater value, expertise and bandwidth to serve our growing customer portfolio,” said Andrew Fox, Chief Executive Officer of Charge. “We look forward to continuing charging with BWES to meet the huge demand for electric vehicle charging infrastructure across the country as we strive to meet the demands of the electrification revolution.”
“Charge’s business ethos aligns closely with the way BWES has always approached business, with an emphasis on reliability and fairness, which makes this a particularly exciting opportunity for us,” said Michael. Wojtowicz, founder and CEO of BWES. “There isn’t a project in our future that has provisions for a new parking lot that doesn’t have an EV charging ecosystem built into the forward planning, and joining Charge will help satisfy that pent-up demand for EV charging infrastructure as the country moves into the next phase of the electric vehicle revolution.”
The expected closing of the acquisition is on or about December 27, 2021.
About Charge Enterprises Inc.
Our Telecommunications Division
Our Telecommunications division (“Telecommunications”) has been providing voice and data termination to carriers and mobile network operators (MNOs) worldwide for more than two decades and we will selectively add profitable products and services to this business. long established.
Our Infrastructure Division
Our Infrastructure division (“Infrastructure”) is primarily focused on two rapidly growing areas: electric vehicle charging and 5G telecommunications network, including cell towers, small cells and in-building applications. Solutions for these two sectors include: design and engineering, equipment specification and procurement, installation, data and software solutions, and service and maintenance.
Our investment division
Our investment division (“Investment”) focuses on opportunities across our global portfolio to extend the impact of our vision. We aim to invest in opportunities that would complement our two operating divisions in addition to transferable securities, including money market funds and other listed securities. Our Investment division provides services aimed at offsetting the overall cost of capital.
We provide our investment services through our wholly owned subsidiary, Charge Investments (“CI”).
For more information: https://www.charge.enterprises/
About BW Electrical Services
BW Electrical Services provides electrical contracting services to commercial businesses in New Jersey. The company was founded by a licensed master electrician in 2006 to build a network of qualified electricians to help develop communities. BWES has a team of approximately 74 people, including approximately 60 union members of the International Brotherhood of Electrical Workers (FIBE) deployed on various projects.
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 the future performance of Charge. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “continues “, “expects”, “plans”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and expressions or state that certain actions, events or results “may”, “could”, “should”, “should”, “could” or “will” be taken, occur or be achieved. All forward-looking statements, including those contained in this document, are qualified by this warning.
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. These risks and uncertainties include Charge’s business plans and strategies, Charge’s future business development, market acceptance of electric vehicles, Charge’s ability to generate positive earnings and cash flow, changes in government regulation and government incentives, subsidies or other favorable government policies, and other risks discussed in Charge’s filings with the United States Securities and Exchange Commission. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of factors that could affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained 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 about Charge, investors are encouraged to review Charge’s public filings on the OTC Market at https://www.otcmarkets.com/stock/CRGE/overview. 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, except as required by law.
Steve Keyes (248) 952-7022
LHA Investor Relations
Carolyn Capaccio, CFA
THE SOURCE: Charge Enterprises Inc.
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