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 the vision of connecting 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 outsourcing services company specializing in commercial projects focused on the construction of detached pieces.
The acquisition agreement provides that Charge will acquire all of the interests in BWES for $ 18 million in cash and common shares from 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 subcontracting services to the New Jersey commercial and industrial construction market to support communities and complete basic construction projects. Due to its renowned process-oriented expertise in electrical installations, BWES has been entrusted with large-scale projects such as the restoration of the New Jersey State House and well-known academic institutions including Rutgers University and the System New Jersey K-12 School.
This acquisition is expected to expand the Charging infrastructure offering by utilizing BWES ‘master electricians, proven standardized processes and established business expertise in EV charging infrastructure. The combination exemplifies Charge’s strategy to make electric vehicle charging more accessible to a wider population, thereby reducing perceived anxiety about range as passenger transport shifts towards reducing carbon emissions. harmful.
“These are exciting times for Charge Enterprises. The acquisition of BWES adds scale to the deployment of Charge’s electric vehicle charging infrastructure by increasing our number of qualified master electricians and adding greater value, greater expertise and greater bandwidth to serve our growing portfolio of customers, ”said Andrew Fox, Chairman and CEO of Charge. “We look forward to continuing to charge with BWES to meet the huge demand for electric vehicle charging infrastructure across the country as we work to meet the demands of the electrification revolution. “
“Charge’s business ethic aligns closely with how BWES has always approached business, with an emphasis on reliability and fairness, which makes it a particularly exciting opportunity for us,” said Michael. Wojtowicz, Founder and CEO of BWES. “There isn’t a project in our future that makes arrangements for a new parking lot that doesn’t have an EV charging ecosystem built into forward planning, and joining Charge will help meet that pent-up demand for it.” EV charging infrastructure as the country moves. in the next phase of the electric vehicle revolution. “
The expected closing of the acquisition is on or around December 27, 2021.
About Charge Enterprises Inc.
Our telecommunications division
Our Telecommunications (“Telecommunications”) division has provided voice and data termination to carriers and mobile network operators (MNOs) worldwide for over two decades and we will selectively add cost-effective products and services. to this long established company.
Our Infrastructures division
Our Infrastructure division is primarily focused on two fast growing industries: electric vehicle charging and the 5G telecommunications network, including cell tower, small cell and building applications. Solutions for these two industries 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 related to 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 marketable 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”).
To know more : https://www.charge.enterprises/
About BW Electrical Services
BW Electrical Services provides electrical subcontracting services for commercial businesses in New Jersey. The company was founded by a licensed master electrician in 2006 to create a network of trained electricians to help build communities. BWES has a team of around 74, including around 60 unionized employees of the International Brotherhood of Electrical Workers (IBEW) 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 about 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”, “planned”, “estimates”, “continues”. “,” Foresees “,” plans “,” predicts “,” intends to “,” anticipates “,” aims “or” believes “, or variations or negative aspects of these words and expressions or declares that certain actions, events or results “may”, “could”, “would”, “should”, “could” or “will” be taken, occur or be achieved. All forward-looking statements, including those contained herein, are qualified by this cautionary statement.
Although Charge believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by these 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 regulations and government incentives, grants or other favorable government policies, and other risks described in the documents filed by Charge with the United States Securities and Exchange Commission. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of the factors that may affect forward-looking statements. Therefore, 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 the date or dates specified in such statements. For more information on Charge, investors are encouraged to consult Charge’s public documents 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, other than as required by law.
Steve Keyes (248) 952-7022
LHA Investor Relations
Carolyn Capaccio, CFA
THE SOURCE: Charge Entreprises Inc.
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