EO Charging unveils plans to go public via SPAC merger
Electric vehicle (EV) charging company EO Charging has unveiled plans to go public and list its stock on the Nasdaq.
This will be accomplished through a listing of EO stock via a business combination with a special purpose acquisition company (SPAC), First Reserve Sustainable Growth Corp (FRSG).
Because First Reserve Sustainable Growth Corp is already publicly traded, EO Charging will become a public company when the deal is complete, trading on the Nasdaq under the new ticker symbol “EOC”. The company will continue to operate under the EO Charging name and there will be no meaningful changes to how it does business.
According to the companies, the transaction gives EO Charging a pro forma combined enterprise value of $675 million (£487m) and will provide more than $150 million in cash.
Founder and CEO of EO Charging Charlie Jardine (pictured) said: “Our partnership with FRSG is a great step forward in EO’s already successful journey. 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.”
Neil Wizel, CEO and Director of FRSG, added: “We are proud to partner with Charlie and the entire EO team to help accelerate the decarbonisation and long-term sustainability of the fleet vehicle model. EO’s differentiated approach to serving the EV charging market through customised 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.”
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.
Last month Charlie Jardine, CEO and founder of EO Charging, told Transport + Energy why the rollout of public charge points in the UK must pick up pace in order to keep up with demand for electric vehicles.
Image courtesy of EO Charging.