As more electric vehicles (EVs) take to the road, the demand for charging stations is speeding up. The current administration recently unveiled its $2 trillion infrastructure plan to reshape America. The plan unveils that part of this massive budget is to fund the construction of over half a million electric vehicle charging stations. However, this number is only a fraction of what is needed as more EVs start to hit the road. One company is already positioned to make headway on Biden’s infrastructure plan.
Charge Enterprises (OTC:CRGE), with a $322 million market cap as of May 18, 2021, seeks to accelerate the transition away from fossil fuels toward an electric future. The company’s mission is to power the future of movement by connecting people everywhere through a strategy in communications, charging and infrastructure.
The company operates across 12 time zones in 19 countries, “doing the work others don’t.” As CEO and Founder Andrew Fox puts it, “We do the unglamorous work. Charge doesn’t manufacture EV charging stations — we install, maintain and service them.”
The Need for Charge
During Benzinga’s Global Small Cap Conference on May 13, Charge Enterprises shared its estimation that the number of EVs on U.S. roads is projected to reach 18.7 million by 2030. It’s also predicted by 2030 that more than 20% of annual vehicle sales will be EVs.
As of February 2021, there are an estimated 100,000 EV charging stations in the U.S., with the majority in California. According to the McKinsey Center for Future Mobility, it’s predicted that by 2031, the need for EV charging stations in the U.S. will have reached approximately 13 million.
With its EV charging stations, Charge Enterprises has a place in the Telecom Network Infrastructure market. To date, both are predicted to be over $100 billion dollar markets.
New Acquisitions
On May 25, 2021, Charge Enterprises announced it had acquired ANS Advanced Network Services (ANS), a highly skilled provider of telecommunications and direct current (DC) power installation, 5G and small cell telecommunications services.
Charge believes the acquisition will transform its Infrastructure division and support enhancing the company’s offering of world-class EV charging installation capabilities. The company is also hopeful that it will contribute to its best practices in this huge market, creating an end-to-end installed solution for charging any type of electric vehicle, including scooters, e-bikes and automobiles.
The acquisition will also add scale and capability to Charge’s communications division with 5G and leverage the ANS brand to start laying the foundation for the future of sustainable mobility.
Additionally, in Q1 2021, Charge added Benjamin Carson Jr. to its board of directors. Carson is a co-founder and partner at FVLCRUM Funds and chairman of Interprise Partners. Charge also welcomed Baron Davis to its board of directors. Davis is an entrepreneur, a serial investor including being one of the original investors in Vitamin Water, as well as a record-holding, two-time NBA All-Star during his thirteen-year professional basketball career.
The Charge Method
Charge Enterprises is a global business with an experienced management team and has seen annual revenues of over $500 million.
Charge has a vision of establishing itself as the global leader in the installation and operation of EV charging, portable power banks and telecom network infrastructure. The company’s goal is to become the No.1 trusted infrastructure organization in the world, and its strategy is to supply superior hardware, location selection, engineering installation, testing and maintenance equipment.
Connect with Charge at https://www.charge.enterprises/ to find out more about the company.
Charge Enterpirses is a partner of Benzinga. The information in this article does not represent the investment advice of Benzinga or its writers.
