CRGE - Charge Enterprises buys EV infrastructure provider Greenspeed for $15M

Charge Enterprises ( NASDAQ: CRGE ) has bought Greenspeed Energy Solutions for a purchase price of up to $15 million, the company said Tuesday.

The deal enhances the auto dealership network and increases the combined EV charging installation experience to over 600 chargers installed.

Through the deal, the company has obtained about $12 million in project backlog, bringing the combined backlog for its infrastructure segment to about $150 million as of June 30, 2023.

The transaction is expected to be accretive to both EBITDA and free cash flow in the first full year of ownership.

The deal also has the potential for additional earn-out payments of up to $7 million, contingent upon achieving certain EBITDA milestones for each of the two years following the closing of the transaction.

Paul Williams, President and CEO of Greenspeed, and other senior leadership members will be joining Charge Enterprises as a part of the transaction.

Williams will take the lead role in the future of the combined EV charging infrastructure business.

Press Release .