2023-08-01 11:22:40 ET
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Charge Enterprises ( NASDAQ: CRGE ) has bought Greenspeed Energy Solutions for a purchase price of up to $15 million, the company said Tuesday.
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The deal enhances the auto dealership network and increases the combined EV charging installation experience to over 600 chargers installed.
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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.
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The transaction is expected to be accretive to both EBITDA and free cash flow in the first full year of ownership.
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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.
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Paul Williams, President and CEO of Greenspeed, and other senior leadership members will be joining Charge Enterprises as a part of the transaction.
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Williams will take the lead role in the future of the combined EV charging infrastructure business.
For further details see:
Charge Enterprises buys EV infrastructure provider Greenspeed for $15M