The UK’s EO Charging, a leading EV charging company, is to list on the NASDAQ via a business combination with First Reserve Sustainable Growth Corp. (NASDAQ: FRSG), a special acquisition company (SPAC). Upon closing of the transaction, which is expected to occur in the fourth quarter of 2021, the combined company will be named EO Charging and will be listed under the symbol “EOC”.
EO is the first UK-based EV charging company to be listed publicly. The transaction implies a pro-forma enterprise value of the combined company of $675 million.
EO has deployed approximately 50,000 chargers in over 35 countries and serves some of the world’s largest fleet operators including Amazon, DHL, Go-Ahead, Tesco and Uber.
Charlie Jardine, CEO and Founder of EO Charging, says: “This is great news for EO and a huge milestone that sets us up to be the first British EV charging business to list on a public market once the deal is done. The capital raised from this transaction will allow us to invest in our products, people and plans for expansion. We’re creating almost 70 jobs in 2021 with hundreds of new roles being created over the coming years. This investment allows us to bolster our UK presence and will help to accelerate our growth as a British-born green business with big global ambitions.”
Neil Wizel, CEO and Director of FRSG, adds: “EO’s differentiated approach to serving the EV charging market through customized 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.”
Founded in 2014, EO’s technology is used by a number of the world’s largest businesses and fleet operators and it now distributes to over 35 countries around the world. It aims to become the global leader in charging electric van, truck, bus and car fleets.
To read our full interview with Charlie Jardine, click on the link below.