Charge Enterprises acquires Greenspeed Energy

Charge Enterprises announced the successful acquisition of Greenspeed Energy, a provider of sustainable energy solutions including EV charging infrastructure, solar, and energy storage. The integration of Greenspeed into Charge’s organization is anticipated to have a strategic impact on Charge’s Infrastructure segment. By acquiring Greenspeed, Charge obtained approximately $12M in project backlog, bringing the combined backlog for the Infrastructure segment to approximately $150M as of June 30. The combined EV charging infrastructure installations will now total approximately 600 charging stations, consisting of 410 level 2 charging stations and 190 DCFC charging stations. In addition, both Greenspeed and Charge have proactively installed infrastructure to accommodate additional chargers their customers purchase in the future to meet the rising demands of EV charging. The combined skilled workforce is expected to be a customer service differentiator for Charge but is also expected to enable higher margins as more work is performed in-house. Charge looks to capitalize on the combination of Greenspeed with its existing EV charging infrastructure business to drive efficiencies, provide even better and more comprehensive customer solutions, further enhance its nationwide capabilities, and ultimately provide more value to customers and shareholders. The transaction is expected to be accretive to both EBITDA and free cash flow in the first full year of ownership.