Charge Enterprises Reports Record Infrastructure Backlog Surpassing $100 Million and Reaffirms Growth Strategy
April 19 2023 - 7:05AM
Business Wire
- $107 Million Signed Infrastructure Project Backlog as of March
31, 2023
- Backlog Driven by Significant Growth in EV Infrastructure
Division
- EV Charging Infrastructure Backlog Currently Represents over
20% of Total Backlog; Reaffirming Strategy to Invest in the EV
Charging Infrastructure Sector
Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the
“Company”), today reported record backlog after the close of the
first quarter 2023 and reaffirmed its commitment to pursuing growth
within the EV charging infrastructure sector.
"We have demonstrated through our record backlog that we
continue to provide essential infrastructure services in the EV
charging, broadband infrastructure and electrical infrastructure
markets. The growth of our backlog is a testament to the leadership
of our infrastructure divisions, the processes that we are
implementing, and the teams that we are building,” said Andrew Fox,
CEO of Charge.
"The growth of our EV charging infrastructure division, Charge
Infrastructure (CI), reinforces our strategy to focus on the EV
transition as a pillar of our company’s future. CI’s backlog
growth, now representing over 20% of the total, supports that our
unique and specialized offering is valued by our clients. Our 150
years of automotive OEM expertise, investment in educating our
customers while we remain focused on white-glove service, and our
commitment to deliver client-centric solutions throughout the
project differentiates Charge. We continue to focus on our mission
to be the trusted advisor for EV charging infrastructure
ecosystems, and we are grateful to play a role in the transition
from gas to electric powered vehicles,” Fox concluded.
About Charge Enterprises, Inc.
Charge Enterprises, Inc. is an electrical, broadband and EV
charging infrastructure company that provides clients with
end-to-end project management services. We operate in two segments:
Infrastructure, which has a primary focus on EV charging, broadband
and wireless, and electrical contracting services; and
Telecommunications, which provides connection of voice calls and
data to global carriers. Our vision is to be a leader in enabling
the next wave of transportation and connectivity. By building,
designing, and operating seamless infrastructure for electric
vehicles, we aim to create a future where transportation is clean,
efficient, and connected and to empower individuals, communities,
and businesses to thrive in a more sustainable world. Our plan is
to cultivate repeat customers and recurring revenue by deploying a
multi-phased strategy, initially where investment in the EV
charging revolution is taking place, the nation’s approximately
18,000 franchised auto dealers.
To learn more about Charge, visit Charge Enterprises, Inc.
Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements reflect
current expectations or beliefs regarding future events or Charge's
future performance. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"continues", "forecasts", "projects", "predicts", "intends",
"anticipates", "targets" or "believes", or variations of, or the
negatives of, such words and phrases or state that certain actions,
events or results "may", "could", "would", "should", "might" or
"will" be taken, occur or be achieved. All forward-looking
statements, including those herein, are qualified by this
cautionary statement. Although Charge believes that the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements involve risks and
uncertainties, and actual results may differ materially from any
future results expressed or implied by such forward-looking
statements. Such risks and uncertainties include the business plans
and strategies of Charge, Charge's future business development,
market acceptance of electric vehicles, Charge's ability to
generate profits and positive cash flow, changes in government
regulations and government incentives, subsidies, or other
favorable government policies, rising interest rates and the impact
on investments by our customers, and other risks discussed in
Charge's filings with the U.S. Securities and Exchange Commission
("SEC"). Readers are cautioned that the foregoing list of risks and
uncertainties is not exhaustive of the factors that may affect
forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The forward-looking
statements in this press release speak only as of the date of this
press release or as of the date or dates specified in such
statements. For more information on us, investors are encouraged to
review our public filings with the SEC, including the factors
described in the section captioned “Risk Factors” of Charge’s
Annual Report on Form 10-K filed with the SEC on March 15, 2023, as
well as subsequent reports we file from time to time with the SEC
which are available on the SEC's website at www.sec.gov. Charge
disclaims any intention or obligation to update or revise any
forward- looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230419005240/en/
Investors Christine Cannella
(954) 298-6518 Ccannella@charge.enterprises Media: Kristopher Conesa (305) 975-5934
kconesa@csuitepr.com
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