EO Charging is to list in the US on Nasdaq through the creation of a combined company with special purpose acquisition company (SPAC) First Reserve Sustainable Growth Corporation (FRSG).
This new combined company is to be formed under the EO Charging name.
The transaction implies a pro-forma enterprise value of the combined company of $675 million (£489 million). It is expected to provide $222 million in gross proceeds, assuming no redemptions by FRSG’s public stockholders.
Total proceeds include over $150 million to fully fund EO Charging’s growth plans, retire any outstanding indebtedness and to fund transaction fees and expenses. The remainder is to be paid as cash consideration to existing shareholders, in addition to the equity in the combined company to be received by existing shareholders.
Charlie Jardine is to remain CEO of the combined company, and will work alongside EO Charging’s existing executive team.
He said EO Charging’s outlook has never been stronger, with this supported by the increasing uptake of EVs by fleet operators.
“Through this exciting combination, EO is positioned to accelerate our growth timeline, expand our geographic reach, and drive innovation to deliver an ever advancing suite of solutions to our fleet customers.”
Earlier this year EO Charging announced a deal with Amazon to install electric vehicle chargers in support of the retail giant’s fleet electrification, with over 800 rolled out as of April.
In 2019, the charging company partnered Bulb and Suffolk County Council to launch what the trio claim to be the country’s first “fully open” charging network as well as being named the London EV Company’s official charging partner in Scotland.
The transaction is expected to close in Q4 2021, with this subject to customary closing conditions, including the approval of FRSG’s stockholders.
