Stamford”™s First Reserve Sustainable Growth Corp. has reached a definitive agreement with a U.K. provider of technology-enabled turnkey products for electric vehicles, which will result in the combined company”™s being publicly listed on the Nasdaq.
Upon the transaction”™s closing, expected in the fourth quarter, the combined company will be called EO Charging and will be listed on the Nasdaq under the symbol “EOC.” First Reserve presently trades as “FRSG.”
The British company, Juuce Ltd., presently does business as EO Charging. Founded in 2014, it provides charging infrastructure, software and services solutions specifically focused on vehicle fleets, addressing the complete life cycle needs specific to commercial and governmental fleet operators.
Its approach to fleet electrification enables logistics operators to align fleet charging solutions to the unique aspects of their business through a fit-for-purpose turnkey offering and allows fleet managers to monitor their vehicles, manage charging costs and optimize operations, without relying on multiple service providers along the EV charging value chain.
EO currently serves some of the world’s leading corporations in the U.K. and Europe, including Amazon, DHL, Go-Ahead, Tesco and Uber. EO has deployed approximately 50,000 chargers in more than 35 countries worldwide since inception.
“Our outlook has never been stronger,” said EO founder and CEO Charlie Jardine, “supported by the accelerating pace of EV adoption by fleet operators in our key markets and across the world. EO’s differentiated charging solutions think beyond the plug by providing mission-critical charging hardware, software and services under one roof ”“ taking the friction out of the electrification process for our 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,” added First Reserve CEO and Director Neil Wizel.
The transaction implies a pro-forma enterprise value of the combined company of $675 million and 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’s growth plans, retire any outstanding indebtedness, and for transaction fees and expenses, with the remainder paid as cash consideration to existing shareholders, in addition to the equity in the combined company to be received by existing shareholders.
As CEO of the combined company, Jardine will drive EO’s strategic growth initiatives and expansion working alongside EO’s existing executive team.
