EO Charging, an English designer of electric vehicle equipment, will be the first UK electric charging company to go public after it agreed a merger with NASDAQ-listed special purpose acquisition company (SPAC) First Reserve Sustainable Growth Corp.
Parent company Juuce Ltd announced the deal on Thursday with the combination expected to close in the fourth quarter of 2021, whereupon the enlarged group will be named EO Charging and will be listed on the Nasdaq under the symbol ‘EOC’.
EO, which apparently stands for ‘electricity online’, was founded in an old pig shed in 2015 by Charlie Jardine, a former marketing manager at the UK’s leading electric vehicle charging provider, Pod Point.
The merger deal values the combined company at US$675mln and should provide EO with at least US$150mln in cash.
Jardine and other EO management and shareholders will maintain a significant stake in the combined company.
“Our partnership with FRSG is a great step forward in EO’s already successful journey,” said Jardine in a statement.
He said the listing and the new cash will “accelerate our growth timeline, expand our geographic reach, and drive innovation to deliver an ever advancing suite of solutions to our fleet customers”.
He said EO’s ‘turnkey’ product offer, with 50,000 chargers in more than 35 countries, made it “the ultimate plug-in charging partner for any business”, with customers including Amazon, DHL, GoAhead, Tesco and Uber.
Neil Wizel, CEO of FRSG, said EO offered a “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”.