Charge Enterprises Inc - CRGE stock

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OTC Symbol: CRGE | Related ticker symbols: CRGE is currently listed on the NASDAQ exchange

Introduction to the Company

Charge Enterprises Inc. (OTC: CRGE) is a public holding company that designs the electrification and telecommunications infrastructure for electric vehicle charging (EVC) and wireless network infrastructure. The company connects global businesses with consumers worldwide using technology, infrastructure, and transportation. The company focuses on connectivity in communications and micro-mobility infrastructure. It operates through two distinct segments: Charge Telecommunications and Charge Infrastructure. The Charge Telecommunications division's strategy focuses on advancing Communication as a Platform Service (CPaaS) and Unified Communication as a Service (UCaaS), providing voice and data termination to Carriers and Mobile Network Operators. Charge Infrastructure offers various services, including micro-mobility docking, portable power banks, EV charging installation, stations, and maintenance. The firm uses its transport division to deliver products to consumers. Charge Entreprises was founded on May 8, 2003. It was initially known as TransWorld Holdings Inc. before changing its name in January 2021 to Charge Enterprises Inc. The company's shares are listed on NASDAQ Global Market under the CRGE ticker symbol. The company is headquartered in New York, USA.

Business Operations

Charge aims at becoming an international icon in propelling the next wave of connectivity and transportation. The company designs and operates seamless infrastructure for high-speed broadband and electric vehicles to create clean, efficient, and connected transportation. It combines imagination, knowledge, and innovation to empower the world and create thriving business opportunities. The firm partners with its clients throughout the entire lifecycle of the EV products, providing engineering, location selection, installation, testing, and maintenance across several industries. It also maintains customers’ EV sites. The company's telecommunications business segment has over two decades of routing data and voice services to Mobile Network Operators. It is committed to adding particular products and services to the existing portfolio. The infrastructure business prioritizes development in two rapidly-growing sectors: Electric Vehicle charging and Telecommunications Network 5G, including small cell, cell tower, and in-building applications. The division provides equipment specification and Sourcing, data and software solutions, installation, design and engineering, and service and maintenance. The segment also advances a chain of personal charging power banks installed in bars, transit hubs, restaurants, and sporting arenas.

Recent Company and Industry Updates

Charge announced on January 23, 2023, that Charge Infrastructure, its subsidiary, signed a deal with Lumio HX, Inc., a popular residential solar provider (Lumio), to develop a residential EV installation program for buyers. The two companies will offer a seamless full-service solution, incorporating Lumio's licensed home installation personnel and auto dealership partners, who will provide scalable EV charging services to residential units. Andrew Fox, Chairman and CEO of Charge, expressed his confidence in the agreement, leveraging Lumio’s quality and expertise to be in residential solar system installation as the driving force for the future success of the proposed joint operation. Charge and Lumio also agreed to generate a model used to share revenue realized from home EV charging installation and provide further opportunities from new acquisitions and future revenue streams from maintenance services.

On December 1, 2022, the company and GenZ EV Solutions, Inc. announced their first successful installation of ultra-fast ChargeBox (CBX), which DS-TEC Energy powers at The Suburban Collection of Troy, a Lithia Group Dealership in Michigan. The structure would provide the facility with battery-buffered, ultra-fast charging technology to serve the ever-surging EV charging solution demand. The generational GenZ EV ChargeBox incorporates 140kW/h of integrated energy storage unit capable of supplying up to 320kW of energy from the existing infrastructure. It can charge one vehicle at up to 320kW, instantaneously charge two EVs at up to 160kW simultaneously, and distribute 100 miles charging range in ten minutes. The equipment requires minimal or zero upgrades on the existing power grids and EV charging infrastructure.

Charge announced its third quarter 2022 results for the period that ended September 30, 2022, on November 14, 2022. The company managed $185.9 million in revenue, a significant increase from $117.0 million in the third quarter of 2021. It recorded $6.9 million in gross profit, compared to $3.9 million in the same quarter in 2021. The increase in revenue was attributed to the BW and EV Depot acquisitions, organic growth in ANS, and increased wholesale traffic volumes within the Telecommunications division. The company continues executing its strategic business approaches, including aggressively cultivating new customer relationships, hiring, retaining talented team members, and pursuing new opportunities to propel the business to further success and generate additional revenue for its shareholders. New York City Parking also selected the company in August to build electric vehicle charging infrastructure throughout the city.

Leadership

Andrew Fox, Founder, Chairman, and CEO

• He is a serial entrepreneur known globally
• Has more than 20 years of experience in exercising several disruptive techniques across multiple industries, including consumer staples, insurance, technology, telecom (TMT), transportation, media, and  real estate
• He is a member of YPO and a co-founder of YJP.org, which has invested in more than 40 early-stage companies.
• He founded Track Entertainment, an entertainment and media firm that connects consumers and brands via television, events, marketing, and digital media.
• He holds a Bachelor of Business Accounting, BBA, from Adelphi University.

Leah Schweller, Chief Financial Officer

• She leads the company's investor relations, banking, financial operations, and advisory relationships.
• Before moving to Charge, she served in several senior roles within American Express's Finance organization.
• She led global teams in technical accounting, credit reserving, SEC reporting, and securitization.
• She was also the Chief Accounting Officer at American Express' SEC filing subsidiary for four years.
• Also served in various positions for Deloitte, auditing large consumer product customers for five years and conducting due diligence for private equity clients in the hospitality and real estate sectors
• Has a Bachelor of Business Accounting (BBA) from The Ohio State University

Craig Denson, COO

• Has an outstanding record of delivering bottom-line results with several companies across different markets
• He has specialized in stakeholder and customer satisfaction
• He is an esteemed strategic planner, team builder, and conceptual thinker who easily breaks down complex issues to create practical solutions
• He also serves as the Group CEO at PTG International Carrier Services LTD since May 2012
• He was the Group CEO of ICS Group Holdings Inc. from 2018 to 2020

Other Team Members

Other team members include Mark LaNeve, President; Nicole Antakli, Chief Business Officer; Jim Biehl, Chief Legal Officer; and Jamie Yung, HR Director.