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EO Charging Valued at $675 Million
EO Charging, a UK electrical automobile charging firm, goes public by way of a SPAC cope with First Reserve Sustainable Progress (FRSG). EO Charging offers the facility to Amazon’s (AMZN) UK EV supply fleet. The deal, which values EO at $675 million, will web it over $150 million in money.
EO Charging, which began in 2014, has about 50,000 chargers situated in 35 international locations the world over. Along with Amazon, it counts Tesco (TSCDY) and Uber Applied sciences (UBER) as prospects. The corporate goes after the industrial EV market, providing prospects a full suite of companies together with {hardware} set up, software program, and upkeep companies. It has roughly 130 staff and was EBITDA optimistic in 2020.
EO Appears to Develop
EO’s major European markets at the moment embody the UK, Eire, and Norway, but it surely has plans to increase additional in Europe. Its contract with Amazon spans a number of European international locations together with Germany and Spain.
The corporate and its buyers are banking on an enormous push by governments, politicians, and enterprise leaders for the electrification of automobiles to gasoline robust progress. Final week, President Biden known as for half of all automobiles made within the US by 2030 to be electrical. Different international locations have bold adoption-rate objectives as nicely. As soon as EO saturates the European market with its chargers, it plans to increase within the US and different abroad markets.
EV SPAC Offers Abound
EO’s merger cope with First Reserve is slated to shut in the course of the fourth quarter, with the corporate buying and selling on the Nasdaq underneath the ticker “EOC.” It’s amongst a rising listing of EV startups to ink offers with SPACs. Different EV corporations to ink SPAC offers embody ChargePoint (CHPT), which introduced a SPAC deal final fall at a valuation of $2.4 billion, and EVgo (EVGO), which inked a SPAC deal in January which valued it at $2.6 billion.
SPACs are nonetheless trending, with offers occurring at a gentle tempo. Inexperienced corporations, particularly EV- targeted ones, are getting a variety of consideration. It will likely be attention-grabbing to see which one can be subsequent to go public by way of a SPAC.
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