- EO is the UK’s leading provider of charging solutions for
electric vehicle fleets, supporting customers like Amazon, DHL,
Uber and Tesco
- ISO 15118-compliant AC chargers scheduled for trial by EO’s
largest fleet customer in early 2022 before becoming more widely
available for all electric fleets globally
- Charging technology unlocks the future integration of
commercial EVs into the smart grid (vehicle-to-grid or V2G) and
will leverage AI-based learning to help optimise large-scale fleet
charging
EO Charging (“EO”), a leading provider of technology-enabled
turnkey solutions for electric vehicle (“EV”) fleets, has today
announced the filing of a new technology patent that will transform
the smart charging of EV fleets. EO’s new ISO 15118-compliant EV
chargers and software will unlock the future integration of
commercial EVs into the smart grid (“V2G”) and leverage AI and
Machine Learning (“ML”) to provide both public and private fleets
of cars, vans, trucks and buses with a more secure and
cost-effective charging solution.
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Since its introduction in 2014, functional implementations of
the ISO 15118 standard have been predominantly used by DC charge
point operators. Bringing learnings from operators already using
Plug&Charge capable DC chargers across Europe, EO has harnessed
the same communication technology but applied it in a fleet
scenario where AC chargers are more widely utilised. EO can now
perform smart AC charging on legacy fleet vehicles that are not
compliant with the 15118 standard.
The new technology works by permitting a two-way exchange of
information between EV and AC charging unit, removing the need for
third-party telematics providers and reducing the hassle of
large-scale fleet electrification. The EV charger automatically
authenticates a vehicle’s ID, allowing the built-in software to
assess state of charge (“SOC”) and regulate the charge session
based on the vehicle’s operational requirements and the depot’s
real time energy profile.
“Plug&Charge has had a hugely positive impact in the public
charging space, creating a seamless and efficient charging
experience for drivers. However, it was exclusive to DC charging
stations and therefore financially prohibitive for many users,”
said Charlie Jardine, CEO and Founder of EO Charging. “EO
can now bring this technology to fleet operators, harnessing its
benefits for our customers around the world and across multiple
charging systems. We’re the first to introduce an integrated AC
Plug&Charge charging solution for fleets, another step in our
journey to becoming the global leader in powering electric car,
van, truck and bus fleets.”
As more businesses and governments around the world invest in
fleet electrification, pressure is growing on global electricity
grids to meet charging demands. EO’s patented technology will help
ease this pressure, using smart grid communication (V2G) to avoid
peak grid consumption hours. In turn, this will also make fleet
charging more cost effective for businesses by shifting charging
patterns to when electricity is at its cheapest. A live trial of
the new technology is scheduled with EO’s largest fleet customer in
early 2022, for which EO has installed and manages more than 4,400
chargers in almost 70 depots, across 7 countries in Europe.
“Our patented technology not only brings significant benefits to
fleet operators today, but also lays the groundwork for true V2G
charging for the future across both AC and DC solutions,” said
Richard Earl, R&D Director at EO Charging. “As we continue
to expand into new markets like the U.S., and North America
overall, our R&D team will continue to be heavily focused on
V2G charging, as well as AI and ML based software technologies. We
recognise these as a vital pillars of successful global fleet
electrification.”
EO Charging previously announced an agreement for a business
combination with First Reserve Sustainable Growth Corp. (NASDAQ:
FRSG), which is expected to result in EO Charging becoming a public
company listed on the NASDAQ exchange.
About EO
EO Charging is a leading technology solutions provider in the EV
sector. EO deploys EV charging stations, hardware-agnostic
cloud-based software, electrical installation, grid upgrades and
ongoing service and maintenance for fleets. EO also provides this
end-to-end solution for fleets that require mission critical
infrastructure.
Founded in 2014, EO’s technology is used by a number of the
world’s largest businesses and fleet operators and it now
distributes to over 35 countries around the world. It aims to
become the global leader in charging electric van, truck, bus and
car fleets.
EO Charging previously announced an agreement for a business
combination with First Reserve Sustainable Growth Corp. (NASDAQ:
FRSG), which is expected to result in EO Charging becoming a public
company listed on the NASDAQ exchange.
EO was ranked number 27 on the Financial Times’ FT1000 list of
Europe’s fastest-growing companies. To learn more, please visit
www.EOcharging.com and follow us @EOCharging on Twitter and
LinkedIn.
Forward Looking Statements
The information in this press release includes "forward-looking
statements". All statements, other than statements of present or
historical fact included in this press release, regarding the
proposed business combination between First Reserve Sustainable
Growth Corp. (“FRSG”), Juuce Limited (the “Company”) and EO
Charging (“EO”), each of such parties’ ability to consummate the
transaction, the benefits of the transaction and the combined
company's future financial performance, as well as the combined
company's strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words "could,"
"should," "will," "may," "believe," "anticipate," "intend,"
"estimate," "expect," "project," the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management's current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, FRSG, the Company and EO disclaim any duty to
update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this press release. FRSG, the
Company and EO caution you that these forward-looking statements
are subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
any of FRSG, the Company or EO. In addition, FRSG, the Company and
EO caution you that the forward-looking statements contained in
this press release are subject to the following factors: (i) the
occurrence of any event, change or other circumstances that could
delay the business combination or give rise to the termination of
the Business Combination Agreement and Plan of Reorganization,
dated as of August 12, 2021, by and among FRSG, FRSG Merger Sub
Inc., EO and the Company, and the other agreements related to the
business combination (including catastrophic events, acts of
terrorism, the outbreak of war, COVID-19 and other public health
events), as well as management’s response to any of the foregoing;
(ii) the outcome of any legal proceedings that may be instituted
against FRSG, the Company, EO, their affiliates or their respective
directors and officers following announcement of the transactions;
(iii) the inability to complete the business combination due to the
failure to obtain approval of the stockholders of FRSG, regulatory
approvals, or other conditions to closing in the transaction
agreement; (iv) the risk that the proposed business combination
disrupts FRSG's or the Company's current plans and operations as a
result of the announcement of the transactions; (v) the Company's
and EO’s ability to realize the anticipated benefits of the
business combination, which may be affected by, among other things,
competition, the pace and depth of EV adoption generally, and the
ability of the Company to accurately estimate supply and demand for
its EV charging products and services, and to grow and manage
growth profitably following the business combination; (vi) risks
relating to the uncertainty of the projected financial information
with respect to the Company, including the conversion of pre-orders
into binding orders; (vii) costs related to the business
combination; (viii) changes in applicable laws or regulations,
governmental incentives and fuel and energy prices; (ix) the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; (x) the amount of
redemption requests by FRSG’s public stockholders; and (xi) such
other factors affecting FRSG that are detailed from time to time in
FRSG’s filings with the Securities and Exchange Commission (the
"SEC"). Should one or more of the risks or uncertainties described
in this press release, or should underlying assumptions prove
incorrect, actual results and plans could differ materially from
those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in FRSG's
final prospectus for its initial public offering, which was filed
with the SEC on March 5, 2021, and its periodic filings with the
SEC, including its Quarterly Report on Form 10-Q for quarterly
period ended June 30, 2021. FRSG's SEC filings are available
publicly on the SEC's website at www.sec.gov.
Important Information for Investors and Stockholders
In connection with the proposed business combination, a
registration statement on Form F-4 that includes a preliminary
proxy statement/prospectus has been filed by EO with the SEC. After
the registration statement is declared effective, the definitive
proxy statement will be distributed to FRSG’s stockholders in
connection with FRSG’s solicitation for proxies for the vote by
FRSG’s stockholders in connection with the proposed business
combination and other matters as described in the Form F-4, as well
as a definitive prospectus of EO relating to the offer of the
securities to be issued in connection with the completion of the
business combination. Copies of the Form F-4 may be obtained free
of charge at the SEC's website at www.sec.gov. FRSG’s stockholders
are urged to read the preliminary proxy statement/prospectus and
the other relevant materials (including, when available, the
definitive proxy statement/prospectus) when they become available
before making any voting decision with respect to the proposed
business combination because they will contain important
information about the business combination and the parties to the
business combination. The information contained on, or that may be
accessed through, the websites referenced in this press release is
not incorporated by reference into, and is not a part of, this
press release.
No Offer or Solicitation
This communication is not a proxy statement or solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
the securities of FRSG, EO or Juuce, nor shall there be any sale of
any such securities in any state or jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act, as amended, or exemptions therefrom.
Participants in the Solicitation
FRSG, the Company and EO and their respective directors and
officers may be deemed participants in the solicitation of proxies
of FRSG's stockholders in connection with the proposed business
combination. Security holders may obtain more detailed information
regarding the names, affiliations and interests of certain of
FRSG's executive officers and directors in the solicitation by
reading FRSG's final prospectus for its initial public offering,
which was filed with the SEC on March 5, 2021, and the proxy
statement/prospectus and other relevant materials filed with the
SEC in connection with the business combination when they become
available. Information concerning the interests of FRSG's, the
Company’s and EO’s participants in the solicitation, which may, in
some cases, be different than those of their stockholders
generally, will be set forth in the proxy statement/prospectus
relating to the business combination when it becomes available
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211201005540/en/
SEC Newgate UK Ian Morris / Sophie Morello / Jessica Hodson
Walker / Tim Le Couilliard EOCharging@secnewgate.co.uk
For Investors: ICR, Inc. eoIR@icrinc.com
For US Media: ICR, Inc. eoPR@icrinc.com
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