- Lumio named preferred partner to execute on home installations in select markets
- Installations to be offered as a solution for EV buyers at the point of sale to alleviate concern over home charging install
NEW YORK, NY / ACCESSWIRE / January 23, 2023 / Charge Enterprises, Inc. (NASDAQ:CRGE) ("Charge") announced today that its portfolio company Charge Infrastructure and Lumio HX, Inc., a leading residential solar provider (Lumio), signed an agreement to develop a residential installation solution for EV buyers. Charge and Lumio will offer a white-glove, full-service solution, including Lumio's licensed home installation team, to its auto dealership partners providing a scalable residential EV charging services.
"As Charge Infrastructure continues to provide seamless EV charging infrastructure strategy, charging installation, and engineering solutions to its clients, this partnership illustrates Charge's commitment to execute on its goal to provide enhanced product offerings with forward-looking and sustainable technology." Said Andrew Fox, Chairman and CEO of Charge.
"The first concern for many potential new EV buyers centers around the process of installing a charger at their home," said Fox. "Lumio's expertise in home solar installation allows for a natural progression into home charging installation. Their stellar reputation allows our customers to rely on a team that emphasizes quality as a cornerstone of their business."
Charge and Lumio have agreed to develop a model whereby Lumio and Charge will earn revenue from installing home EV charging and provide additional opportunities based on new customer acquisition and future revenue streams from their solar maintenance and installation business. Charge and Lumio will continue to work together as future charging and solar solutions are installed and additional software solutions are developed.
"Lumio views this partnership with Charge as a tremendous opportunity to reach today's smart homeowners - people who see electrification as the future of sustainability. Charging at home is a necessity for every EV owner. But it's usually after they receive their first power bill when they realize they could be saving money by refueling from their own rooftop with good, clean sun energy," said Greg Butterfield, CEO of Lumio. "By combining our expertise, this unique partnership allows our companies to connect two marketplaces, solar and EV charging, which offer synergy, cost-savings, and a focused campaign on consumers who are eager to take part in the clean energy transition throughout the country."
Lumio is a leading U.S. residential solar company offering and installing customized solar energy systems. In December 2021, Lumio merged four leading regional solar providers and a software company into a national brand, with now with more than 5,000 team members. Lumio's stated mission is to lead the industry in customer experience, quality, and technological innovation. Lumio's vision to make power personal diversifies and decentralizes power production via good clean sun energy - making electricity cheaper, cleaner, and more reliable for homeowners across the country.
For more information about Lumio, visit www.lumio.com
About Charge Enterprises, Inc.
Charge Enterprises, Inc. (NASDAQ:CRGE) ("Charge" or the "Company"), focuses on connecting people everywhere with communications and electric vehicle ("EV") charging infrastructure.
Our Infrastructure business ("Infrastructure") has a primary focus on two fast growing sectors: broadband, including cell tower, small cell, and in-building applications, and electric vehicle ("EV") charging. Solutions for these two sectors include: design and engineering, equipment specification and sourcing, installation, data and software solutions, and service and maintenance.
Our vision is to be recognized as a leader in enabling the next wave of transportation and connectivity. By building, designing, and operating seamless infrastructure for electric vehicles and high-speed broadband, we aim to create a future where transportation is clean, efficient, and connected. Through knowledge, imagination, and innovation, our goal is to empower individuals, communities, and businesses to thrive in a more connected and sustainable world.
Charge plans to deploy a multi-phased strategy, initially where investment in the EV charging revolution is taking place, the nation's 17,000 auto dealers. Starting with the largest OEMs, their dealers, and their fleets, our initial goal is to reach 1,000 retail dealerships - creating a dealer ecosystem that will lead to repeat customers and recurring revenue. Complimenting this strategy will be the acquisition of strategic infrastructure entities that will provide cash flow, skill teams and knowledge to enhance the buildout of our EV infrastructure strategy.
To learn more about Charge, visit Charge Enterprises, Inc.
Notice Regarding Forward-Looking and Third-Party Information
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current expectations or beliefs regarding future events or Charge's future performance. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. All forward-looking statements, including those herein, are qualified by this cautionary statement.
Although Charge believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include the business plans and strategies of Charge, Charge's future business development, market acceptance of electric vehicles, Charge's ability to generate profits and positive cash flow, changes in government regulations and government incentives, subsidies, or other favorable government policies, rising interest rates and the impact on investments by our customers, and other risks discussed in Charge's filings with the U.S. Securities and Exchange Commission ("SEC"). Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release or as of the date or dates specified in such statements. For more information on us, investors are encouraged to review our public filings with the SEC, including the factors described in the section captioned "Risk Factors" of Charge's Annual Report on Form 10-K filed with the SEC on March 29, 2022, as well as subsequent reports we file from time to time with the SEC which are available on the SEC's website at www.sec.gov. Charge disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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Deborah Mazza (239) 220-6310
Investor Relations Contacts:
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Carolyn Capaccio, CFA (212) 838-3777
SOURCE: Charge Enterprises Inc.
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