Samuel Abuelsamid, principal analyst at Guidehouse Insights, an infrastructure consultancy, agrees with this assessment. “There is certainly a large addressable market for this type of service,” he said. “This whole area is something that’s going to be critically important because you have all these automakers that are making huge plans to build and hopefully sell millions of electric vehicles over the next five to 10 years.”
While many current EV owners tend to be affluent and can manage to do most of their charging off-street and overnight in their own garages with slower Level 2 chargers, Abuelsamid noted , “the vast majority of Americans never buy a new vehicle in their lifetime – about three and a half times as many used vehicles are sold as new every year.
“As you develop the market for electric vehicles, more and more of them are moving into the used vehicle market,” he continued. “A lot of those customers won’t be able to charge from home. They’re going to need public charging infrastructure. So you have to build that. And companies like Charge are going to play an important role – they’ll help you figure out where you can locate the chargers, especially for DC fast charging, where you need a fairly large electrical capacity to reach the location.
It is also necessary to obtain regulatory approvals and reliable local contractors, he said.
Deciding to piggyback on Charge’s cellular communications business was a big decision, said Fox, 49.
“Electric vehicle charging is a separate piece of infrastructure, but we didn’t want to vaporize a ton of investor dollars to grow that business,” he said. “And so we acquired companies that were providing infrastructure services for telecommunications, because it turns out that maybe it’s not exactly the same worker, but it’s the same kind of work, getting Cables.”
Reporting revenue of $357 million in the first three quarters of 2021, Charge is now trading over-the-counter (as CRGE) but moving to Nasdaq. In January, Charge also added EV Group Holdings, which focuses on real estate assets for commercial fleet operators in need of charging depots, to its portfolio.
Like Mr. LaNeve, who grew up as the son and grandson of steelworkers in Beaver Falls, Pennsylvania, Mr. Fox, raised in Queens, credits blue-collar roots — his father was a union electrician — to his approach. Business.