Samuel Abulsamid, chief analyst at Guidehouse Insights, an advisory firm specializing in infrastructure, agrees with the assessment. “There is definitely a big, addressable market for this type of service,” he said. “This whole area is something that’s very important, because you have all these automakers making huge plans to make and sell millions of EVs in the next five to 10 years.”
While many current EV owners are affluent and can manage most of their charging off the street and overnight in their own garage with a slow Level 2 charger, Mr. Abulsamide noted that “most Americans never buy a new vehicle in their lifetime – three and a half times more are sold each year than used vehicles.”
“As you grow in the EV market, more and more of them are entering the used vehicle market,” he continued. “Many of these customers will not be able to charge sitting at home. They will need public charging infrastructure. So you need to make it. And companies like Charge are becoming important – helping you find where you can find a charger, especially for DC fast charging, where you need a little electrical capacity to get to a location. “
Regulatory approvals and protection of trusted local contractors are also required, he said.
The decision to charge Piggyback on Charge’s cellular communications business was a decisive step, Mr. Fox, 49.
“EV charging is a different infrastructure, but we didn’t want to trade a ton of investors to build this business,” he said. “And so we’ve acquired companies that used to provide 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, running the cable.”
Reporting earnings of $ 357 million in the first three quarters of 2021, Charge now trades over the counter (as CRGE) but is going up on Nasdaq. In January, Charge also added EV Group Holdings to its portfolio, focusing on real estate assets for commercial fleet operators who need charging depots.
As Mr. Laneway, who grew up as the son and grandson of a steel worker in Beaver Falls, PA. Fox, who grew up in Queens, credits the Blue-collar origin – his father was a Union Electrician – for his approach to the business.