Merger FRSG

EO charging goes public via merger with First Reserve Sustainable Growth Corp

, SPAC research

Juuce Limited, which trades as EO Charging, a leading provider of technology-enabled turnkey solutions for electric vehicle ("EV") fleets, and First Reserve Sustainable Growth Corp, today announced a definitive agreement for a business combination that would result in EO becoming a publicly listed company. Upon closing of the transaction, which is expected to occur in the fourth quarter of 2021, the combined company will be named EO Charging and will be listed on the Nasdaq under the symbol "EOC".

Juuce Limited, trading as EO Charging, is a leading technology solutions provider in the EV sector. EO designs and manufactures EV charging stations and hardware-agnostic cloud-based charge-point management software for fleets at its headquarters in the UK. EO also provides installation services and ongoing operations and maintenance services across its fleet customer base.

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.

The transaction implies a pro-forma enterprise value of the combined company of $675 million and is expected to provide $222 million in gross proceeds assuming no redemptions by FRSG's public stockholders. Total proceeds include over $150 million to fully-fund EO's growth plans, retire any outstanding indebtedness, and for transaction fees and expenses, with the remainder paid as cash consideration to existing shareholders, in addition to the equity in the combined company to be received by existing shareholders.

Evercore is acting as financial and capital markets advisor to EO. Weil, Gotshal & Manges LLP is acting as legal advisor to EO. Barclays is acting as sole financial advisor to FRSG. Barclays and Goldman Sachs are acting as capital markets advisors to FRSG. Vinson & Elkins L.L.P. is acting as legal advisor to FRSG. 

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