British EO Charging plans to be listed in the US to help deliveries

EO Charging recently announced a merger with First Reserve Sustainable, which is expected to close in the fourth quarter and be listed on the Nasdaq under the ticker “EOC.” After the transaction is completed, the total enterprise value will reach $675 million, which will bring more than $150 million in cash to EO.

Founded in 2014 and headquartered in the UK, EO provides various supporting services for electric vehicles. Currently, its business scope is mainly in the UK, Ireland and other parts of Europe, and it has cooperated with Amazon, DHL, Go-Ahead, Tesco and Uber.

Among all its businesses, one of EO's most important services is charging. Since its establishment, EO has deployed approximately 50,000 charging devices in more than 35 countries and regions around the world. According to foreign media statistics, the company ranks 27th on the Financial Times FT1000 list of Europe's fastest growing companies in 2021, and is also the highest-ranked company in the electric vehicle industry.

The development of e-commerce has not only boosted the sales of sellers, but also accelerated the prosperity of related industrial chains, such as the logistics industry. In addition to shipping companies that have made a lot of money recently, electric delivery vehicles are also part of the industry.

With the promotion of new energy, electric trucks have become an important member of the distribution team. Many cities have a large number of electric trucks. Some time ago, Amazon opened a distribution center in the Netherlands, and Amazon launched electric trucks there to take over the subsequent logistics distribution.

More and more electric trucks are joining Amazon's delivery team, and this demand will continue to exist, especially as the peak season approaches in the second half of the year. This cooperation is a precise grasp of the expanding market demand.

Regarding this cooperation, EO said, "This is a big step towards success. It will accelerate our growth, expand our geographical coverage, and enhance our position in Europe. On this basis, we can even expand our global scale. At the same time, we will continue to innovate and contribute to the promotion of new energy."

According to recent foreign media reports, the total sales of e-commerce in the UK will reach 12.8 billion pounds, and online shopping has gradually penetrated into people's lives. As an important e-commerce market in Europe, its future development momentum cannot be underestimated.

U.K.

logistics

Electric Vehicles