Juuce Limited, which does business as EO Charging, and First Reserve Sustainable Growth today announced that they have mutually agreed to terminate their merger plans effective immediately. Both parties cited “unfavorable market conditions.”
The prospect of completing the deal seemed in doubt after last Friday’s deadline expired without either side making a statement.
EO deploys EV charging stations, hardware-agnostic cloud-based software, electrical installation, grid upgrades and ongoing service and maintenance for fleets. EO also provides this end-to-end solution for fleets that require mission critical infrastructure.
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.
The transaction had been expected to provide $222 million in gross proceeds, while giving EO charging a valuation of $675 million. Read more.
